[雙語翻譯]國有企業(yè)股利政策外文文獻(xiàn)翻譯（英文）

1、Chapter 69 Dividend Policy of State-Owned Companies: Evidence from the Russian FederationOlga Belomyttseva and Larisa GrinkevichAbstract This paper analyzes the features of the dividend policy of companies in emerging ca

2、pital markets. State ownership in the capital structure of large corpo- rations is considered as one of the major features. The paper specifies the features of the dividend policy and provides a statistics analysis of di

3、vidend payout ratio and dividend yield of Russian state-owned joint stock companies. The recommenda- tions presented in the study apply to government regulation of the dividend policy in Russian state-owned joint stock c

4、ompanies.Keywords Dividend policy ? State-owned companies69.1 IntroductionDividend policy is one of the most complex and controversial aspects of financial studies. Black (1976, p. 510) supported a similar view when stat

5、ed that dividend picture “seems like a puzzle, with pieces that do not fit together.” Brealey et al. (2010) described dividend policy as one of the top ten unsolved problems in finance. Consequently, studies on dividend

6、policy have produced a significant number of contradictory hypotheses, theories and ideas. The problem is that they mainly focus on developed markets and fail to provide enough knowledge on dividend policy in emerging ma

7、rkets and their segments. The scientists who conduct their research in the field of dividend policy in emerging markets are not numerous. Glen et al.O. Belomyttseva (&) Department of Finance and Accounting, National

8、Research Tomsk State University, Pr. Lenina 36, 634036 Tomsk, Russia e-mail: olbel@f123.ruL. Grinkevich Department of World Economy and Taxation, National Research Tomsk State University, Pr. Lenina 36, 634036 Tomsk, Rus

9、sia e-mail: nasty_saturn@mail.ru© Springer International Publishing AG 2017 D. Procházka (ed.), New Trends in Finance and Accounting, Springer Proceedings in Business and Economics, DOI 10.1007/978-3-319-49559-

10、0_69749It should be noted that studies on the dividend policy of state-owned companies are currently fragmentary and incomplete. Furthermore, they have been conducted only for a selection of countries with emerging capit

11、al markets.69.3 Emerging Capital Markets Dividend PolicyDividend policy of issuers in emerging capital markets is significantly different from that of issuers in developed markets. The author agrees with Glen et al. (199

12、5, p. 9) that “dividend policy in those markets is often very different from the norms that have been accepted in developed countries.” Aivazian et al. (2003, p. 387) holds a similar view, “emerging market firms are more

13、 sensitive to some of the variables, indicating the greater financial constraints under which they operate.” The prominent features of the dividend policy in developing capital markets are outlined below.? The state as a

14、 majority shareholder in the capital structure of large corporations. This feature quite often implies irrational spending and inefficient investment policy. State ownership in enterprises results in a conflict of intere

15、sts between the shareholder and the manager, both represented by the state. The state as a shareholder implements a fiscal function and is interested in maximizing divi- dends, while the state acting as a manager can tak

16、e inefficient measures that affect dividend payment. Therefore, regulation of dividends level in the cor- porate governance of state-owned enterprises is a primary objective. Developing countries include a group of count

17、ries in transition from central planning to free market. These are primarily post-Soviet countries, which also comprise Russia. The participation of the state as a shareholder in these economies is extremely high. Divide

18、nds in this case can be treated as a disciplinary instrument. It should be emphasized that state ownership in the capital structure has some advantages over other investors, including minority shareholders. As a result,

19、state-owned companies encounter fewer difficulties in raising funds. Consequently, they can afford higher dividend payments (Boubakri et al. 2009). The same view was expressed by Gul (1999) who specified that private com

20、panies find it more difficult to obtain debt financing and they are forced to rely on retained earnings for investments. The state can act as a safeguard for the minority shareholders by controlling insider shareholders

21、and paying larger dividends (Glen et al. 1995), effectively improving company’s reputation in the eyes of foreign investors (Naser et al. 2004). ? Concentration of stock ownership and weak corporate governance that lead

22、to expropriation of the company’s resources for the benefit of individual share- holders. According to this point, shareholders and other stakeholders may distort incentives in decision-making, which ultimately reduces c

23、orporate performance. ? Low and unstable dividend payments. In most cases, companies in emerging markets reinvest most of the profits. Dividend payments do not exceed 10% of69 Dividend Policy of State-Owned Companies … 7