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1、外文文献翻译译文一、外文原文原文：DividendpolicyProfitablecompaniesregularlyfacethreeimportantquestions:(1)Howmuchofitsfreecashflowshoulditpassontoshareholders?(2)Shoulditprovidethiscashtoshareholdersbyraisingthedividendorbyrepurchasingstock?(3)Shoulditmaintainastable,consistentpaymentpolicy,orsh
2、oulditletthepaymentsvaryasconditionschange?Whendecidinghowmuchcashtodistributetoshareholders,financemanagermustkeepinmindthatthefirm’sobjectiveistomaximizeshareholdervalue.Consequently,thetargetpayrateratio—defineasthepercentageofnetincometobepaidoutascashdividends—shouldbebasedi
3、nlargepartoninvestors’preferencefordividendsversuscapitalgains:doinvestorsprefer(1)tohavethefirmdistributeincomeascashdividendsor(2)tohaveiteitherrepurchasestockorelseplowtheearningsbackintothebusiness,bothofwhichshouldresultincapitalgains?Thispreferencecanbeconsideredintermsofth
4、econstantgrowthstockvaluationmodel:Ifthecompanyincreasesthepayoutration,theraises.Thisincreaseinthenumerator,takenalone,wouldcausethestockpricetorise.However,ifisraised,thenlessmoneywillbeavailableforreinvestment,thatwillcausetheexpectedgrowthratetodecline,andthatwilltendtolowert
5、hestock’sprice.Thus,anychangeinpayoutpolicywillhavetwoopposingeffects.Therefore,thefirm’soptimaldividendpolicymuststrikeabalancebetweencurrentdividendsandfuturegrowthsotomaximizethestockprice.Inthissection,weexaminethreetheoriesofinvestorpreference:(1)thedividendirrelevancetheory
6、,(2)the"bird-in-the-hand"theory,and(3)thetaxpreferencetheory.DIVIDENDIRRELEVANCETHEORYIthasbeenarguedthatdividendpolicyhasnoeffectoneitherthepriceofafirm’sstockoritscostofcapital.Ifdividendpolicyhasnosignificanteffects,thenitwouldbeirrelevance.Theprincipalproponentsofdividendirre
7、levancetheoryareMertonMillerandFrancoModigliani(MM).Theyarguedthatthefirm’sisdeterminedonlybyitsbasicearningpoweranditsbusinessrisk.Inotherwords,MMarguedthatthevalueoffirmdependsonlyontheincomeproducedbyitsassets,notonhowthisincomeissplitbetweendividendsandretainedearnings.Tounde
8、rstandMM’sargumentthatdividendpolicyisir
