股票市場流動(dòng)性與公司股利政策[外文翻譯]

1、外文翻譯StockMarketLiquidityFirmDividendPolicyMaterialSource:JournalofFinancialQuantitativeAnalysisAuth:SumanBanerjeeViadimirACatePaulASpindtFirms’dividendpoliciescontinuetopuzzlefinancialresearchers.Inthispaperwearguethatin

2、vestdemfstockspayingcashdividendsispositivelyrelatedtothetradingfrictionthatinvestsfacewhencreatinghomemadedividends.Wefurtherhypothesizethatthelikelihoodafirmwillpaycashdividendsispositivelyrelatedtoinvestdemfdividendpa

3、ymentstherefeinverselyrelatedtothemarketliquidityofthefirm’sstock.Examiningtheempiricalevidencewefindstrongsupptfourhypothesis.IntheirseminalwkMillerModigliani(1961)fmallydevelopedthedividendirrelevancehypothesis.Inperfe

4、ctcapitalmarketspopulatedbyrationalinvestsafirm’svalueissolelyafunctionofthefirm’sinvestmentopptunitiesisindependentofthefirm’spayoutpolicy.Alargebodyoftheeticalwkhastriedtoevaluatetheimptancethatmanagersinvestsattachtod

5、ividendpolicyinlightoftheirrelevanceproposition.ThestartingpointofthesestudiesistoquestionsomeoftheassumptionsthatacterizetheperfectcapitalmarketshypothesizedbyMillerModigliani.Onenotableassumptionofthedividendirrelevanc

6、epropositiononecentraltothispaperisthattradingisfrictionless.Inperfectmarketsinvestscaninstantaneouslyinvestliquidatetheirinvestmentinanystockwithoutincurringanydirectindirectcostsoftradingwithoutchangingthepriceoftheund

7、erlyingsecurity.Inmarketswithnotradingfrictionrationalinvestswithliquidityneedscancreatehomemadedividendsatnocostbysellinganappropriateamountoftheirholdingsinthefirm.Asaresulttheywillbeindifferentbetweenreceivingadollaro

8、fdividendsellingadollar’swthoftheirinvestment.Inmarketswithtradingfrictionstocksthatpaycashdividendsallowinveststosatisfytheirliquidityneedswithlittlenotradinginthestockthusenablethemtoavoidtradingfriction.Asaresultinves

9、tswithcurrentanticipatedfutureliquidityneedsmayhaveapreferencefdividendpayingstocks.Thispreferencewillbepositivelyrelatedtotheleveloftradingfrictionsothathigherinfmationcosts(MyersMajluf1984Myers1984)otherflotationcosts.

10、Theempiricalimptanceofthesevariablesfthefirm’sdecisiontopaydividendsisexaminedinFamaFrench(2001)isfurtherconfirmedinourstudy.Secondtheliquidityofthefirm’scommonstockcanalsoberelatedtothesizeprofitabilitygrowthopptunities

11、ofthefirm.Therefeitisimptanttoexaminethelinkbetweenfirmdividendpolicyliquidityaftercontrollingfthepossibilityofsucharelation.Ftheremainderofthepaperwerefertothesevariablesas“firmacteristics”totheircollectiveexplanatypowe

12、roverthedividendpolicyofthefirmasthefirm’s“ability”topaydividends.Themainresultsofthepapercanbesummarizedasfollows.Firstwedocumentthatfirmswithlessliquidmarkets(acterizedbylowtradingactivityhighproptionofzerotradingdaysh

13、ighpriceimpactofderflow)aremelikelytopaydividends.Theseresultspersistafterwecontrolftheacteristicsofthefirmdiscussedaboveprovide.directsupptfourhypothesis.Secondwepresentevidencethatmarketliquidityfirmlikelihoodtopaydivi

14、dendsarenegativelyrelatedovertime.Thepastfourdecadesareacterizedbydecliningcommissionratesdecliningbidaskspreadsatenfoldincreaseinmarketactivity—measuresfrequentlyusedtoquantifytheliquidityofthestockmarket.Whenweapplyour

15、19631977estimatestopredicttheproptionofdividendpayersinmerecentyearswefindthatincreasedmarketliquidityexplainsmostofthelowerpropensityoffirmstopaydividendsdocumentedbyFamaFrench(2001).Furthermethepredictiveaccuracyofamod

16、elthatcontrolsfstockmarketliquidityversusamodelthatdoesnotismepronouncedffirmsmelikelytopaydividendsbasedontheirsizeprofitabilitygrowthopptunities(i.e.firmswithhigherabilitytopay)ffirmswithmeliquidstocks.Wefurtheraddress

17、thequestionofwhetherdividendpolicydeterminesstockmarketliquiditynotviceversa.Wenowperfmouranalysisconditionalonthepastdividendpolicyoffirmswhileatthesametimeweuseahisticmeasureofliquidityratherthanacontempaneousone.Wefin

18、dthatpastyearmarketliquidityisanimptantdeterminantofdividendinitiationsofdividendomissions.Less(me)liquidfirmsthathaveneverpaiddividendsareme(less)likelytoinitiatedividendpayments.Similarlyless(me)liquidfirmsthathavepaid