外文翻譯---對股東財(cái)富影響的股利政策(已修改)
2025-06-01 09:55 本頁面
【正文】 本科畢業(yè)論文（設(shè)計(jì)） 外 文 翻 譯 原文： The Impact of Dividend Policy on Shareholders’ Wealth 1. Introduction In an everincreasing Indian economy, globalization, liberalization and privatization together with rapid strides made by information technology, have brought intense petition in every field of activity. So, Indian panies at present are dazed, confused, and apprehensive. To maintain the petitiveness of, and add value to the panies, today’s finance managers have to make critical business and financial decisions which will lead to longrun perspective with the objective of maximizing the shareholders’ wealth. Shareholders’ wealth is represented in the market price of the pany’s mon stock, which, in turn, is the function of the pany’s investment, financing and dividend decision. Managements39。 primary goal is shareholders39。 wealth maximization, which translates into maximizing the value of the pany as measured by the price of the pany’s mon stock. Shareholders like cash dividends, but they also like the growth in EPS that results from ploughing earning back into the business. The optimal dividend policy is the one that maximizes the pany39。s stock price which leads to maximization of shareholders39。 wealth and thereby ensures more rapid economic growth. The present study is intended to study how far the dividend payout has impact on shareholders39。 wealth in general。 and in particular to study the relationship between the shareholders39。 wealth and the dividend payout and to analyze whether the level of dividend payout affects the wealth of the shareholders. 2. Statement of the Problems In India few studies have analyzed the relationship between the shareholders39。 wealth and dividend payment. Net earnings are divided into two parts – retained earnings and dividends. The retained earnings of the business may be reinvested and treated as a source of longterm funds. The dividend should be distributed to the shareholders in order to maximize their wealth as they have invested their money in the expectation of being made better off financially. Therefore, the present study mainly analyses how far the level of dividend payout affects the shareholders39。 wealth, particularly in (Organic and Inorganic) Chemical Companies in India. 3. Objectives of the Study ? To study the relationship between dividend payout and shareholders39。 wealth. ? To analyze the impact of variation in dividend policy on shareholders39。 wealth of dividend paying and nonpaying panies in (Organic and Inorganic) Chemical Companies India. ? To analyze the impact of retained earnings and past performance in the presence of dividend policy on shareholders’ wealth of (Organic and Inorganic) Chemical Companies in India. 4. Hypotheses ? H1: “There is no significant difference in average market value relative to book value of equity between dividend payers and nonpayers of (Organic and Inorganic) chemical panies.” ? H2:“There is no significant impact of dividend policy on shareholders’ wealth in (Organic and Inorganic) chemical panies.” 5. Methodology . Sources of Data The study used only secondary data which are collected from CMIE (Centre for Monitoring Indian Economy) prowess package. Analytical method is used for interpreting the data. The data collected from this source have been piled and used with due care as per the requirements of t
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