外文翻譯---在分稅制度股利政策與資本結(jié)構(gòu)下的決策-其他專業(yè)-展示頁
2025-01-31 09:26本頁面
【正文】 le 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 dividend policy on firm value over the years 1979–2021 is found to be wide ranging as a direct result of the tax rate changes. We discussed above three distinct tax regime environments in detail. In the first interval 1979–1981, low leverage and low dividend payout leads to higher firm value. However, given a high dividend payout, the firm is better off by carrying a high debt level. That suggests a simultaneous increase or decrease in leverage and payout for firms. It is less likely to find firms with low leverage and high payout (which results in the minimum possible firm value). The empirical implication of the model for the 1979–1981 time interval is a positive association between leverage and payout. The same logic applies throughout the years following the 1979–1981 time interval up to 1987 and again after 1992. During the years 1979–1987, the tax rate were such that at low debt levels, firm value declined with increasing dividend payout ratios. Similarly, from 1993 until 2021, firms would suffer losses in value if they chose to increase dividend payout while maintaining low debt levels. In contrast, during the 1988–1992 time interval, there was no penalty for having a high dividend payout for a firm with a low debt level. Dividend payout was truly irrelevant during that time and would not be expected to systematically vary between firms that carry various levels of debt. The breakdown in the interaction of dividend payout and capital structure during the 1988–1992 time period as implied by our model provides an opportunity to test the model empirically. If our model is a reasonable representation of the dividend payoutcapital structure interaction under varying tax rate environments, we would expect a positive association between dividend payout and debt levels during the years 1979
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