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1、外文翻譯原文：InvestmentDividendFinancingProductionPolicies:TheyImplicationsAbstractThepurposeofthischapteristodiscusstheinteractionbetweeninvestmentfinancingdividendspolicyofthefirm.Abriefintroductionofthepolicyframewkoffinanc

2、eisprovidedinSect.2.1.Section2.2discussestheinteractionbetweeninvestmentdividendspolicy.Section2.3discussestheinteractionbetweendividendsfinancingpolicy.Section2.4discussestheinteractionbetweeninvestmentfinancingpolicy.S

3、ection2.5discussestheimplicationsoffinancinginvestmentinteractionsfcapitalbudgeting.Section2.6discussestheimplicationsofdifferentpoliciesonthebetacoefficients.TheconclusionispresentedinSect.2.7.KeywdsInvestmentpolicy_Fin

4、ancingpolicy_Dividendpolicy_Capitalstructure_Financialanalysis_FinancialplanningDefaultriskofdebt_Capitalbudgeting_Systematicrisk2.1IntroductionThischapterdiscussesthethreewayinteractionbetweeninvestmentfinancingdividend

5、decisions.Asshowninfinancialpolicyliteraturethereexistsasetofidealconditionsunderwhichtherewillbenointeractioneffectsbetweentheareasofconcern.Howevertheidealconditionsimposedbyacademicianstoanalyzetheeffectsdividendfinan

6、cingpolicyhaveontheinvestmentdecisionthevalueofthefirmarenotrealisticwhenoneconsidersfinancialmanagementintherealwld.Thusanoverviewoftheinteractionsoffinancinginvestmentdividenddecisionsisimptantfthoseconcernedwithfinanc

7、ialanalysisplanning.Thischaptersequentiallyaddressesthethreeinteractioneffects.InSect.2.2therelationbetweeninvestmentdividendpolicyisexpledthroughadiscussionofinternalbeusedtofinancefurtherinvestmentifequityistobeusedthe

8、dividendpolicy(dividendspaidfromretainedearnings)isnotseentomatter.Theavailabilityofretainedearningsisthendeterminedbythefirm’sprofitabilitythepayoutratiothelatterbeingindicativeofdividendpolicy.Thuswefindthatthedecision

9、toraisefundsexternallymaybedependentondividendpolicywhichinturnmayaffectinvestmentdecisions.ThepayoutratiosindicatedinTable2.1showthatonaveragefirmsintheS&P500retainedmethan50%oftheirearningsafter1971ratherthanpaythemout

10、individends.Thisisdonebecauseoftheinvestmentopptunitiesavailablefafirmindicatesthatretainedearningsareamajsourceoffundsfafirm.ExternalFinancingExternalfinancingusuallytakesoneoftwofmsdebtfinancingequityfinancing.Weleavet

11、hedebtvs.equityquestiontosubsequentsectionsheredirectlyconfrontonlythedecisionwhethertoutilizeretainedearningsnewcommonstocktofinancethefirm.Wehavepreviouslyshownthatthemarketvalueofthefirmisunaffectedbysuchfactsifdivide

12、ndpolicycapitalstructureareirrelevant.Itshouldalsobeclearthatdividendpolicycapitalstructurecanaffectmarketvalues.Therefetheconsiderationofanoptimalinternalexternalfinancingcombinationisimptantinthefieldoffinancialmanagem

13、ent.Thisoptimalcombinationisafunctionofthepayoutratiothedebttoequityratiotheinteractionbetweenthesetwodecisionvariables.Fromthisitcanbeshown(thiswillbethetopicofdiscussioninthefollowingparagraphs)thatdifferentcombination

14、sofinternalexternalfinancingwillhavedifferenteffectsonthegrowthrateofearningspershareofdividendspersharepresumablyofthesharepriceitself.Higgins(1977)consideredtheamountofgrowthafirmcouldmaintainifitwassubjecttoanexternal

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