外文翻译--股利政策：一个综述.doc

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1、外文原文Dividendpolicy:areview1.IntroductionExplainingdividendpolicyhasbeenoneofthemostdifficultchallengesfacingfinancialeconomists.Despitedecadesofstudy,wehaveyettocompletelyunderstandthefactorsthatinfluencedividendpolicyandthemannerinwhichthesefactorsinteract.AllenandMichaely(1995)concl

2、udethat"muchmoreempiricalandtheoreticalresearchonthesubjectofdividendsisrequiredbeforeaconsensuscanbereached"(p.833).ThefactthatamajortextbooksuchasBrealeyandMyers(2002)listsdividendsasoneofthetenimportantunsolvedproblemsinfinancereinforcesthisconclusion.Thefirstempiricalstudyofdivide

3、ndpolicywasprovidedbyLintner(1956),whosurveyedcorporatemanagerstounderstandhowtheyarrivedatthedividendpolicy.Lintnerfoundthatanexistingdividendrateformsabenchmarkforthemanagement.Companies，managementusuallydisplayedastrongreluctancetoreducedividends.Lintneropinedthatmanagersusuallyhav

4、ereasonablydefinitivetargetpayoutratios.Overtheyears,dividendsareincreasedslowlyataparticularspeedofadjustment,sothattheactualpayoutratiomovesclosertothetargetpayoutratio.2.DividendirrelevanceandtaxclientelesWhileLintner(1956)providedthestylisticdescriptionofdividends,thewatershedinth

5、etheoreticalmodellingofdividendswasalmostsurelytheclassicpaperMillerandModigliani(1961),whichfirstproposeddividendirrelevance.Essentially,theirmodelisaone-periodmodelundercertainty.Givenafirm'sinvestmentprogram,thedividendpolicyofthefirmisirrelevanttothefirmvalue,sinceahigherdividendw

6、ouldnecessitatemoresaleofstocktoraisefinancesfortheinvestmentprogram.Thecrucialassumptionhereisthatthefuturemarketvaluewillremainunaffectedbycurrentdividends.Theargumentrestsontheassumptionsthattheinvestmentprogramisdeterminedindependentlyandthateverystockholderearnsthesamereturn(i.e.

7、thediscountrateremainsconstant).MillerandModigliani'sdividend-irrelevanceargumentiselegant,butthisdoesnotexplainwhycompanies,thepublic,investmentanalystsaresointerestedindividendannouncements.Clearly,theobservedinterestindividendannouncementmustberelatedtosomeviolationoftheMillerandMo

8、digli