外文翻譯---對股東財富影響的股利政策

1、<p>　　本科畢業(yè)論文（設(shè)計）</p><p>　　外 文 翻 譯</p><p><b>　　原文：</b></p><p>　　The Impact of Dividend Policy on Shareholders’ Wealth</p><p>　　1. Introduction</p&

2、gt;<p>　　In an ever-increasing Indian economy, globalization, liberalization and privatization together with rapid strides made by information technology, have brought intense competition in every field of activit

3、y. So, Indian companies at present are dazed, confused, and apprehensive. To maintain the competitiveness of, and add value to the companies, today’s finance managers have to make critical business and financial decision

4、s which will lead to long-run perspective with the objective of maximizing t</p><p>　　Shareholders’ wealth is represented in the market price of the company’s common stock, which, in turn, is the function of

5、 the company’s investment, financing and dividend decision. Managements' primary goal is shareholders' wealth maximization, which translates into maximizing the value of the company as measured by the price of th

6、e company’s common stock. Shareholders like cash dividends, but they also like the growth in EPS that results from ploughing earning back into the business. The optima</p><p>　　2. Statement of the Problems&l

7、t;/p><p>　　In India few studies have analyzed the relationship between the shareholders' wealth and dividend payment. Net earnings are divided into two parts – retained earnings and dividends. The retained

8、earnings of the business may be reinvested and treated as a source of long-term funds. The dividend should be distributed to the shareholders in order to maximize their wealth as they have invested their money in the exp

9、ectation of being made better off financially. Therefore, the present study mainly an</p><p>　　3. Objectives of the Study</p><p>　　? To study the relationship between dividend payout and shareho

10、lders' wealth.</p><p>　　? To analyze the impact of variation in dividend policy on shareholders' wealth of dividend paying and non-paying companies in (Organic and Inorganic) Chemical Companies India

11、.</p><p>　　? 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.</p><

12、p>　　4. Hypotheses</p><p>　　? H1: “There is no significant difference in average market value relative to book value of equity between dividend payers and non-payers of (Organic and Inorganic) chemical com

13、panies.”</p><p>　　? H2:“There is no significant impact of dividend policy on shareholders’ wealth in (Organic and Inorganic) chemical companies.”</p><p>　　5. Methodology</p><p>　　5.

14、1. Sources of Data</p><p>　　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 d

15、ata collected from this source have been compiled and used with due care as per the requirements of the study.</p><p>　　5.2. Sampling Design</p><p>　　Originally the sample for this study has bee

16、n planned to choose from the list of companies listed in National Stock Exchange (NSE). Since the number of companies listed in the NSE is lesser in number (21 companies in Organic and Inorganic Chemical Industry), the s

17、ample of 28 companies in Chemical Industry (Organic-19 and Inorganic-9) has been chosen from 114 listed companies in BSE (Bombay Stock Exchange) using Multi-Stage Random Sampling Technique. The sample units have been cho

18、sen for the stud</p><p>　　6. Tools used for Analysis of Data</p><p>　　The equations and variables used for the study are given below:</p><p>　　The subscript ‘i’ denotes the ith comp

19、any in a sample of ‘n’ companies selected from a particular industry, and all variables are measured in the ith time period. Market price per share is the closing prices for the year. To analyze the data, the statistical

20、 tools that have been used are Mean, Standard Deviation, multiple regression technique and stepwise regression method to ascertain best fitted model for predicting the dividend policy impact on shareholder’s wealth. The

21、significance of variou</p><p>　　7. Period of the Study</p><p>　　The data used for the analysis are relating to the selected (Organic and Inorganic) Chemical Companies for the period of Ten years

22、 (1997-2006).</p><p>　　8. Analysis and Results</p><p>　　8.1. Comparison of Shareholders’ Value between Dividend Payers and Non-Payers among Organic Companies</p><p>　　Before going t

23、hrough evaluating the relationship between dividend policy and shareholders’ wealth of selected (Organic and Inorganic) chemical companies in India, it has been tried to compare the average wealth of investors between di

