文档介绍：该【股利政策-毕业论文外文文献翻译 】是由【1781111****】上传分享，文档一共【9】页，该文档可以免费在线阅读，需要了解更多关于【股利政策-毕业论文外文文献翻译 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。Dividendpolicy作者::Fundamentalsoffinancial,2004,(8):23--pany'',focusingonthestatusofthedividendpanies,thedividendpolicychoiceshouldconsiderfactorswereanalyzed,:Dividendtheory;dividenddistribution;:(1)Howmuchofitsfreecashflowshoulditpassontoshareholders?(2)Shoulditprovidethiscashtoshareholdersbyraisingthedividendorbyrepurchasingstock?(3)Shoulditmaintainastable,consistentpaymentpolicy,orshoulditletthepaymentsvaryasconditionschange?Whendecidinghowmuchcashtodistributetoshareholders,financemanagermustkeepinmindthatthefirm’,thetargetpayrateratio—etobepaidoutascashdividends—shouldbebasedinlargepartoninvestors’preferencefordividendsversuscapitalgains:doinvestorsprefer(1)eascashdividendsor(2)tohaveiteitherrepurchasestockorelseplowtheearningsbackintothebusiness,bothofwhichshouldresultincapitalgains?Thispreferencecanbeconsideredintermsof^Dtheconstantgrowthstockvaluationmodel:??1??gSpanyincreasesthepayoutration,,takenalone,,ifDisraised,then1lessmoneywillbeavailableforreinvestment,thatwillcausetheexpectedgrowthratetodecline,andthatwilltendtolowerthestock’,,thefirm’,hreetheoriesofinvestorpreference:(1)’,(MM).Theyarguedthatthefirm’,MMarguedthatthevalueoffirmeproducedbyitsassets,’sargumentthatdividendpolicyisirrelevance,,thenthefirm’,though,thatinvestorswhowantadditionaldividendsmustincurbrokeragecosttosellshares,andinvestorswhodonotwantdividendsmustfirstpaytaxesontheunwanteddividendsandthenincurbrokeragecosttopurchaseshareswiththeafter-,,,taxandbrokeragecostsdoexist,,MMarguedthatalleconomictheoriesarebasedonsimplifyingassumptions,andthatthevalidityofatheorymustbejudgedbyempiricaltest,-IN-THE-HANDTHEORYTheprincipalconclusionsofMM’sdividendirrelevancetheoryisthatdividendpolicydoesnotaffecttherequiredrateofreturnonequity,,,whichimpliesthatinvestorsareindifferentbetweenD1/P0andgand,hence,-Lintnerargumentthebird-in-the-handfallacybecause,inMM’sview,mostinvestorsplantoreinvesttheirdividendsinthestockofthe-1-sameorsimilarfirms,and,inanyevent,theriskinessofthefirm’scashflowstoinvestorsinthelongrunisdeterminedbytheriskinessofoperatingcashflows,-relatedreasonsforthinkingthatinvestorsmightpreferalowdividendpayouttoahighpayout:(1)RecallfromChapterIIthatlong-termcapitalgainsaretaxedatarateof20percent,,,andthuslow-taxedcapitalgainswouldbesubstitutedforhigher-taxeddividends.(2),adollaroftaxespaidinthefuturehasalowereffectivecostthanadollarpaidtoday.(3)Ifastockisheldbysomeoneuntilheorshedies,nocapitalgainstaxisdueatall-thebeneficiarieswhoreceivethestockcanusethestock’,,investorswouldbewillingtopaymoreforlow-paniesthanforotherwisesimilarhigh-,sowhich,ifany,shouldwebelieve?,(1)Foravalidstatisticaltest,thingsotherthandividendpolicymustbeheldconstant;thatis,paniesmustdifferonlyintheirdividendpolicies,and(2)uracyeachfirm’:Wecannotfindasetofpubliclyownedfirmsthatdifferonlyintheirdividendpolicies,,,,,bothevidenceandlogicsuggestthatinvestorspreferfirmsthatfollowastable,predictabledividendpolicy.