【正文】 來(lái)前景的預(yù)期。因?yàn)椋?(1)存在破產(chǎn)成本 ,(2) 銷(xiāo)售股票的股東可能必須要繳納資本利得稅， (3) 可能喜歡公司新的股支付利政策 的投資者出現(xiàn)短缺。這些差異有助于解釋為什么很難達(dá)成任何確切的最優(yōu)股利支付率的結(jié)論。有兩個(gè)原因 (1)為一個(gè)有效的統(tǒng)計(jì)來(lái)說(shuō) ,除了股利政策，其他事情必須保持不變 。（ 2）資本利得直到股票被賣(mài)掉以后才需要支付所得稅。 MM 理論對(duì)這有反對(duì)意見(jiàn)。要注意的是，那些想要得到額外股東在賣(mài)掉股票是必須支付一定的費(fèi)用；而那些不想要額外股利的股東不想為那部分鼓勵(lì)交稅而且用稅后股利購(gòu)買(mǎi)額外的股份還得支付交易費(fèi)用。 股利無(wú)關(guān)理論 有很多人認(rèn)為，股利分配政策對(duì)公司股票價(jià)值和資本成本都是沒(méi)有任何影響。外文文獻(xiàn)翻譯譯文 一、外文原文 原文： Dividend policy Profitable panies regularly face three important questions: (1) How much of its free cash flow should it pass on to shareholders? (2) Should it provide this cash to shareholders by raising the dividend or by repurchasing stock? (3) Should it maintain a stable, consistent payment policy, or should it let the payments vary as conditions change? When deciding how much cash to distribute to shareholders, finance manager must keep in mind that the firm’s objective is to maximize shareholder value. Consequently, the target pay rate ratio—define as the percentage of ine to be paid out as cash dividends—should be based in large part on investors’ preference for dividends versus capital gains: do investors prefer (1) to have the firm distribute ine as cash dividends or (2) to have it either repurchase stock or else plow the earnings back into the business, both of which should result in capital gains? This preference can be considered in terms of the constant growth stock valuation model:gDS ???? 1^ If the pany increases the payout ration, the raises 1D .This increase in the numerator, taken alone, would cause the stock price to rise. However, if 1D is raised, then less money will be available for reinvestment, that will cause the expected growth rate to decline, and that will tend to lower the stock’s price. Thus, any change in payout policy will have two opposing effects. Therefore, the firm’s optimal dividend policy must strike a balance between current dividends and future growth so to maximize the stock price. In this section, we examine three theories of investor preference: (1)the dividend irrelevance theory, (2)the birdinthehand theory ,and(3) the tax preference theory. DIVIDEND IRRELEVANCE THEORY It has been argued that dividend policy has no effect on either the price of a firm’s stock or its cost of capital. If dividend policy has no significant effects, then it would be irrelevance .The principal proponents of dividend irrelevance theory are Merton Miller and Franco Modigliani(MM).They argued that the firm’s is determined only by its basic earning power and its business risk. In other words, MM argued that the value of firm depends only on the ine produced by its assets, not on how this ine is split between dividends and retained earnings. To understand MM’s argument that dividend policy is irrelevance, recognize that any shareholder can in theory construct his or her own dividend policy .If investors could buy and sell shares and thus create their own dividend policy without incurring costs, then the firm’s dividend policy would truly be irrelevant. Note, though, that investors who want additional dividends must incur brokerage cost to sell shares, and investors who do not want dividends must first pay taxes on the unwanted dividends and then incur brokerage cost to purchase shares with the aftertax dividends. Since taxes and brokerage costs certainly exist, dividend policy may well be relevant. In developing their dividend theory, MM made a number of assum