外文翻譯---在分稅制度股利政策與資本結(jié)構(gòu)下的決策-其他專(zhuān)業(yè)-全文預(yù)覽
【正文】 pay interest rather than dividends. The benefit reaped from the tax deductibility of interest payments tilts the balance in favor of debt financing, and makes leverage more attractive. Another noteworthy observation about the 1979–1981 tax rate environment is the steep loss in firm value at very low debt levels in response to increasing dividend payout. According to our model, it was possible for an allequity firm to experience losses in value up to 58%. The firm could mitigate this loss by maintaining a higher debt level. The tax regime that made the interesting features discussed above possible is not a shortterm anomaly confined to the years 1979–1981. Indeed, the entire period between the Great Depression and the late 1970s was characterized by a similar tax rate environment. Our model indicates that optimal policies to maximize firm value under such tax regimes required zero debt and zero dividend payout. This prescription interestingly ports with the observed leverage policies of the time, when numerous prominent panies such as IBM and Coca Cola had little, if any, debt before the 1980s. However, if a firm would need to maintain high dividend payout levels, it would be better off by carrying a relatively high debt level at the same time. Traditional electric utility panies are examples that appear to fit this mold. Years 1988–1990 (and 1991–1992) The situation during the years 1988–1990 is unique because during that time the top marginal tax rates on ordinary ine (thus on dividend and interest ine) were nominally the same as the tax rate on capital gains at 28%. In the following 2 years (1991–1992), the two tax rates remained very close (at % and % respectively). The result of the convergence in tax rates is visible in Fig. 2 for the1988–1990 and 1991–1992 panels. There is little if any moderating influence of the dividend payout on the leveragefirm value relation. The maximum theoretical gain from leverage is close to 50% regardless of the level of dividend payout. As discussed and anticipated on the parative statics for our model, the influence of the dividend payout ratio vanishes due to the nearzero tax rate differential (τ pd?τ pg) during the years 1988–1992. Years 1993–2021 In contrast to the reversal effect observed under the tax regime during 1979–1981, and similar to the situation during 1988–1992, the gain from leverage is always positive under the 1993–2021 tax regimes. The details of the gain from leverage relation and the effect of the dividend payout for the years 1993–1994 and the year 2021 are available. As a departure from the previous tax regimes discussed above, throughout this decadelong time interval, the gain from leverage is significantly more pronounced for high payout firms. Although at low or zero debt levels increased dividend payout reduces the firm value, the negative impact of the dividend payout weakens as the debt level increases. In contrast to the maximum potential gain from leverage during 1988–1992 that reached up to 50%, the tax rate changes throughout the 1990s significantly reduced the maximum potential gain. the maximum potential gain was near 30% in 1993, and by 1998, approximately 20%,remaining at that level through 2021. Summary and empirical implications The nature of the bined impact of financial leverage and di
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