从管理视角再次审视过去的股利政策【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：RevisitingManagerialPerspectivesonDividendPolicyIntroductionOneofthemorepuzzlingissuesincorporatefinanceinvolvesdividends.MillerandModigliani(1961)provideacompellingandwidelyacceptedargumentfordividendirrelevanceinaworldwithperfectcapitalmarkets.Manyyearslater,Miller(1986)recognize

2、dthattheobservedpreferenceforcashdividendsisoneofthe"softspotsinthecurrentbodyoftheory."Sowhydocorporationspaydividends,andwhydoinvestorscare?Black(1976)oncedescribedthisissueasadividend"puzzle"with"piecesthatjustdon'tseemtofit."Tohelpexplainthispuzzle,financialeconomistsdevelopedvarioustheories-si

3、gnaling,tax-preference,agencycosts,andbird-in-the-handexplanations.TheprofusionoftheoriesledAng(1987,p.55)toobserve,“Thus,wehavemovedfromapositionofnotenoughgoodreasonstoexplainwhydividendsarepaidtooneoftoomany."Advocatesofbehavioralfinance,suchasShefrinandStatman(1984),introducedconceptssuchaspros

4、pecttheoryandmentalaccountingtoexplainwhyinvestorslikedividends.Statman(1997)contendsthatsolvingthedividendpuzzleisimpossiblewhileignoringthepatternsofnormalinvestorbehavior.Today,corporatemanagersareleftwithavastandoftenconflictingbodyofresearchaboutdividends.Onewaytoenhanceourunderstandingofwhyco

5、rporationspaydividendsistoexaminetheviewsofmanagerswhoareresponsibleformakingsuchdecisions.Pastfieldworkandsurveyshaveprovidedimportantinsightsintohowmanagersdeterminetheirfirm'sdividendpayoutsandtheirviewsaboutvariousdividendpolicyissues.Forexample,Lintner(1956)conductedtheseminalfieldstudyaboutth

6、edeterminationofdividendpolicy.OtherresearchersincludingBaker,Farrelly,andEdelman(1985)andBakerandPowell(1999)surveyedmanagerstoobtaintheirviewsaboutdividendpolicy.Suchstudiescomplementothertypesofempiricalresearchondividendpolicy.Ourstudyexamineshowmanagersviewdividendpolicybutusesadifferentdatase

7、ttoextendandrefinethescopeofprevioussurveyresearch.Specifically,wesurveycorporatemanagersofNASDAQfirmsthatconsistentlypaycashdividendstodeterminetheirviewsaboutDividendpolicy,therelationshipbetweendividendp