股利政策畢業(yè)論文外文資料翻譯

1、<p><b>　　中文3943字</b></p><p><b>　　2135單詞</b></p><p>　　Fundamentals of financial，2004，（8）:23-25.</p><p>　　Dividend policy</p><p>　　Eugene F.

2、Brigham. Joel F.Houston</p><p><b>　　Abstract</b></p><p>　　Dividend policy plays an important role in business decision-making in the stock is the company's core financial issues.

3、 Thus the dividend distribution policy has been the company's stakeholders shares are closely watched. On the basis of the text of the introduction and dividend policy basic types of traditional and modern theories o

4、f dividend policy elaborate on, focusing on the status of the dividend distribution policy of listed companies, the dividend policy choice should consider factors w</p><p>　　Keywords: Dividend theory; divide

5、nd distribution; policy recommendations</p><p>　　1. Introduction</p><p>　　Profitable companies regularly face three important questions: (1) How much of its free cash flow should it pass on to s

6、hareholders? (2) Should it provide this cash to shareholders by raising the dividend or by repurchasing stock? (3) Should it maintain a stable, consistent payment policy, or should it let the payments vary as conditions

7、change?</p><p>　　When deciding how much cash to distribute to shareholders, finance manager must keep in mind that the firm’s objective is to maximize shareholder value. Consequently, the target pay rate rat

8、io—define as the percentage of net income to be paid out as cash dividends—should be based in large part on investors’ preference for dividends versus capital gains: do investors prefer (1) to have the firm distribute in

9、come as cash dividends or (2) to have it either repurchase stock or else plow the earnings</p><p>　　If the company increases the payout ration, the raises.This increase in the numerator, taken alone, would c

10、ause the stock price to rise. However, ifis raised, then less money will be available for reinvestment, that will cause the expected growth rate to decline, and that will tend to lower the stock’s price. Thus, any change

11、 in payout policy will have two opposing effects. Therefore, the firm’s optimal dividend policy must strike a balance between current dividends and future growth so to maxim</p><p>　　2.dividend theory</p&

12、gt;<p>　　DIVIDEND IRRELEVANCE THEORY </p><p>　　It has been argued that dividend policy has no effect on either the price of a firm’s stock or its cost of capital. If dividend policy has no significant

13、 effects, then it would be irrelevance .The principal proponents of dividend irrelevance theory are Merton Miller and Franco Modigliani(MM).They argued that the firm’s is determined only by its basic earning power and it

14、s business risk. In other words, MM argued that the value of firm depends only on the income produced by its assets, not on how</p><p>　　To understand MM’s argument that dividend policy is irrelevance, recog

15、nize that any shareholder can in theory construct his or her own dividend policy .If investors could buy and sell shares and thus create their own dividend policy without incurring costs, then the firm’s dividend policy

16、would truly be irrelevant. Note, though, that investors who want additional dividends must incur brokerage cost to sell shares, and investors who do not want dividends must first pay taxes on the unwanted divid</p>

17、<p>　　In developing their dividend theory, MM made a number of assumptions especially the absence of taxes and brokerage costs. Obviously, tax and brokerage costs do exist, so the MM irrelevance theory may not be

18、true. However, MM argued that all economic theories are based on simplifying assumptions, and that the validity of a theory must be judged by empirical test, not by the realism of its assumptions.</p><p>　　B

19、IRD-IN-THE-HAND THEORY</p><p>　　The principal conclusions of MM’s dividend irrelevance theory is that dividend policy does not affect the required rate of return on equity, Ks. This conclusion has been hotly

20、 debated in the academic circles .In particular, Myron Gordon and John Lintner argued that Ks decreases as the dividend payout is increase because investor are less certain of receiving the capital gains which are suppos

21、ed to result from retaining earnings than they are of receiving dividend payments </p><p>　　MM disagreed .They argued that Ks independent of dividend policy, which implies that investors are indifferent betw

