瑞士的股利政策[外文翻译]

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1、外文文献翻译译文一、外文原文原文：DividendpolicyinSwitzerlandDividendpolicyhaslongbeenasubjectofresearchanddebate.Therearemanytheoreticalandempiricalresultsdescribingthedecisionscompaniesmakeinthisarea.Atthesametime,however,thereisnogenerallyacceptedmodeldescribingpayoutpo

2、licy.Moreover,empiricalfindingsareoftencontradictoryordifficulttointerpretinlightofthetheory.IntheidealworldofMillerandModigliani(1961),dividendsareirrelevant.Thevalueofafirmisgivenbyitsinvestmentopportunities.Dividendsarejusttheresidual,andinvestorsfacedw

3、ithconsumptionshockscanalwaysgettheirown“homemade”dividends.In“reallife”,however,dividendpolicyisoneofthemainconcernsformanagersandinvestors.Empiricalstudieshavegenerallyfoundthatdividendincreasesareconsideredgoodnewsbyinvestors,whiledividenddecreasesleadt

4、onegativereactions.Severalexplanationsfortheexistenceandimportanceofdividendshavebeensuggestedoverthelastdecades.Dividendscouldbeusedassignalsfortheactualpositionofafirm.Companiescouldcommunicatetheirbetterqualitybypayinghigherdividends:low-qualityfirmswil

5、lnotbeabletoimitatethemsincedividendsinvolvecostsintermsofforegoneinvestment,taxes,ortheneedtoattractexternalcapital.Agencytheorysuggeststhatdividendsmaybeawaytoreducetheoverinvestmentproblemorameanstokeepfirmsinthecapitalmarkets.Dividendsmayalsobeusedtoat

6、tractinstitutionalinvestors,whoarebettermonitorsandpreferdividendsforregulatoryreasons.Behavioralaspects,suchasself-control,fairness,orregretaversion,mayalsobeimportantpartsofthepicture.Eachofthemaintheoriesconcerningdividendpolicyhasfoundatleastsomesuppor

7、tinactualdata.However,empiricalresearchhasalsorevealedweaknessesoftheseexplanations,andabroadconsensusconcerningthe“best”theoryofcorporatepayoutseemsfaraway.Wemayknowmoreaboutthe“dividendpuzzle”,butwearestillwithoutadefinitesolution.Thepresentpaperexamines

8、someofthecharacteristicsofdividendpolicyusingSwissdata.Thefirstpartpresentsfactorsthatinfluencevariationsindividendpaymentsacrosscompaniesatagivenpointintime.Thesecondpartanalyzesthechangesindividendsovertime