股利政策和組織的資本市場【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設計）外文翻譯原文：原文：DividendpolicytheganizationofcapitalmarketsHowfirmsdeterminetheirdividendpolicyhasbeenapuzzletofinancialeconomistsfmanyyears.MillerModigliani(1961)(M&M)showedthatundercertainassumptionsthepaymentofaca

2、shdividendshouldhavenoimpactonafirm’sshareprice.M&Massumedthatthefirm’sinvestmentisfixedsinceallpositivepresentvalueprojectswillbefinancedregardlessofthefirm’sdividendpolicy.Consequentlythefirm’sfuturefreecashflowisindep

3、endentofthefirm’sfinancialpoliciessothatthedividendisthefirm’sresidualfreecashflow.Thefactthatthisresultfliesinthefaceofcasualempiricismnottomentionmostempiricalstudies1wascalledthedividendpuzzlebyFischerBlack(1976).Seve

4、ralstrsofresearchhavedevelopedtoexplainactualdividendpoliciesfocusingonrelaxingsomeoftheM&Massumptions.Brennan(1970)fexamplerelaxedtheequaltaxassumption.HoweverinBrennan’smodelthehigherthedividendthehigherthetaxpenalty.C

5、onsequentlyataxwedgedrivesupthepretaxinvestrequiredrateofreturnfhighpayoutfirms.Despiteextensiveempiricalinvestigationthishypothesisdoesnotseemtobebneoutbythedata.MeoverPoterba(1987)hasdocumentedtheremarkablestabilityofd

6、ividendpayoutsthroughoutperiodsofextensivetaxchangesintheUSA.Whiletheimpactoftaxesremainsinconclusiveincreasingattentionhasbeengiventotheproblemofinfmationasymmetries.MillerModiglianiexplicitlysuggestedthatdividendchange

7、scouldhaveaninfmationalimpact.SubsequentresearchbyWatts(1973)othershavedocumentedthatinitiatingadividendincreasesthesharepricecuttingadividendgenerallyleadstoapricedecline.Infmationasymmetrieshavealsogivenrisetoagencycos

8、texplanationsfpayingDividendsignalingmodelsoffervaluableinsightsabouttheroleofdividends.Inparticulartheyexplainwhydividendsaremestablethanearningswhyfirmsarereluctanttocutdividends.Inthefmercaseaslongasunderlyingpermanen

9、tearningsaremestablethanactualearningsthedividendwillalsobemestablesincemanagementissignalingitsviewastotheunderlyingpermanentearnings.Inthelatercaseadividendcutindicatesthatthecrespondingearningsdeclineispermanentnottem

10、parycyclical.Infmationalasymmetriescontractingcostscanalsogenerateagencycosts.Considerfexampleafirmthatisfinancedwith100%equitywithinsidersmanagementasacontrolgroupawidelydispersedgroupofoutsidestockholders.JensenMecklin

11、g(1976)illustratethatwithlittleexternalcontrolmanagersinsiderswillindulgeinexcessiveperquisiteconsumptioneitherthroughoutrightconsumptionofcpateresourcesthroughinefficientmanagementinappropriateinvestmentpolicies.Insucha

12、framewkoutsidersmaypreferahighdividendpolicy:betteradividendtodaythanahighlyuncertaincapitalgainfromquestionablefutureinvestment.Intheabsenceofastrongcontractuallegalframewktodisciplineinsidersfexamplebyelectionsofoutsid

13、edirectsaprecommitmenttopaysignificantdividendsmaybetheonlywaythatinsiderscanraisecapital.Intheextremecasea100%dividendpayoutfcesthefirmtobidbackthelostequitycapitalontheopenmarket.5Consequentlyahighdividendpayouthelpsin

14、minimizingagencycosts.Theimplicationofboththeseargumentsisthatdividendpaymentswillbehigherwheretherearedispersedoutsiderinvestsaslongasthefirmisincontinuousneedofequitycapitalthusfcedtointeractwiththecapitalmarket.Therol

15、eoftheinstitutionalstructurethroughwhichthefirmsraisescapitalisthusimptantfdividendpolicy.Rajan(1992)showedthedifferencebetweenbondsbankdebtisintheinfmationacquisitionprocessthepotentialfrenegotiatingthecontract.Thekeyis

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