22、een D1/P0 and g and, hence, between dividends and capital gains. MM called the Gordon-Lintner argument the bird-in-the-hand fallacy because, in MM’s view, most investors plan to reinvest their dividends in the stock of t

23、he same or similar firms, and, in any event, the riskiness of the firm’s cash flows to investors in the long run is determined by the riskiness of operating cash flo</p><p>　　TAX PREFERENCE THEORY</p>

24、<p>　　There are three tax-related reasons for thinking that investors might prefer a low dividend payout to a high payout: (1) Recall from Chapter II that long-term capital gains are taxed at a rate of 20 percent,

25、whereas dividend income is taxed at effective rates which go up to 39.6 percent. Therefore, wealthy investors might prefer to have companies retain and plow earnings back into the business. Earnings growth would presumab

26、ly lead to stock prices increases, and thus low- taxed capital gains wou</p><p>　　Because of these tax advantages, investors may prefer to have companies retain most of their earnings. IF so, investors would

27、 be willing to pay more for low-payout companies than for otherwise similar high- payout companies.</p><p>　　There three theories offer contradictory advice to corporate managers, so which, if any, should we

28、 believe? The most logical way to proceed is to test the theories empirically. Many such tests have been conducted, but their results have been unclear. There are two reasons for this(1)For a valid statistical test, thin

29、gs other than dividend policy must be held constant; that is, the sample companies must differ only in their dividend policies, and(2)we must be able to measure with a high degree of</p><p>　　Therefore, no o

30、ne can establish a clear relationship between dividend policy and the cost of equity. Investors in the aggregate cannot be seen to uniformly prefer either higher or lower dividends. Nevertheless, individual investors do

31、have strong preferences. Some prefer high dividends, while others prefer all capital gains. These differences among in dividends help explain why it is difficult to reach any definitive conclusions regarding the optimal

32、dividend payout. Even so ,both evidence and l</p><p>　　3.the relevant recommendations</p><p>　　Because we discuss how dividend policy is set in practice, we must examine two other theoretical is

33、sues that could affect our view toward dividend policy: (1)the information content, or signaling, hypothesis and(2) The clientele effects. MM argued that investors’ reactions to change in dividend policy do not necessari

34、ly show that investors prefer dividends to retained earnings. Rather, they argued that price change following dividend actions simply indicate that there is an important information</p><p>　　The clientele ef

35、fects to the extent that stockholders can switch, a firm can change from one dividend payout policy to another and then let stockholders who do not like the new policy sell to other investors who do. However, frequent sw

36、itching would be inefficient because of(1)brokerage costs,(2)the likelihood that stockholders who are selling will have to pay capital gains taxes, and (3) a possible shortage of investors who like the firm’s newly adopt

37、ed dividend policy. Thus, management should </p><p>　　In many ways, our discussion of dividend policy parallels our discussion of capital structure: we presented the relevant theories and issues, and we list

38、ed some additional factors that influence dividend policy, but we did not come up with any hard-and-fast guidelines that manager can follow. It should be apparent from our discussion that dividend policy decisions are ex

39、ercises in informed judgment, not decisions that can be based on precise mathematical model.</p><p>　　In practice, dividend policy is not an independent decision – the dividend decisions is made jointly with

40、 capital structure and capital budgeting decisions. The underlying reason for this joint decisions process is asymmetric information, which influences managerial actions in two ways: </p><p>　　1, In general,

41、 managers do not want to issue new common stock. First, new common stock involves issuance cost -- - commissions, fees, and so on-and those costs can be avoided by using retained earnings to finance the firm’s equity nee

42、ds. Also, asymmetric information causes investors to view common stock issues as negative signals and thus lowers expectations regarding the firm’s future prospects. The end result is that the announcement of a new stock

43、 issue usually leads to a decrease in the stoc</p><p>　　2, Dividend changes provide signal about managers’ beliefs as to their firms’ future prospects, Thus, dividend reductions, Or worse yet, omissions, gen

