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1、本科畢業(yè)論文(設(shè)計(jì))外文翻譯原文:原文:DividendpolicytheganizationofcapitalmarketsHowfirmsdeterminetheirdividendpolicyhasbeenapuzzletofinancialeconomistsfmanyyears.MillerModigliani(1961)(M&M)showedthatundercertainassumptionsthepaymentofaca
2、shdividendshouldhavenoimpactonafirm’sshareprice.M&Massumedthatthefirm’sinvestmentisfixedsinceallpositivepresentvalueprojectswillbefinancedregardlessofthefirm’sdividendpolicy.Consequentlythefirm’sfuturefreecashflowisindep
3、endentofthefirm’sfinancialpoliciessothatthedividendisthefirm’sresidualfreecashflow.Thefactthatthisresultfliesinthefaceofcasualempiricismnottomentionmostempiricalstudies1wascalledthedividendpuzzlebyFischerBlack(1976).Seve
4、ralstrsofresearchhavedevelopedtoexplainactualdividendpoliciesfocusingonrelaxingsomeoftheM&Massumptions.Brennan(1970)fexamplerelaxedtheequaltaxassumption.HoweverinBrennan’smodelthehigherthedividendthehigherthetaxpenalty.C
5、onsequentlyataxwedgedrivesupthepretaxinvestrequiredrateofreturnfhighpayoutfirms.Despiteextensiveempiricalinvestigationthishypothesisdoesnotseemtobebneoutbythedata.MeoverPoterba(1987)hasdocumentedtheremarkablestabilityofd
6、ividendpayoutsthroughoutperiodsofextensivetaxchangesintheUSA.Whiletheimpactoftaxesremainsinconclusiveincreasingattentionhasbeengiventotheproblemofinfmationasymmetries.MillerModiglianiexplicitlysuggestedthatdividendchange
7、scouldhaveaninfmationalimpact.SubsequentresearchbyWatts(1973)othershavedocumentedthatinitiatingadividendincreasesthesharepricecuttingadividendgenerallyleadstoapricedecline.Infmationasymmetrieshavealsogivenrisetoagencycos
8、texplanationsfpayingDividendsignalingmodelsoffervaluableinsightsabouttheroleofdividends.Inparticulartheyexplainwhydividendsaremestablethanearningswhyfirmsarereluctanttocutdividends.Inthefmercaseaslongasunderlyingpermanen
9、tearningsaremestablethanactualearningsthedividendwillalsobemestablesincemanagementissignalingitsviewastotheunderlyingpermanentearnings.Inthelatercaseadividendcutindicatesthatthecrespondingearningsdeclineispermanentnottem
10、parycyclical.Infmationalasymmetriescontractingcostscanalsogenerateagencycosts.Considerfexampleafirmthatisfinancedwith100%equitywithinsidersmanagementasacontrolgroupawidelydispersedgroupofoutsidestockholders.JensenMecklin
11、g(1976)illustratethatwithlittleexternalcontrolmanagersinsiderswillindulgeinexcessiveperquisiteconsumptioneitherthroughoutrightconsumptionofcpateresourcesthroughinefficientmanagementinappropriateinvestmentpolicies.Insucha
12、framewkoutsidersmaypreferahighdividendpolicy:betteradividendtodaythanahighlyuncertaincapitalgainfromquestionablefutureinvestment.Intheabsenceofastrongcontractuallegalframewktodisciplineinsidersfexamplebyelectionsofoutsid
13、edirectsaprecommitmenttopaysignificantdividendsmaybetheonlywaythatinsiderscanraisecapital.Intheextremecasea100%dividendpayoutfcesthefirmtobidbackthelostequitycapitalontheopenmarket.5Consequentlyahighdividendpayouthelpsin
14、minimizingagencycosts.Theimplicationofboththeseargumentsisthatdividendpaymentswillbehigherwheretherearedispersedoutsiderinvestsaslongasthefirmisincontinuousneedofequitycapitalthusfcedtointeractwiththecapitalmarket.Therol
15、eoftheinstitutionalstructurethroughwhichthefirmsraisescapitalisthusimptantfdividendpolicy.Rajan(1992)showedthedifferencebetweenbondsbankdebtisintheinfmationacquisitionprocessthepotentialfrenegotiatingthecontract.Thekeyis
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