-2-,woothertheoreticalissuesthatcouldaffectourviewtowarddividendpolicy:(1)theinformationcontent,orsignaling,hypothesisand(2)’,theyarguedthatpricechangefollowingdividendactionssimplyindicatethatthereisanimportantinformation,orsignaling,,,frequentswitchingwouldbeinefficientbecauseof(1)brokeragecosts,(2)thelikelihoodthatstockholderswhoaresellingwillhavetopaycapitalgainstaxes,and(3)apossibleshortageofinvestorswholikethefirm’,managementshouldbehesitanttochangeitsdividendpolicy,becauseachangemightcausecurrentstockholderstoselltheirstock,,butitmightalsobepermanentiffewnewinvestorsareattractedbythenewdividendpolicy,,thenewpolicymightattractanevenlargerclientelethanthefirmhadbefore,,ourdiscussionofdividendpolicyparallelsourdiscussionofcapitalstructure:wepresentedtherelevanttheoriesandissues,andwelistedsomeadditionalfactorsthatinfluencedividendpolicy,eupwithanyhard-and-,,dividendpolicyisnotanindependentdecision–,whichinfluencesmanagerialactionsintwoways:1,Ingeneral,,monstockinvolvesissuancecost---commissions,fees,andsoon-andthosecostscanbeavoidedbyusingretainedearningstofinancethefirm’,asymmetricmonstockissuesasnegativesignalsandthuslowersexpectationsregardingthefirm’.-3-Consideringthetotalcostsinvolved,includingbothissuanceandasymmetricinformationcosts,,Dividendchangesprovidesignalaboutmanagers’beliefsastotheirfirms’futureprospects,Thus,dividendreductions,Orworseyet,omissions,generallyhaveasignificantnegativeeffectonafirm’,,,,theactualpayoutratioinanyyearwillprobablybeaboveorbelowthefirm’slong-,thedollardividendshouldbemaintained,’,investorsuncertainisdecreasedbystabledividend,soasteadydividendstreamreducesthenegativeeffectofastockissue,,firmswithsuperiorinvestmentopportunitiesshouldsetlowerpayouts,henceretainmoreearnings,,whicharedefinedhereasthefirm’soperatingcashflowsminusmandatoryequityinvestments,,firmswithpostponableinvestmentopportunitiescanaffordtosetahigherdollardividend,becauseintimesofstressinvestmentscanbepostponedforayearortwo,,firmswhosecostofcapitalislargelyunaffectedbychangeinthedebtratiocanalsoaffordtosetahigherpayoutratio,becausetheycan,intimesofstress,,today’sdividenddecisionsareconstrainedbypoliciesthatweresetinthepast,’dividendpolicies,,dividendpolicyisalwayssetbytheboardmendation,butthe-4-:(1)自由现金流量有多少应该分配给股东?(2)怎么样把这些现金分配给股东,是通过增发股利还是回购本公司股票?(3)需要保持一个不变的股利支付政策,还是让股利支付随着各年度的情况不同而不同?当财务经理决定应该付多少现金给股东时,他一定要记住,公司的目标是股东价值最大化,目标支付率作为现金股利支付的净收益占总收益的百分比,应该是根据投资者更偏好的股利还是资本利得来决定。投资者是偏好(1)以现金股利形式分配收益;还是偏好(2)回购股票或者吧收益重新投资到公司?这两者都会导致资本利^D得。这方面的偏好可以通个稳定增产的股票价值评估模型来考虑:??1??gS如果公司增加了股利支付率就增加D,单独分子可能会导致股票价格上升。然1而,如果D提高了,就会减少钱用在再投资,会引起预期增长率下降,那就有可能降1低股票的价格。因此,股利政策有任何改变将有两个相反的结果。所以,公司最优股利政策是必须在现在行使的股利和未来增长之间取得一个平衡,使股票价格达到最高。在这一部分文献中,我们将分析评价了投资者偏好的三个理论:(1)股利无关理论;(2)“一鸟在手”理论;(3)税收偏好理论。,股利分配政策对公司股票价值和资本成本都是没有任何影响。如果股利政策没有显著的影响,那这个股利政策就是不相关。股利无关理论的主要提出的人是默顿?H?米勒和佛朗哥?莫迪哥莱尼。公司价值只是由于基本盈利能力和经营风险所决定。换一句话说,MM理论作者认为,公司价值只是由其资产所创造的收益来决定的,而不是由于股利和留存收益之间是如何分割来决定的。要如何理解MM理论关于股利政策无关的观点,我们需要认识到,一个股东在理论上都是能构建自己的股利政策。但是如果投资者能够随意的购买或者卖出股票,他-5-就能够实现他所期望的鼓励政策,而不用支付额外的费用。因此,鼓励政策是不相关的。要注意的是,那些想要得到额外股东在卖掉股票是必须支付一定的费用;而那些不想要额外股利的股东不想为那部分鼓励交税而且用税后股利购买额外的股份还得支付交易费用。既然税收和交易费用的存在是必然的,那么鼓励政策也很可能是相关的。在建立股利理论时,MM理论作了一系列的假设,尤其是关于不存在税收和交易费用的假设。显然,税收和交易费用是确实存在的,因此MM股利无关理论可能是不正确的。但是MM理论提出,所有的理论都是基于简化了的假设,理论的正确与否必须经过实践的检验,而不是其假设的真实性。“一鸟在手”理论MM股利无关理论的主要结论是:鼓励政策不影响要求的权益收益率Ks。该观点在学术界引起广泛争论。迈伦?林特纳就认为,随着股利支付的增加,Ks会下降,因为虽然可以假定留存收益会带来相应的资本利得,但是与得到支付的股利相比,投资者获得收益的确定性要小。MM理论对这有反对意见。他们认为,Ks与股利政策是没有关系的,这就说投资者对于D∕P和资本利得是没有偏好。MM理论认为,高顿和林特纳为“一鸟在手”10理论的假象所迷惑,因为在MM理论看来,大部分投资者都打算将其股利所得再投资于同一家或类似的企业。而且在任何情况下,对于投资者来说,从长