44、erally have a significant negative effect on a firm’s stock price . Since managers recognize this, they try to set dollar dividends low enough so that there is only a remote chance that the dividend will have to be reduc

45、e in the future. Of course, unexpectedly large dividend increases can be used to provide positive signals. the actual payout rati</p><p>　　The dividend decision is made during the planning process, so there

46、is uncertainty about future investment opportunities and operating cash flows. Thus, the actual payout ratio in any year will probably be above or below the firm’s long-range target. However, the dollar dividend should b

47、e maintained, or increase as planned policy simply cannot be maintained. A steady or increasing steam of dividends over the long run signals that the firm’s financial condition is under control. Further, investor</p&g

48、t;<p>　　In general, firms with superior investment opportunities should set lower payouts, hence retain more earnings, than firms with poor investment opportunities. The degree of uncertainty also influences the d

49、ecision. If there is a great deal of uncertainty in the forecasts of free cash flows, which are defined here as the firm’s operating cash flows minus mandatory equity investments, then it is best to be conservative and t

50、o set a lower current dollar dividend. Also, firms with postponable investm</p><p>　　Firms have only one opportunity to set the opportunity payment from scratch. Therefore, today’s dividend decisions are con

51、strained by policies that were set in the past, hence setting a policy for the next five years necessarily begins with a review of the current situation. Although we have outlined a rational process for managers to use w

52、hen setting their firms’ dividend policies, dividend policy still remains one of the most judgmental decisions that firms must make. For this reason, dividend</p><p>　　Fundamentals of financial，2004，（8）:23-2

53、5.</p><p><b>　　股利政策</b></p><p>　　Eugene F. Brigham. Joel F.Houston,</p><p>　　摘要： 股利政策在股份制企業(yè)經(jīng)營決策中占有重要地位，是企業(yè)的核心財務(wù)問題。因而股利分配政策一直為股份公司的利益相關(guān)者所密切關(guān)注。全文在對傳統(tǒng)及現(xiàn)代股利政策理論的介紹和股利政策基本類型進

54、行闡述的基礎(chǔ)上，重點對上市公司的股利分配政策現(xiàn)狀、選擇股利政策應(yīng)該考慮的因素進行了分析，并且針對存在的問題提出了相應(yīng)的建設(shè)性意見。</p><p>　　關(guān)鍵詞：股利理論；股利分配 ；政策建議</p><p><b>　　一、引言</b></p><p>　　盈利的公司常常面臨三個重要問題：（1）自由現(xiàn)金流量有多少應(yīng)該分配給股東？（2）怎么樣吧這

55、些現(xiàn)金分配給股東，是通過增發(fā)股利還是回購本公司股票？（3）需要保持一個不變的股利支付政策，還是讓股利支付隨著各年度的情況不同而不同？</p><p>　　當(dāng)財務(wù)經(jīng)理決定應(yīng)該付多少現(xiàn)金給股東時，他一定要記住，公司的目標(biāo)是股東價值最大化，目標(biāo)支付率作為現(xiàn)金股利支付的凈收益占總收益的百分比，應(yīng)該是根據(jù)投資者更偏好的股利還是資本利得來決定。投資者是偏好（1）以現(xiàn)金股利形式分配收益；還是偏好（2）回購股票或者吧收益重新投資

56、到公司？這兩者都會導(dǎo)致資本利得。這方面的偏好可以通個穩(wěn)定增產(chǎn)的股票價值評估模型來考慮：</p><p>　　如果公司增加了股利支付率就增加,單獨分子可能會導(dǎo)致股票價格上升。然而,如果提高了,就會減少錢用在再投資，會引起預(yù)期增長率下降,那就有可能降低股票的價格。因此,股利政策有任何改變將有兩個相反的結(jié)果。所以,公司最優(yōu)股利政策是必須在現(xiàn)在行使的股利和未來增長之間取得一個平衡，使股票價格達到最高。在這一部分文獻中，我

