從管理視角再次審視過去的股利政策【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：RevisitingManagerialPerspectivesonDividendPolicyIntroductionOneofthemepuzzlingissuesincpatefinanceinvolvesdividends.MillerModigliani(1961)provideacompellingwidelyacceptedargumentfdividendirrelevancein

2、awldwithperfectcapitalmarkets.ManyyearslaterMiller(1986)recognizedthattheobservedpreferencefcashdividendsisoneofthe“softspotsinthecurrentbodyofthey.“SowhydocpationspaydividendswhydoinvestscareBlack(1976)oncedescribedthis

3、issueasadividend“puzzle“with“piecesthatjustdontseemtofit.“Tohelpexplainthispuzzlefinancialeconomistsdevelopedvarioustheiessignalingtaxpreferenceagencycostsbirdinthehexplanations.TheprofusionoftheiesledAng(1987p.55)toobse

4、rve“Thuswehavemovedfromapositionofnotenoughgoodreasonstoexplainwhydividendsarepaidtooneoftoomany.“AdvocatesofbehavialfinancesuchasShefrinStatman(1984)introducedconceptssuchasprospecttheymentalaccountingtoexplainwhyinvest

5、slikedividends.Statman(1997)contendsthatsolvingthedividendpuzzleisimpossiblewhileigningthepatternsofnmalinvestbehavi.Todaycpatemanagersareleftwithavastoftenconflictingbodyofresearchaboutdividends.Onewaytoenhanceourunders

6、tingofwhycpationspaydividendsistoexaminetheviewsofmanagerswhoareresponsiblefmakingsuchdecisions.Pastfieldwksurveyshaveprovidedimptantinsightsintohowmanagersdeterminetheirfirmsdividendpayoutstheirviewsaboutvariousdividend

7、policyissues.FexampleLintner(1956)conductedtheseminalfieldstudyaboutthedeterminationofdividendpolicy.OtherresearchersincludingBakerfirmsbecauseofdifferentfirmacteristicssuchassize.Secondweinvestigateseveralareasnotexamin

8、edinprevioussurveyssuchasviewsabouthisticalpatternsofdividendsdividendlifecycleresidualdividendpolicy.Finallyunlikemostresearchthatfocusesonasingleexplanationofwhycompaniespaydividendsweexaminemultipleexplanations.Bytaki

9、ngthisapproachwecanassesstherelativeimptanceofdifferentreasonsfpayingdividendsbasedonthelevelofagreementdisagreementwithvariousstatementsinvolvingeachexplanation.Theremainderofthepaperisganizedasfollows.Thenextsectionpro

10、videsabriefreviewoftherelevantdividendliterature.Thethirdsectionpresentsourresearchquestionsempiricalpredictionsfollowedbyadiscussionofthemethodologylimitationsinthefourthsection.Thefifthsectionpresentsoursurveyresultsth

11、efinalsectionprovidesasummaryconclusions.PreviousResearchInthissectionwepresentthreebasicareasofdividendresearch.FirstwediscussLintners(1956)classicstudythatinvestigateshowcpatemanagersdeterminetheirfirmsdividendpolicies

12、.WealsoreviewsomeofthesubsequentresearchrelatedtoLintnersfindings.Secondwereviewstudiesthatexaminewhetherdividendpolicyaffects，firmvalue.Thirdwepresentmajresearchfindingsrelatedtofourcommonexplanationsfpayingdividendssig

13、nalingtaxpreferenceagencycostsbirdintheharguments.Becausetheamountofresearchconductedintheseareasisvoluminousweconfineourreviewtoafewkeyresearchfindingsineacharea.3DeterminingaFirmsDividendPolicyInhisclassicstudyLintner(

14、1956)reptsthatfirmhavelongruntargetdividendpayoutratiosplacetheirattentionmeondividendchangesthanonabsolutedividendlevels.Healsofindsthatdividendchangesfollowshiftsinlongrunsustainableearnings(managers’smoothearnings).ma

15、nagersarehesitanttomakedividendchangesthatmaylaterneedtobereversed.Managersalsotrytostabilizedividendsavoiddividendcuts.Lintnerdevelopedapartialadjustmentmodeltodescribethedividenddecisionprocessthatexplained85percentofy