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1、本科毕业论文（设计）外文翻译原文：RevisitingManagerialPerspectivesonDividendPolicyWesurveymanagersofNasdaqfirmsthatconsistentlypaycashdividendstodeterminetheirviewsaboutdividendpolicy,therelationshipbetweendividendpolicyandvalue,andfourcommonexplanationsforpayingdividends.Theevidencesho
2、wsthatmanagersstresstheimportanceofmaintainingdividendcontinuityandwidelyagreethatchangesindividendsaffectfirmvalue.Managersgivethestrongestsupporttoasignalingexplanationforpayingdividends,weaktolittlesupporttothetax-preferenceandagencycostexplanations,andnosupporttothe
3、bird-in-the-handexplanation.Thestudyprovidesnewevidenceabouthowmanagersviewdividendlifecyclesandresidualdividendpolicy.Oneofthemorepuzzlingissuesincorporatefinanceinvolvesdividends.MillerandModigliani(1961)provideacompellingandwidelyacceptedargumentfordividendirrelevanc
4、einaworldwithperfectcapitalmarkets.Manyyearslater,Miller(1986)recognizedthattheobservedpreferenceforcashdividendsisoneofthe“softspotsinthecurrentbodyoftheory.”Sowhydocorporationspaydividends,andwhydoinvestorscare?Black(1976)oncedescribedthisissueasadividend“puzzle”with“
5、piecesthatjustdon’tseemtofit.”Tohelpexplainthispuzzle,financialeconomistsdevelopedvarioustheories—signaling,taxpreference,agencycosts,andbird-in-the-handexplanations.TheprofusionoftheoriesledAng(1987,p.55)toobserve,“Thus,wehavemovedfromapositionofnotenoughgoodreasonstoe
6、xplainwhydividendsarepaidtooneoftoomany.”Advocatesofbehavioralfinance,suchasShefrinandStatman(1984),introducedconceptssuchasprospecttheoryandmentalaccountingtoexplainwhyinvestorslikedividends.Statman(1997)contendsthatsolvingthedividendpuzzleisimpossiblewhileignoringthep
7、atternsofnormalinvestorbehavior.Today,corporatemanagersareleftwithavastandoftenconflictingbodyofresearchaboutdividends.Onewaytoenhanceourunderstandingofwhycorporationspaydividendsistoexaminetheviewsofmanagerswhoareresponsibleformakingsuchdecisions.Pastfieldworkandsurvey
8、shaveprovidedimportantinsightsintohowmanagersdeterminetheirfirm’sdividendpayoutsandtheirviewsaboutvariousdivid
