股利政策-畢業(yè)論文外文文獻(xiàn)翻譯

1、DividendDividendpolicypolicy作者：EugeneF.Brigham.JoelF.Houston刊物：刊物：FundamentalsFundamentalsofoffinancialfinancial，2004，（8）:2325.AbstractDividendpolicyplaysanimptantroleinbusinessdecisionmakinginthestockisthecompanyscefina

2、ncialissues.Thusthedividenddistributionpolicyhasbeenthecompanysstakeholderssharesarecloselywatched.Onthebasisofthetextoftheintroductiondividendpolicybasictypesoftraditionalmoderntheiesofdividendpolicyelabateonfocusingont

3、hestatusofthedividenddistributionpolicyoflistedcompaniesthedividendpolicychoiceshouldconsiderfactswereanalyzeddealwiththeproblemsraisedcrespondingconstructivecomments.Keywds:Dividendtheydividenddistributionpolicyrecommen

4、dations1.IntroductionProfitablecompaniesregularlyfacethreeimptantquestions:(1)Howmuchofitsfreecashflowshoulditpassontoshareholders(2)Shoulditprovidethiscashtoshareholdersbyraisingthedividendbyrepurchasingstock(3)Shouldit

5、maintainastableconsistentpaymentpolicyshoulditletthepaymentsvaryasconditionschangeWhendecidinghowmuchcashtodistributetoshareholdersfinancemanagermustkeepinmindthatthefirm’sobjectiveistomaximizeshareholdervalue.Consequent

6、lythetargetpayrateratio—defineasthepercentageofincometobepaidoutascashdividends—shouldbebasedinlargepartoninvests’preferencefdividendsversuscapitalgains:doinvestsprefer(1)tohavethefirmdistributeincomeascashdividends(2)to

7、haveiteitherrepurchasestockelseplowtheearningsbackintothebusinessbothofwhichshouldresultincapitalgainsThispreferencecanbeconsideredintermsoftheconstantgrowthstockvaluationmodel:gDS????1^Ifthecompanyincreasesthepayoutrati

8、ontheraises.Thisincreaseinthe1Dnumerattakenalonewouldcausethestockpricetorise.Howeverifisraisedthen1Dlessmoneywillbeavailablefreinvestmentthatwillcausetheexpectedgrowthratetodeclinethatwilltendtolowerthestock’sprice.Thus

9、anychangeinpayoutpolicywillhavetwoopposingeffects.Therefethefirm’soptimaldividendpolicymuststrikeabalancebetweencurrentdividendsfuturegrowthsotomaximizethestockprice.In2samesimilarfirmsinanyeventtheriskinessofthefirm’sca

10、shflowstoinvestsinthelongrunisdeterminedbytheriskinessofoperatingcashflowsnotbydividendpayoutpolicy.TAXPREFERENCETHEYTherearethreetaxrelatedreasonsfthinkingthatinvestsmightpreferalowdividendpayouttoahighpayout:(1)Recallf

11、romChapterIIthatlongtermcapitalgainsaretaxedatarateof20percentwhereasdividendincomeistaxedateffectiverateswhichgoupto39.6percent.Therefewealthyinvestsmightprefertohavecompaniesretainplowearningsbackintothebusiness.Earnin

12、gsgrowthwouldpresumablyleadtostockpricesincreasesthuslowtaxedcapitalgainswouldbesubstitutedfhighertaxeddividends.(2)Taxesarenotpaidonthegainsuntilastockissold.Duetotimevalueeffectsadollaroftaxespaidinthefuturehasaloweref

13、fectivecostthanadollarpaidtoday.(3)Ifastockisheldbysomeoneuntilheshediesnocapitalgainstaxisdueatallthebeneficiarieswhoreceivethestockcanusethestock’svalueonthedeathdayastheircostbasisthuscompletelyescapethecapitalgainsta

14、x.Becauseofthesetaxadvantagesinvestsmayprefertohavecompaniesretainmostoftheirearnings.IFsoinvestswouldbewillingtopaymeflowpayoutcompaniesthanfotherwisesimilarhighpayoutcompanies.Therethreetheiesoffercontradictyadvicetocp

15、atemanagerssowhichifanyshouldwebelieveThemostlogicalwaytoproceedistotestthetheiesempirically.Manysuchtestshavebeenconductedbuttheirresultshavebeenunclear.Therearetworeasonsfthis(1)Favalidstatisticaltestthingsotherthandiv

16、idendpolicymustbeheldconstantthatisthesamplecompaniesmustdifferonlyintheirdividendpolicies(2)wemustbeabletomeasurewithahighdegreeofaccuracyeachfirm’scostofequity.Neitherofthesetwoconditionsholds:Wecannotfindasetofpublicl

17、yownedfirmsthatdifferonlyintheirdividendpoliciesncanweobtainpreciseestimatesofthecostofequity.Therefenoonecanestablishaclearrelationshipbetweendividendpolicythecostofequity.Investsintheaggregatecannotbeseentounifmlyprefe

18、reitherhigherlowerdividends.Neverthelessindividualinvestsdohavestrongpreferences.Somepreferhighdividendswhileotherspreferallcapitalgains.Thesedifferencesamongindividendshelpexplainwhyitisdifficulttoreachanydefinitiveconc