[雙語翻譯]--外文翻譯--在分稅制度下股利政策與資本結(jié)構(gòu)決策的關(guān)系研究（原文）

1、Ufuk Ince Miller and Modigliani 1961), capital structure and dividend policy continue toJ Econ Finan (2012) 36:33–57 DOI 10.1007/s12197-009-9101-7The paper benefited greatly from detailed insights and comments generousl

2、y provided by the late Franco Modigliani. Comments by an anonymous reviewer improved the paper significantly. We gratefully acknowledge input by colleagues and research support from University of Washington, Bothell and

3、Georgia State University, Robinson College of Business. Karel Vandromme and Leng Ling provided excellent research assistance. The usual disclaimer applies.U. Ince (*) Business Administration, University of Washington, Bo

4、thell, 18115 Campus Way NE, Bothell, WA 98011, USA e-mail: ince.ufuk@gmail.comJ. E. Owers Robinson College of Business, Georgia State University, Atlanta, GA 30303, USAThe interaction of corporate dividend policy and cap

5、ital structure decisions under differential tax regimesModigliani 1961), or on the contrary, is an important factor to consider. Recent studies have provided strong evidence for the relevance of dividends. DeAngelo and D

6、eAngelo (2006) reexamine the Miller and Modigliani (1961) result and conclude that, contrary to that celebrated result, dividends are not irrelevant. Similarly, Auerbach and Hassett (2006, 2007) study the wealth effects

7、of various key events that led to the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), and show that the level of dividend payout is an important determinant of the change in firm value.Ex

8、cept the five-year period during 1988–1992, dividend and capital gains incomestreams were historically taxed at significantly different rates. Our model implies that during those years when there was a tax bias in favor

9、of capital gains, dividend policy did have valuation implications. Under the provisions of JGTRRA, the rate difference between the two types of equity income streams converged in 2003 for the first time after 11 years. A

10、s a result of this convergence, our model indicates that firm values are once again payout-insensitive. As of August 2009, the U.S. Congress has not yet acted to extend the JGTRRA dividend taxation provisions. Therefore,

11、 it is probable that in 2010 the sunset provisions of JGTRRA will take effect and the tax rates will revert back to those during the pre-2003 regime. Dividend policy will onceTable 1 Tax regimes between 1979 and 2008. Ma

12、ximum applicable personal, corporate and capital gains tax rates over the course of eleven distinct tax environments are provided in the table. Column τpi lists the marginal personal tax rates on interest income, column

13、τpd lists the marginal personal tax rates on dividend income, column τc lists the marginal corporate income tax rate, and column τpg the marginal tax rate on capital gains. For most of the three decades examined in this

14、study τpi and τpd were identical. The name of the tax legislation that governs a particular tax regime is provided below the tableYear(s) Personal tax rate on interest income τpiPersonal tax rate on dividend income τpdPe

15、rsonal tax rate on capital gains τpgCorporate income tax rate τc1979–1981 70.0% 28.0% 46.0%1982–1986a 50.0% 20.0% 46.0%1987b 38.5% 28.0% 40.0%1988–1990b 28.0% 28.0% 34.0%1991–1992c 31.0% 28.9% 34.0%1993–1994d 39.6% 28.9%

16、 35.0%1994–1997d 39.6% 29.2% 35.0%1998–2000e 39.6% 21.2% 35.0%2001f 39.1% 21.2% 35.0%2002f 38.6% 21.2% 35.0%2003–2008g 35.0% 15.0% 15.0% 35.0%a Economic Recovery Tax Act of 1981b Tax Reform Act of 1986c Omnibus Budget Re

17、conciliation Act of 1990d Omnibus Budget Reconciliation Act of 1993e Taxpayer Relief Act of 1997f Economic Growth and Tax Relief Reconciliation Act 2001 (EGTRRA)g The Jobs and Growth Tax Relief Reconciliation Act 2003 (J