外文翻譯---股利政策：一個綜述(文件)
【正文】 信息不對稱和信號模型 從 莫迪里阿尼和米勒（ 1961）股利無關(guān) 理論的差異中我們知道 只有當 與 米勒和莫迪利亞尼 理論 相違背的 假設(shè) 條件可設(shè)立下才能得出結(jié)論 。他們選擇從個人所得稅申報表歸檔來返還。 他們的爭論 點 是建立在一個普通的所得稅的條文允許下 收入中扣除利息費用申請前 的 稅 收。 這已經(jīng)被確定歷史上的事實， 盡管近年來 我們也注意到這樣一個 消除或減少稅收的紅利。 米勒和莫迪利亞尼，在制定其著名的股利無關(guān) 主張 理論中 指出，在稅 收存在的，投資者將形成的客戶群 以股息收益率的具體水平為特定的偏好。 這里的關(guān)鍵假設(shè) 是 未來的市場價值將繼續(xù) 因 分紅不受 分離 。在過去的幾年中 ,股利的調(diào)整在以某一特定的速度慢慢增加 ,所以實際的股利支付率向目標股利率更加靠近。 林特納 發(fā)現(xiàn)，現(xiàn)有的股 利 率形成了一個管理的 標竿。 盡管 經(jīng)過了 幾十年的研究， 但 我們還沒有完全理解 影響 股利 政策的因素， 以及 這些因素以何種方式 相互影響 。外文文獻翻譯 一、 外文原文 原文 ： Dividend policy: a review 1. Introduction Explaining dividend policy has been one of the most difficult challenges facing financial economists. Despite decades of study, we have yet to pletely understand the factors that influence dividend policy and the manner in which these factors interact. Allen and Michaely (1995) conclude that ‘‘much more empirical and theoretical research on the subject of dividends is required before a consensus can be reached’’ (p. 833). The fact that a major textbook such as Brealey and Myers (2020) lists dividends as one of the ten important unsolved problems in finance reinforces this conclusion. The first empirical study of dividend policy was provided by Lintner (1956), who surveyed corporate managers to understand how they arrived at the dividend policy. Lintner found that an existing dividend rate forms a bench mark for the management. Companies’ management usually displayed a strong reluctance to reduce dividends. Lintner opined that managers usually have reasonably definitive target payout the years, dividends are increased slowly at a particular speed of adjustment, so that the actual payout ratio moves closer to the target payout ratio. 2. Dividend irrelevance and tax clienteles While Lintner (1956) provided the stylistic description of dividends, the watershed in the theoretical modelling of dividends was almost surely the classic paper Miller and Modigliani (1961), which first proposed dividend irrelevance. Essentially, their model is a oneperiod model under certainty. Given a firm’s investment program, the dividend policy of the firm is irrelevant to the firm value, since a higher dividend would necessitate more sale of stock to raise finances for the investment program. The crucial assumption here is that the futuremarket valuewill remain unaffected by current dividends. The argument rests on the assumptions that the investment program is determined independently and that every stockholder earns the same return (. the discount rate remains constant). Miller and Modigliani’s dividendirrelevance argument is elegant, but this does not explainwhy panies, the public, investment analysts are so interested in dividend announcements. Clearly, the observed interest in dividend announcement must be related to some violation of theMiller andModigliani and Modigliani, while formulating their famous dividend irrelevance propositions, observed that in the presence of taxation, investors will form clienteles with specific preferences for particular levels of dividend yields. This specific preference for dividends may be determined, inter alia, by the marginal tax rates faced by the investor. Altering the dividend level, according to Miller and Modigliani, leads only to a change in the clientele of shareholders for the firm. Part of the dividend puzzle arises from the fact that dividends are typically taxed at a higher rate pared to the ine from capital gains. This has certainly been historically true although in recent years we have noticed a move to eliminate/reduce tax on dividends. We
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