從管理角度反思股利政策[外文翻譯]

1、外文翻譯RevisitingManagerialPerspectivesonDividendPolicyMaterialSource:JournalofeconomicsfinanceAuth:H.KentBakerGaryE.PowellE.TheodeVeit1、IntroductionOneofthemepuzzlingissuesincpatefinanceinvolvesdividends.MillerModigliani(1

2、961)provideacompellingwidelyacceptedargumentfdividendirrelevanceinawldwithperfectcapitalmarkets.ManyyearslaterMiller(1986)recognizedthattheobservedpreferencefcashdividendsisoneofthe“softspotsinthecurrentbodyofthey.”Sowhy

3、docpationspaydividendswhydoinvestscareTohelpexplainthispuzzlefinancialeconomistsdevelopedvarioustheies—signalingtaxpreferenceagencycostsbirdinthehexplanations.TheprofusionoftheiesledAng(1987p.55)toobserve“Thuswehavemoved

4、fromapositionofnotenoughgoodreasonstoexplainwhydividendsarepaidtooneoftoomany.”AdvocatesofbehavialfinancesuchasShefrinStatman(1984)introducedconceptssuchasprospecttheymentalaccountingtoexplainwhyinvestslikedividends.Stat

5、man(1997)contendsthatsolvingthedividendpuzzleisimpossiblewhileigningthepatternsofnmalinvestbehavi.Todaycpatemanagersareleftwithavastoftenconflictingbodyofresearchaboutdividends.Onewaytoenhanceourunderstingofwhycpationspa

6、ydividendsistoexaminetheviewsofmanagerswhoareresponsiblefmakingsuchdecisions.Pastfieldwksurveyshaveprovidedimptantinsightsintohowmanagersdeterminetheirfirm’sdividendpayoutstheirviewsaboutvariousdividendpolicyissues.Fexam

7、pleLintner(1956)conductedtheseminalfieldstudyaboutthedeterminationofdividendpolicy.OtherresearchersincludingBakerFarrellyEdelman(1985)BakerPowell(1999)surveyedmanagerstoobtaintheirviewsaboutdividendpolicy.Suchstudiescomp

8、lementothertypesofempiricalresearchondividendpolicy.Ourstudyexamineshowmanagersviewdividendpolicybutusesadifferentdatasettoextendrefinethescopeofprevioussurveyresearch.Specificallywe2、PreviousResearchInthissectionweprese

9、ntthreebasicareasofdividendresearch.FirstwediscussLintner’s(1956)classicstudythatinvestigateshowcpatemanagersdeterminetheirfirms’dividendpolicies.WealsoreviewsomeofthesubsequentresearchrelatedtoLintner’sfindings.Secondwe

10、reviewstudiesthatexaminewhetherdividendpolicyaffectsfirmvalue.Thirdwepresentmajresearchfindingsrelatedtofourcommonexplanationsfpayingdividends—signalingtaxpreferenceagencycostsbirdintheharguments.DeterminingaFirm’sDivide

11、ndPolicyInhisclassicstudyLintner(1956)reptsthatfirmshavelongruntargetdividendpayoutratiosplacetheirattentionmeondividendchangesthanonabsolutedividendlevels.Healsofindsthatdividendchangesfollowshiftsinlongrunsustainableea

12、rnings(managerssmoothearnings)managersarehesitanttomakedividendchangesthatmaylaterneedtobereversed.Managersalsotrytostabilizedividendsavoiddividendcuts.Lintnerdevelopedapartialadjustmentmodeltodescribethedividenddecision

13、processthatexplained85percentofyeartoyeardividendchanges.SeveralstudiesincludingFamaBabiak(1968)BakerFarrellyEdelman(1985)BakerPowell(1999)supptLintner’sbehavialmodel.BenartziMichaelyThaler(1997p.1032)concludethat“…Lintn

14、er’smodelofdividendsremainsthebestdeionofthedividendsettingprocessavailable.”DividendPolicyValueMuchempiricalresearchexistsinvestigatingwhetherdividendpolicyaffectsfirmvalue.GrahamDodd(1951)Gdon(1959)arguethatanincreasei

15、nthedividendpayoutincreasesstockprice(value)lowersthecostofequitybutempiricalsupptfthispositionisweak.OtherssuchasLitzenbergerRamaswamy(19791982)Blume(1980)AngPeterson(1985)taketheoppositeposition.Theirstudiesreptthatsto

16、ckswithhighdividendpayoutratioshavehigherrequiredreturnstherefelowerprices.StillotherssuchasBlackScholes(1974)MillerScholes(19781982)Miller(1986)Bernstein(1996)maintainthatdividendpolicymakesnodifferencebecauseithasnoeff

17、ectoneitherstockpricesthecostofequity.Researchershavetestedthesealternativetheiesofdividendpolicybuthavenotobtainedconclusiveresults.Thustheissueofwhichexplanationofdividendpolicyismostcrectremainsunresolved.Explanations