57、們將分析評價了投資者偏好的三個理論：（1）股利無關(guān)理論；（2）“一鳥在手”理論；（3）稅收偏好理論。</p><p><b>　　二、股利理論</b></p><p><b>　　1、股利無關(guān)理論</b></p><p>　　有很多人認(rèn)為，股利分配政策對公司股票價值和資本成本都是沒有任何影響。如果股利政策沒有顯著的影響，那

58、這個股利政策就是不相關(guān)。股利無關(guān)理論的主要提出的人是默頓?H?米勒和佛朗哥?莫迪哥萊尼。公司價值只是由于基本盈利能力和經(jīng)營風(fēng)險所決定。換一句話說，MM理論作者認(rèn)為，公司價值只是由其資產(chǎn)所創(chuàng)造的收益來決定的，而不是由于股利和留存收益之間是如何分割來決定的。</p><p>　　要如何理解MM理論關(guān)于股利政策無關(guān)的觀點，我們需要認(rèn)識到，一個股東在理論上都是能構(gòu)建自己的股利政策。但是如果投資者能夠隨意的購買或者賣出股票

59、，他就能夠?qū)崿F(xiàn)他所期望的鼓勵政策，而不用支付額外的費用。因此，鼓勵政策是不相關(guān)的。要注意的是，那些想要得到額外股東在賣掉股票是必須支付一定的費用；而那些不想要額外股利的股東不想為那部分鼓勵交稅而且用稅后股利購買額外的股份還得支付交易費用。既然稅收和交易費用的存在是必然的，那么鼓勵政策也很可能是相關(guān)的。</p><p>　　在建立股利理論時，MM理論作了一系列的假設(shè)，尤其是關(guān)于不存在稅收和交易費用的假設(shè)。顯然，稅收

60、和交易費用是確實存在的，因此MM股利無關(guān)理論可能是不正確的。但是MM理論提出，所有的理論都是基于簡化了的假設(shè)，理論的正確與否必須經(jīng)過實踐的檢驗，而不是其假設(shè)的真實性。</p><p>　　2、“一鳥在手”理論</p><p>　　MM股利無關(guān)理論的主要結(jié)論是：鼓勵政策不影響要求的權(quán)益收益率Ks。該觀點在學(xué)術(shù)界引起廣泛爭論。邁倫?林特納就認(rèn)為，隨著股利支付的增加，Ks會下降，因為雖然可以假定

61、留存收益會帶來相應(yīng)的資本利得，但是與得到支付的股利相比，投資者獲得收益的確定性要小。</p><p>　　MM理論對這有反對意見。他們認(rèn)為，Ks與股利政策是沒有關(guān)系的，這就說投資者對于D1∕P0和資本利得是沒有偏好。MM理論認(rèn)為，高頓和林特納為“一鳥在手”理論的假象所迷惑，因為在MM理論看來，大部分投資者都打算將其股利所得再投資于同一家或類似的企業(yè)。而且在任何情況下，對于投資者來說，從長遠來看，公司現(xiàn)金流量的風(fēng)險

62、是由該公司的經(jīng)營現(xiàn)金流量風(fēng)險來決定的，卻不是由股利政策決定的。</p><p><b>　　3、稅收偏好理論</b></p><p>　　從所得稅方面來考慮，投資者可能會偏好較低的股利支付率，這樣說的理由有三個。（1）第二章說到長期資本利得要繳納20%的所得稅，而股利收益的稅率卻高達39.6%。所以，有錢的投資者可能會更加偏好于公司留存收益而且將其投資于公司業(yè)務(wù)，而不