24、vidend paying and non-paying Organic and Inorganic companies in India. The comparison of mean shareholders’ wealth of companies of all types pooled under dividend paying and non-paying companies are also carried out. The

25、 mean values between two groups are compared w</p><p>　　Table 1: Year-wise Comparison of Market Value to Book Value of Equity between Dividend Payers and Non-Payers among Organic Chemical Companies in India&

26、lt;/p><p>　　Year Dividend Payers Dividend Non-Payers Mean SD Mean SD t-value LS</p><p>　　1997 1.89 1.55 1.00 1.88 1.13 ns</p><p>　　1998 1.87 1.54 0.98 1.86 1.14 ns</p><p>

27、　　1999 1.90 1.56 0.97 1.83 1.19 ns</p><p>　　2000 1.90 1.58 0.97 1.84 1.18 ns</p><p>　　2001 1.87 1.53 0.99 1.89 1.12 ns</p><p>　　2002 1.83 1.49 0.97 1.82 1.13 ns</p><p>

28、　　2003 1.84 1.50 0.95 1.82 1.16 ns</p><p>　　2004 1.87 1.52 0.98 1.86 1.15 ns</p><p>　　2005 1.82 1.41 0.97 1.89 1.11 ns</p><p>　　2006 1.83 1.43 0.97 1.85 1.14 ns</p><p>

29、　　All Years 1.86 1.44 0.98 1.76 3.81 0.01</p><p>　　An examination of the results of year-wise comparison of market value of equity to its book value between dividend payers and non-payers of chemical compani

30、es in India (vide table 3) shows that the mean market value of equity relative to book value is well above 1 for all the years under study as well as for pooled years. It has been ranging from minimum of 1.53 in 2005 to

31、1.60 in 2000 with overall mean of 1.56 for all the years. This shows that the market value is well above the book value for </p><p>　　Table 2: Year-wise Comparison of Market Value to Book Value of Equity bet

32、ween Dividend Payers and Non-Payers among Inorganic Chemical Companies.</p><p>　　Year Dividend Payers Dividend Non-Payers Mean SD Mean SD t-value LS</p><p>　　1997 1.04 0.56 -0.70 1.70 2.39 0.05&

33、lt;/p><p>　　1998 1.03 0.54 -0.68 1.62 2.47 0.04</p><p>　　1999 1.05 0.58 -0.71 1.68 2.43 0.05</p><p>　　2000 1.10 0.69 -0.71 1.68 2.38 0.05</p><p>　　2001 1.10 0.72 -0.76 1.7

34、5 2.36 0.05</p><p>　　2002 1.07 0.65 -0.77 1.85 2.29 ns</p><p>　　2003 1.07 0.66 -0.74 1.75 2.35 0.05</p><p>　　2004 1.07 0.63 -0.69 1.68 2.38 0.05</p><p>　　2005 1.05 0.59

35、 -0.87 1.98 2.32 0.05</p><p>　　2006 1.06 0.60 -0.93 2.07 2.31 0.05</p><p>　　All Years 1.06 0.58 -0.75 1.48 8.36 0.00</p><p>　　An average market value relative to book value is <1

36、, revealing marginal increase in wealth of the investors of these companies. The mean values vary between 0.50 in 2006 to 0.57 in 1997 and 1998. The decline in mean value in 2006 has indicated the decline in wealth of th

37、e investors during the period. However, comparison of mean values between dividend payer and non-payer under chemical sector (Organic and Inorganic) revealed that the wealth creation in each year does not show any signif

38、icant di</p><p>　　H1: “There is no significant difference in average market value relative to book value of equity between dividend payers and non-payers of (Organic and Inorganic) chemical companies in Indi

39、a.”</p><p>　　Table 3: Year-wise Comparison of Market Value to Book Value of Equity Between Dividend Payers and Non-Payers among Organic and Inorganic Chemical Companies.</p><p>　　Year Dividend P

