從管理視角下再談股利政策【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：RevisitingManagerialPerspectivesonDividendPolicyWesurveymanagersofNasdaqfirmsthatconsistentlypaycashdividendstodeterminetheirviewsaboutdividendpolicytherelationshipbetweendividendpolicyvaluefourcommon

2、explanationsfpayingdividends.Theevidenceshowsthatmanagersstresstheimptanceofmaintainingdividendcontinuitywidelyagreethatchangesindividendsaffectfirmvalue.Managersgivethestrongestsuppttoasignalingexplanationfpayingdividen

3、dsweaktolittlesuppttothetaxpreferenceagencycostexplanationsnosuppttothebirdinthehexplanation.Thestudyprovidesnewevidenceabouthowmanagersviewdividendlifecyclesresidualdividendpolicy.Oneofthemepuzzlingissuesincpatefinancei

4、nvolvesdividends.MillerModigliani(1961)provideacompellingwidelyacceptedargumentfdividendirrelevanceinawldwithperfectcapitalmarkets.ManyyearslaterMiller(1986)recognizedthattheobservedpreferencefcashdividendsisoneofthe“sof

5、tspotsinthecurrentbodyofthey.”SowhydocpationspaydividendswhydoinvestscareBlack(1976)oncedescribedthisissueasadividend“puzzle”with“piecesthatjustdon’tseemtofit.”Tohelpexplainthispuzzlefinancialeconomistsdevelopedvariousth

6、eies—signalingtaxpreferenceagencycostsbirdinthehexplanations.TheprofusionoftheiesledAng(1987p.55)toobserve“Thuswehavemovedfromapositionofnotenoughgoodreasonstoexplainwhydividendsarepaidtooneoftoomany.”Advocatesofbehavial

7、financesuchasShefrinStatman(1984)Damodaran(1999)notesafirm’sdividendpolicytendstofollowthefirm’slifecycle.Duringtheintroductionrapidexpansionstagesfirmstypicallypaynoverylowdividends.Suchfirmsacterizealargeptionoffirmstr

8、adingonNasdaq.Ourstudydiffersfrompreviousresearchondividendpolicyinseveralways.FirstunlikeprifieldwksurveysthatfocusonlyonNYSElistedfirmsfromafewindustrieswestudymanagersfromdividendpayingNasdaqfirmsfromnumerousindustrie

9、s.Michel(1979)Baker(1988)presentevidencethatdividendpoliciesvaryacrossindustries.OurrationalefexaminingNasdaqfirmsrestsonthebeliefthattheviewsofNasdaqmanagersmaydifferfromthoseofNYSElistedfirmsbecauseofdifferentfirmacter

10、isticssuchassize.1Secondweinvestigateseveralareasnotexaminedinprevioussurveyssuchasviewsabouthisticalpatternsofdividendsdividendlifecycleresidualdividendpolicy.Finallyunlikemostresearchthatfocusesonasingleexplanationofwh

11、ycompaniespaydividendsweexaminemultipleexplanations.Bytakingthisapproachwecanassesstherelativeimptanceofdifferentreasonsfpayingdividendsbasedonthelevelofagreementdisagreementwithvariousstatementsinvolvingeachexplanation.

12、Thefinanceliteraturecontainsfourstardexplanationsfpayingdividends—signalingtaxpreferenceagencycostsbirdintheh.ThesignalingasymmetricinfmationmodelsfpayingdividendsdevelopedbyBhattaya(1979)JohnWilliams(1985)MillerRock(198

13、5)suggestthatmanagersasinsiderschoosedividendpaymentlevelsdividendincreasestosignalprivateinfmationtoinvests.Managershaveanincentivetosignalthisprivateinfmationtotheinvestmentpublicwhentheybelievethatthecurrentmarketvalu

14、eoftheirfirm’sstockisbelowitsintrinsicvalue.Theincreaseddividendpaymentservesasacrediblesignalwhenotherfirmsthatdonothavefavableinsideinfmationcannotmimicthedividendincreasewithoutundulyincreasingthechanceoflaterincurrin

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