63、是將收益用于發(fā)放股利。股利收益增長會導(dǎo)致股價上漲，從而較低稅負(fù)的資本利得會替代較高稅負(fù)的股利。（2）資本利得直到股票被賣掉以后才需要支付所得稅。由于資金時間價值的作用，未來所支付的一美元的所得稅比現(xiàn)在支付的一美元的所得稅的價值更加低。（3）如果某人持有股票直到死亡，那就根本不會有資本利得稅。接受股票受益人可以把股票原持有人去世那天的股票價值作為其成本基礎(chǔ)，從而可以完全避免資本利得所要交的賦稅。</p><p>　

64、　由于這種稅收優(yōu)勢，投資者會愿意保留公司其絕大部分收益。如果是這樣，那么相對于其他方面類似而支付率高的公司而言，投資者將更加愿意支付率低的公司的股票付更加高的價錢。</p><p>　　這三個理論為公司經(jīng)理人提供了有矛盾的建議,因此，如果理論可信的話，我們應(yīng)該相信哪種理論?最合理的方法是利用經(jīng)驗來檢測這3個理論。這方面的研究已經(jīng)展開,但他們的結(jié)果還不太清楚。有兩個原因(1)為一個有效的統(tǒng)計來說,除了股利政策，其他

65、事情必須保持不變;也就是說,樣本公司必須只是股利政策方面有所差異。(2)我們必須能夠準(zhǔn)確地測量每個公司的資本成本。這兩種情況沒有一個能夠成立:我們不能發(fā)現(xiàn)一家上市公司只在股利政策方面有差異,也無法得到準(zhǔn)確的公司資本成本的估計。</p><p>　　因此,沒有人能建立了一個股利政策和資本成本間清晰的關(guān)系。投資者作為一個整體，不能看出統(tǒng)一的選更高或更低的股利偏好。然而,個人投資者就有較強的喜好。一般投資者喜歡高額股利

66、,而另一些則喜歡所有的收益都是資本利得。這些差異有助于解釋為什么很難達成任何確切的最優(yōu)股利支付率的結(jié)論。甚至,證據(jù)和邏輯顯示,投資者喜歡投資于一個穩(wěn)定、可預(yù)測股利政策的對公司。</p><p><b>　　三、相關(guān)建議</b></p><p>　　在碰到現(xiàn)實中如何制定股利政策之前，我們必須考慮另外兩個理論問題，因為這會影響我們對待股利政策的觀點：（1）信息內(nèi)容假設(shè)；（

67、2）委托人效應(yīng)。MM認(rèn)為投資者對股利政策的反應(yīng)并不能夠表明投資者更喜歡通過股利來獲得收益。而他們認(rèn)為，股價隨著股利波動僅僅表明，在宣布股利政策時有重要的信息,或者信號內(nèi)容。</p><p>　　委托人效應(yīng)一定意義說，股東可以選擇公司的。從一個股利政策轉(zhuǎn)變到另一種股利支付政策時,允許不喜歡這項新政策的股東賣股票給其他投資者。然而, 頻繁的轉(zhuǎn)換會導(dǎo)致無效率。因為：(1)存在破產(chǎn)成本,(2) 銷售股票的股東可能必須要繳

68、納資本利得稅，(3) 可能喜歡公司新的股支付利政策的投資者出現(xiàn)短缺。所以,管理層在改變公司的股利支付政策要慎重,因為這變化可能會導(dǎo)致對現(xiàn)有股東出售所持有的股票,迫使股票價格下降。這樣的價格下降可能暫時,但它可能也被永久，如果一少部分投資者被新股利支付政策的吸引,那么股票價格仍將持續(xù)低落。當(dāng)然,新政策也可能吸引比公司更大的委托人,在這種情況下,股票價格會上升。</p><p>　　在很多方面，我們關(guān)于股利政策的討論