40、ayers Dividend Non-Payers Mean SD Mean SD t-value LS</p><p>　　1997 1.57 1.32 0.57 1.92 1.63 ns</p><p>　　1998 1.56 1.30 0.57 1.89 1.64 ns</p><p>　　1999 1.58 1.33 0.55 1.88 1.70 ns<

41、;/p><p>　　2000 1.60 1.35 0.55 1.89 1.71 ns</p><p>　　2001 1.58 1.31 0.55 1.94 1.68 ns</p><p>　　2002 1.54 1.27 0.54 1.91 1.68 ns</p><p>　　2003 1.55 1.28 0.53 1.89 1.71 ns<

42、;/p><p>　　2004 1.57 1.30 0.56 1.90 1.67 ns</p><p>　　2005 1.53 1.20 0.51 2.00 1.67 ns</p><p>　　2006 1.54 1.22 0.50 2.00 1.71 ns</p><p>　　All Years 1.56 1.25 0.54 1.85 5.49

43、0.00</p><p>　　The H1 is rejected. Therefore, it is found that in the long-rum, wealth of shareholders of dividend paying chemical companies has increased significantly when compared to that of the dividend n

44、on-paying counterparts, which further shows the impact of dividend policy on wealth creation. Hence H1 stands: “There is significant difference in average market value relative to book value of equity between dividend p

45、ayers and non-payers of (Organic and Inorganic) chemical companies in India.”</p><p>　　8.2. Relationship between Dividend Policy and Shareholders’ Wealth</p><p>　　Dividend Paying Organic Chemica

46、l Companies</p><p>　　Table 4: Results of Regression showing the Impact of Dividend Policy on Market Value of Equity of ALL DIVIDEND PAYING ORGANIC CHEMICAL COMPANIES in India.</p><p>　　The impac

47、t of dividend policy on shareholders’ wealth of organic and inorganic chemical companies with adoption of dividend policy has been elicited using multiple regression analysis. The Dividend per share (DPS) has been used a

48、s proxy for measuring the dividend policy of the companies and Market value (MV) of equity of the companies under study is considered as proxy for measuring the shareholders’ wealth and used as dependent variable. Apart

49、from DPS, Retained earnings (RE), lagged Price-Earn</p><p>　　H2: “There is no significant impact of dividend policy on shareholders’ wealth in Organic Chemical Companies in India.”</p><p>　　9. S

50、ummary and Concluding Remarks</p><p>　　Generally, higher dividend increases the market value of the share and vice versa. Shareholders preferred current dividend to future income so, dividend is considered a

51、s an important factor which determines the shareholders’ wealth. This is normally true in case of salaried individuals, retired pensioners and others with limited incomes. Dividend has information content and the payment

52、 of dividend indicates that the company has a good earning capacity. The wealth of the shareholders is greatly i</p><p>　　Source: R. Azhagaiah, Sabari Priya.N. The Impact of Dividend Policy on Shareholders’

53、Wealth. International Research Journal of Finance and Economics,2008(20) :P181－187.</p><p><b>　　譯文：</b></p><p>　　對股東財富影響的股利政策</p><p><b>　　1．簡介</b></p>

54、<p>　　印度經(jīng)濟不斷發(fā)展，在全球化、自由化和私有化，特別是信息技術(shù)取得了迅速進展的情形下，帶來了在各個活動領(lǐng)域的激烈競爭。因此，目前印度公司也茫然、困惑、憂慮。為了保持公司的競爭力和增值，長遠的角度看來今天的財務(wù)經(jīng)理必須做出關(guān)鍵業(yè)務(wù)和財務(wù)決策而實現(xiàn)股東財富最大化的目標。</p><p>　　股東財富是代表該公司的普通股，其中，反過來，是該公司的投資、融資和股利決策功能的市場價格。管理層的主要目標是

55、股東財富的最大化，最大限度地發(fā)揮其轉(zhuǎn)化為由公司的普通股的價格計算的公司價值。如股東現(xiàn)金股利，但他們也喜歡在每股盈利增長，從主營業(yè)務(wù)賺取回來的結(jié)果。股利政策的最優(yōu)最大化是一個公司的股票價格，導致股東財富的最大化，從而確保更快速的經(jīng)濟增長。本研究的目的是研究如何到目前為止，派息對股東財富的影響，特別是研究股東之間的財富和派息的關(guān)系，并分析是否派息水平影響的股東財富。</p><p><b>　　2．問題聲明

