股利政策：争议问题【外文翻译】

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1、原文：Dividendpolicy:TheIssues1.IntroductionThedeterminantsofdividendpolicyareacontinuingpuzzle,asnotedbyBlack(1976).Inthispaperwereviewthemajorissuesindividendpolicyandrelatethemtosomeofthethemesexploredincompanionpapersinthisvolume.Thepaperisdividedint

2、ofivesections.Section2surveystheliteratureontheinformationsignallingpropertiesofdividends.Section3discussessometaxissuesrelatedtodividendpolicyandsection4drawsonsomeagencycostsexplanationsfordividendpayments.Theconclusiondrawstogethertheargumentsandhi

3、ghlightssomeoftheunresolvedissues.2.DividendpolicyandinformationsignallingIntheirclassicpaper,MillerandModigliani(1961)provideacogentargumentfortheclaimthatdividendpolicydoesnotaffectthevalueofthefirm.Theyassumeaworldwithouttransactionscostsandtaxes,a

4、giveninvestmentpolicyandfullyinformedinvestors.Inthesecircumstancesitfollowsthat"theirrelevanceofdividendpolicy,giveninvestmentpolicy,is'obvious,onceyouthinkofit'"(p.414).Withagivenlevelofinvestment,ifafirmchoosestopayadollarmoreofdividendnow,itwillha

5、vetoraiseanextradollarofexternalfinancetosupportitsinvestment:Thehighercurrentdividendtoexistingshareholderswillbeexactlyoffsetbyadecreaseinfuturedividendsasthefirmmustnowpaydividendstoitsnewshareholders.Intheabsenceoftaxeffectsandtransactionscostsand

6、givenfullinformation,thevalueofthefirmtoexistingshareholderswillnotbeaffectedbyitsdividendpolicy.Dividendpolicyisthereforeirrelevant.MillerandModigliani(1961)notethatthe"informationalcontent"ofdividendsisassumedabsentfromtheirmodel.Theynote,however,th

7、atinpractice"whereafirmhasadoptedapolicyofdividendstabilizationwithalong-establishedandgenerallyappreciated'targetpayoutratio',investorsarelikelyto(andhaveagoodreasonto)interpretachangeindividendrateasachangeinmanagement'sviewsoffutureprofitprospectsf

8、orthefirm".ThisechoedthestancerecordedbyLintner(1956)inhissurveyofU.S.companypracticeswhichledhimtodevelopthe'partialadjustment'modelofdividendbeha-viour.Lintnersuggeststhattheprimarydeterminantofdividendpaymentsistherelationshipbetweentheexis