资源描述:
《股利政策【文献翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、外文翻译原文MaterialSource:Fortune;11/24/2008Author:Tully-ShawnDividendpolicy,oneofthethreecorporationfinancialdecisions,hasbeenconcernedamongtheoreticiansandpractitioners.JohnLinter(1956)broughtforwardamodelofdividendadjustment.Accordingtothemodel,firmthatiscurrentlypayingdividendsattherateofDepts.,
2、andthathasatargetpayoutratioofPOR,illadjust(ADJ)itsdividendrate,butlessthanfully,asitsearningspershare(EPS)changes.ModiglianiandMiller(1961)arguedthatdividendpolicyhasnoeffectoneitherthepriceofafirm’sstockoritscostofcapital,aperfectworld,thedividendpolicyisirrelevanttoshareholderswealth.Hisprop
3、ositionhaslaidasolidtheoreticalfoundationforthedividendpolicy.Afterthat,economistshaveofferedexplanationsindifferentwaysaboutdividendpayment,suchaseffectoftaxes,ividendsignaling,agencycostsissuesandtransactioncosts.Overdecades,conformistscouldnotcometoanagreement.Thus,Black,Fischer(1976)gaveita
4、name“dividendpuzzle”.InChina,thedividendpolicyoflistedcompanieshasitsuniquecharacteristicinthestrongemergingmarketeconomyifcomparingthetypeofdividendpaymentinChinawiththetypeusedindevelopedcountries.Inadditiontocashdividendandstockdividend,severalmixedtypesofdividendpaymentderivefromcashdividen
5、dandstockdividendsuchasmixofbonusissuesanddividend,mixofrightsissuesanddividend,AccordingtoChinaSecuritiesJournal’srelativestatisticaldata,therearemorelistedcompanieswhoadoptedthepatternofstockdividendin1993whichwere36%,andmorelistedcompaniesadoptedcashdividendpolicyduring1994and1995whichwere40
6、%and36%respectively.Thecompaniesthatpaidnodividendsaccountfor35%,54%,59%and62%respectivelyduringtheperiodof1996and1999.Theproportionoftotallistedcompaniesthatadoptedcashdividendincreasedfrom47%to54%during2000and2001.Inthissituation,inordertoresolvethe“dividendpuzzle”,manyChinesescholarshavedone
7、anumberofempiricalstudies.Twomainapproachesweretakeninthesestudies:First,usingeventstudymethodtoanalyzetheinfluenceofdifferentdividendthepolicyonsharepriceandthevalueofafirm.WeiChenat(1999)empiricalanalyzed4thedividendpolicyofShan