56、</b></p><p>　　在印度一些研究分析了股東之間的財富和股息的關(guān)系。凈收益分為兩部分：保留盈利及股息。業(yè)務(wù)的留存收益進行再投資，并可以作為長期資金來源的處理。其股息應(yīng)分配給股東，以最大限度地發(fā)揮他們的財富投資在期待他們的錢使財政狀況正變得更好的地方。因此，本研究主要分析了多元派息水平影響股東財富，特別是在印度的（有機和無機）化學公司。</p><p><b>

57、;　　3．研究的目標</b></p><p>　　?為了探討派息和股東財富的關(guān)系</p><p>　　?為了分析的股利政策的影響對股東的分紅及不付費的印度的（有機和無機）化工公司的財富變化</p><p>　　?為了分析留存收益的股利政策對股東在印度（有機和無機）化學公司的財富影響和過去的表現(xiàn)</p><p><b>　

58、　4. 假設(shè)</b></p><p>　　? H1 ： “平均市場價值之間的相對預訂派息和非（有機和無機）化工企業(yè)納稅人權(quán)益的價值有沒有顯著差異?！?lt;/p><p>　　? H2 ：“沒有股利政策對（有機和無機）化工企業(yè)股東財富產(chǎn)生的重大影響?！?lt;/p><p><b>　　5. 方法論</b></p><p&g

59、t;<b>　　5.1. 數(shù)據(jù)來源</b></p><p>　　這項研究只用所收數(shù)據(jù)由CMIE（印度經(jīng)濟監(jiān)測中心）二級數(shù)據(jù)包提供并分析，分析方法是用于解釋數(shù)據(jù)。對從這個來源收集的數(shù)據(jù)編制，并按照該研究的要求，謹慎使用。</p><p><b>　　5.2. 抽樣設(shè)計</b></p><p>　　原為研究樣本已計劃選擇在國家

60、股票交易所（NSE）上市公司的名單。由于在NSE的上市公司數(shù)量較少（21在有機和無機化學工業(yè)公司），因而化學工業(yè)（有機和無機19- 9）樣本28家公司已經(jīng)從114家上市公司中選擇在較小的BSE（孟買股票交易所）使用多階段隨機抽樣技術(shù)。該樣本單位已被選定為對像股價，存款保障計劃等提供所需的財務(wù)數(shù)據(jù)為基礎(chǔ)的研究。</p><p>　　6．使用的工具進行數(shù)據(jù)分析</p><p>　　方程和下面給

61、出的研究中使用的變量：</p><p>　　下標'i'是指在一個特定的行業(yè)選擇從'n'公司為樣本的第i個公司，所有的變量在第i個時間段測量。市場價格為每股一年的收盤價。為了分析數(shù)據(jù)，所采用的統(tǒng)計工具是平均值，標準差，多元回歸法和逐步回歸法確定預測對股東財富的股利政策影響的最佳擬合模型。各種解釋變量的意義已經(jīng)過測試，通過計算t值為了確定因變量的解釋變異的比例，判定系數(shù)（R2）已經(jīng)制定

62、。 R2的意義與F-價值的幫助已經(jīng)過測試。</p><p><b>　　7．時期的研究</b></p><p>　　用于分析的數(shù)據(jù)是涉及到選定的（有機和無機）化工公司十年（1997-2006年）時期的數(shù)據(jù)。</p><p><b>　　8.分析與結(jié)果</b></p><p>　　8.1. 比較有機公

63、司股東之間派息和非納稅人的價值</p><p>　　之前，通過評估和股東之間的股利政策的選擇將關(guān)系到（有機和無機）化學公司在印度的財富，它一直試圖以比較分紅及不支付分紅的印度公司的有機和無機投資者的平均財富。通過對股東根據(jù)分紅及不付費的公司匯集各類公司的財富也進行了比較。兩組之間的平均值與T-值相比。根據(jù)分析結(jié)果顯示，從表1 – 3。</p><p>　　Table 1: 比較在印度今年明