69、與資本結(jié)構(gòu)的討論是分不開的：我們會陳述相關(guān)的理論和問題，也會列出其他一些影響股利政策的因素，但是我們不會給出管理層可以遵循的任何硬性指標(biāo)。顯然，在我們討論中可以看到，股利政策決策時根據(jù)眾多信息進行判斷的活動，而不是能夠基于精確的數(shù)學(xué)的模型來制作的決策。</p><p>　　在現(xiàn)實中，股利政策不是一個獨立的決策——股利政策的制定與資本結(jié)構(gòu)和資本預(yù)算決策時密不可分的。造成這個原因是不對稱的信息，信息的不對稱在以下兩個

70、方面影響管理決策：</p><p>　　1、一般來說，管理者不愿意發(fā)行新股，首先，新股會導(dǎo)致發(fā)行費用——傭金、薪酬等——通過留存收益增加公司的權(quán)益資本，就可以避免這些費用。其次，不對稱的信息使投資者認(rèn)為，發(fā)行新股是一種負(fù)面信號，從而降低他們對公司未來前景的預(yù)期。最終的結(jié)果是宣布發(fā)行新股通常會導(dǎo)致股價的下跌?？紤]到相關(guān)的成本，包括發(fā)行費用和不對稱信息的成本，經(jīng)理更偏向于使用留存收益作為新權(quán)益資本的主要來源。<

71、/p><p>　　2、股利變化是一種信號，反映了經(jīng)理對公司未來前景的看法。因此，股利減少，或者更嚴(yán)重的是不支付股利，通常對公司的股價產(chǎn)生重大的負(fù)面影響。由于管理者認(rèn)識到這一點，他們往往努力將股利保持在一個足夠低的水平，這樣在將來不得不降低股利的可能性就會相當(dāng)?shù)匦?。?dāng)然，出乎眾人意料地大幅度提高股利可以作為一種正面信號。</p><p>　　股利政策市在計劃過程中制定的，因此未來的投資機會和經(jīng)營

72、現(xiàn)金流量存在不確定性。因而，每年實際的股利支付率很可能會低于或者高于公司的長期目標(biāo)。但是，分配的股利額應(yīng)當(dāng)維持在一定水平或按計劃增長，除非公司的財務(wù)狀況惡化到不能維持的程度。長期保持穩(wěn)定或穩(wěn)步增長的股利支付額意味著公司的財務(wù)狀況控制得很好。進一步說，穩(wěn)定的股利可以緩解投資者的不確定心里預(yù)期，因而可以減少發(fā)行新股的負(fù)面影響，因此絕對是必需的。</p><p>　　一般來說,公司有優(yōu)良的投資機會應(yīng)該降低股利支付率,因

73、此，留存收益會比那些投資機會差的公司多。不確定性程度也影響這一決定。如果自由現(xiàn)金流量預(yù)測有很大的不確定性,在這里自由現(xiàn)金流量是公司的經(jīng)營現(xiàn)金流量減去強制性的權(quán)益資本投資，最好是要保守一些，即設(shè)定較低的股利支付額。同時,公司穩(wěn)定的投資機會是可以延期的，那么公司可以設(shè)定較高的股利支付率。因為在困難時期,投資可能延期一年或兩年,從而增加可供股利的現(xiàn)金。最后,如果公司的資本成本會受到負(fù)債比率很大程度上影響,公司可以提出了更高的股利支付率,因為他

74、們在受到壓力下,更容易更多的債務(wù)資本來維持資本預(yù)算項目，而不是削減股息或發(fā)行股票。</p><p>　　公司只有一次機會設(shè)定股利支付額。因此,現(xiàn)在的股利政策受過去制定的政策的限定,因此要設(shè)定設(shè)置接下來的5年的政策,一定首先回顧相關(guān)現(xiàn)狀開始。盡管我們描繪了經(jīng)理設(shè)定他們時所使用的公司的紅利政策的合理過程,股利政策仍然是公司必須做的最需要判斷力的決策。因為這個原因,股利政策總是由董事會決定，財務(wù)人員進行了分析現(xiàn)狀后提建