从管理视角下再谈股利政策【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：RevisitingManagerialPerspectivesonDividendPolicyWesurveymanagersofNasdaqfirmsthatconsistentlypaycashdividendstodeterminetheirviewsaboutdividendpolicy,therelationshipbetweendividendpolicyandvalue,andfourcommonexplanationsforpayingdividends.Theevidenceshowsthatmanagerss

2、tresstheimportanceofmaintainingdividendcontinuityandwidelyagreethatchangesindividendsaffectfirmvalue.Managersgivethestrongestsupporttoasignalingexplanationforpayingdividends,weaktolittlesupporttothetax-preferenceandagencycostexplanations,andnosupporttothebird-in-the-handexplanation.Th

3、estudyprovidesnewevidenceabouthowmanagersviewdividendlifecyclesandresidualdividendpolicy.Oneofthemorepuzzlingissuesincorporatefinanceinvolvesdividends.MillerandModigliani(1961)provideacompellingandwidelyacceptedargumentfordividendirrelevanceinaworldwithperfectcapitalmarkets.Manyyearsl

4、ater,Miller(1986)recognizedthattheobservedpreferenceforcashdividendsisoneofthe“softspotsinthecurrentbodyoftheory.”Sowhydocorporationspaydividends,andwhydoinvestorscare?Black(1976)oncedescribedthisissueasadividend“puzzle”with“piecesthatjustdon’tseemtofit.”Tohelpexplainthispuzzle,financ

5、ialeconomistsdevelopedvarioustheories—signaling,taxpreference,agencycosts,andbird-in-the-handexplanations.TheprofusionoftheoriesledAng(1987,p.55)toobserve,“Thus,wehavemovedfromapositionofnotenoughgoodreasonstoexplainwhydividendsarepaidtooneoftoomany.”Advocatesofbehavioralfinance,sucha

6、sShefrinandStatman(1984),introducedconceptssuchasprospecttheoryandmentalaccountingtoexplainwhyinvestorslikedividends.Statman(1997)contendsthatsolvingthedividendpuzzleisimpossiblewhileignoringthepatternsofnormalinvestorbehavior.Today,corporatemanagersareleftwithavastandoftenconflicting

7、bodyofresearchaboutdividends.Onewaytoenhanceourunderstandingofwhycorporationspaydividendsistoexaminetheviewsofmanagerswhoareresponsibleformakingsuchdecisions.Pastfieldworkandsurveyshaveprovidedimportantinsightsintohowmanagersdeterminetheirfirm’sdividendpayoutsandtheirviewsaboutvarious

8、divid