64、智的市場價值預訂公平的價值之間的有機化工企業(yè)之間的派息非納稅人。</p><p>　　年度分紅派息非納稅人的平均標準差平均值標準差t值最小二乘</p><p>　　1997 1.89 1.55 1.00 1.88 1.13 ns</p><p>　　1998 1.87 1.54 0.98 1.86 1.14 ns</p><p>　　1999

65、 1.90 1.56 0.97 1.83 1.19 ns</p><p>　　2000 1.90 1.58 0.97 1.84 1.18 ns</p><p>　　2001 1.87 1.53 0.99 1.89 1.12 ns</p><p>　　2002 1.83 1.49 0.97 1.82 1.13 ns</p><p>　　2003

66、 1.84 1.50 0.95 1.82 1.16 ns</p><p>　　2004 1.87 1.52 0.98 1.86 1.15 ns</p><p>　　2005 1.82 1.41 0.97 1.89 1.11 ns</p><p>　　2006 1.83 1.43 0.97 1.85 1.14 ns</p><p>　　全年 1

67、.86 1.44 0.98 1.76 3.81 0.01</p><p>　　一年中的一個，聰明的市場之間的股權(quán)其派息和非在印度（隨表3）化學公司繳納的賬面價值值比較的結(jié)果檢查結(jié)果表明，相對公平的賬面價值和市場價值是指以上所有受多年研究以及匯集年1。它已經(jīng)從2005年最低為1.53至1.60在2000年整體平均為1.56年的全部。這表明，市場價值遠遠高于其支付股息的化工公司賬面價值。但情況也略有股利非付費化學公司

68、在印度的情況不同。</p><p>　　Table 2: 今年明智的市場價值之間的比較派息和非納稅人的預訂公平價值在無機化工公司。</p><p>　　年度分紅派息非納稅人的平均標準差平均值標準差t值最小二乘</p><p>　　1997 1.04 0.56 -0.70 1.70 2.39 0.05</p><p>　　1998 1.03 0

69、.54 -0.68 1.62 2.47 0.04</p><p>　　1999 1.05 0.58 -0.71 1.68 2.43 0.05</p><p>　　2000 1.10 0.69 -0.71 1.68 2.38 0.05</p><p>　　2001 1.10 0.72 -0.76 1.75 2.36 0.05</p><p>　

70、　2002 1.07 0.65 -0.77 1.85 2.29 ns</p><p>　　2003 1.07 0.66 -0.74 1.75 2.35 0.05</p><p>　　2004 1.07 0.63 -0.69 1.68 2.38 0.05</p><p>　　2005 1.05 0.59 -0.87 1.98 2.32 0.05</p>

71、<p>　　2006 1.06 0.60 -0.93 2.07 2.31 0.05</p><p>　　全年 1.06 0.58 -0.75 1.48 8.36 0.00</p><p>　　平均市場價值相對于賬面價值為“1，揭示這些公司的投資者財富的邊際增加。而之間變化的平均值在1997年和1998年的0.57到2006年的0.50。在2006年的平均值下降表明投資者的財富在此

72、期間下降。但是，付款人之間的股息和非納稅人根據(jù)化工行業(yè)的平均值（有機和無機）的比較顯示，每年創(chuàng)造財富并沒有顯示出任何明顯的差異。但是，從長遠來看，所不同的是高度在1的水平顯著百分之。</p><p>　　H1 ：“有沒有顯著差異，平均市場價值之間的相對預訂派息和非（有機和無機）化學公司在印度的納稅人權(quán)益的價值?！?lt;/p><p>　　Table 3: 今年明智的市場價值之間的比較派息和非納

73、稅人的預訂公平的價值之間的有機和無機化工公司。</p><p>　　年度分紅派息非納稅人的平均標準差平均值標準差t值最小二乘</p><p>　　1997 1.57 1.32 0.57 1.92 1.63 ns</p><p>　　1998 1.56 1.30 0.57 1.89 1.64 ns</p><p>　　1999 1.58 1.3

74、3 0.55 1.88 1.70 ns</p><p>　　2000 1.60 1.35 0.55 1.89 1.71 ns</p><p>　　2001 1.58 1.31 0.55 1.94 1.68 ns</p><p>　　2002 1.54 1.27 0.54 1.91 1.68 ns</p><p>　　2003 1.55 1.2

75、8 0.53 1.89 1.71 ns</p><p>　　2004 1.57 1.30 0.56 1.90 1.67 ns</p><p>　　2005 1.53 1.20 0.51 2.00 1.67 ns</p><p>　　2006 1.54 1.22 0.50 2.00 1.71 ns</p><p>　　全年 1.56 1.25

76、0.54 1.85 5.49 0.00</p><p>　　在H1被拒絕。因此，它是發(fā)現(xiàn)，在長期朗姆酒，對化工企業(yè)的股東分紅的財富大幅增加相比，對股息不付費的同行，這進一步顯示了股利政策的影響，創(chuàng)造財富。因此H1的立場：“平均有顯著差異的市場價值之間的相對預訂派息和非（有機和無機）化學公司在印度的納稅人權(quán)益價值?！?lt;/p><p>　　8.2. 股利政策的關(guān)系和股東財富</p>

77、<p><b>　　分紅有機化工公司</b></p><p>　　Table 4: 回歸結(jié)果顯示對市場的所有分紅有機化工公司股權(quán)的價值在印度的股利政策的影響</p><p>　　股利政策對股東的有機和無機化學公司的財富與股利政策的影響已引起通過采用多元回歸分析。每股（存）股息已被用作代理測量的公司和市場價值的公司的股票正在研究（MV）的股利政策被認為是代

78、理衡量股東財富，為因變量。除了存款保障計劃，留存收益（RE）的，滯后市盈率（PEt- 1）和滯后市場權(quán)益價值（MVt- 1）也被用來作為解釋變量，以了解是否有機和無機化學品公司這些因素主要由股利政策在影響股東創(chuàng)造財富。表4顯示了在印度所有選定的有機化工方面發(fā)起股息對股東財富影響公司的支出回歸結(jié)果。審讀的結(jié)果表明，所有四個顯著的模式適合在百分之級第1（f=23.77，為模型1時，f =11.77，p值p<0.01<0.01，模

79、型2時，f =7.44，p<0.01模型3和F=123.15，p<0.01模型4）。其中四個型號，F(xiàn)的模式4價值非常高。此外，在所有四個型號的DPS系數(shù)是非常重要的在百分之一的水平，并在征陽性（β=92.68，t=4.88，p<0.01模型1 ，β=92.81，t=4.84，p<0.01模型2，β=94.57，t=4.66，P<0.01模型3，β=32.34，t= 3.08，p<0.01模式</

80、p><p>　　H2 ：“在印度沒有分紅的政策對有機化工公司的股東財富有重大影響?！?lt;/p><p><b>　　9. 總結(jié)和結(jié)束語</b></p><p>　　一般而言，較高的股息提高了市場占有率和副價值，反之亦然。股東目前首選的未來收入，股息、紅利被認為是一個重要因素，決定了股東的財富。這通常是對穩(wěn)定的工薪收入個人而言，退休養(yǎng)老金領(lǐng)取者和有限的

81、收入的人。股息信息的內(nèi)容和支付股息表示，該公司具有良好的謀生能力。股東的財富影響較大的變量主要有五個即，銷售增長，利潤率的改善，資本投資決策（包括流動資金和固定資本），資本結(jié)構(gòu)決策，資本（股東權(quán)益，債務(wù)利息股息）等作為成本遠公司支付的股息而言，有一種股利政策對股東財富造成重大影響的有機化工企業(yè)。反之，就為無機化學相關(guān)的公司而言，股東財富沒有影響派息。</p><p>　　出處:R. Azhagaiah, Saba