[雙語翻譯]國有企業(yè)股利政策外文文獻翻譯

1、1中文 中文 5800 字， 字，3200 英文單詞， 英文單詞，1.8 萬英文字符 萬英文字符文獻出處： 文獻出處：Belomyttseva O, Grinkevich L. Dividend Policy of State-Owned Companies: Evidence from the Russian Federation[M]//; Springer International Publishing. 2017: 749-7

2、59.Dividend Policy of State-Owned Companies: Evidence from the Russian FederationOlga Belomyttseva and Larisa GrinkevichAbstract This paper analyzes the features of the dividend policy of companies in emerging capital

3、markets. State ownership in the capital structure of large corporations is considered as one of the major features. The paper specifies the features of the dividend policy and provides a statistics analysis of dividend

4、payout ratio and dividend yield of Russian state-owned joint stock companies. The recommendations presented in the study apply to government regulation of the dividend policy in Russian state-owned joint stock companies

5、.Keywords ：Dividend policy ? State-owned companies 1. IntroductionDividend policy is one of the most complex and controversial aspects of financial studies. Black (1976, p. 510) supported a similar view when stated that

6、dividend picture “seems like a puzzle, with pieces that do not fit together.” Brealey et al. (2010) described dividend policy as one of the top ten unsolved problems in finance.Consequently, studies on dividend policy ha

7、ve produced a significant number of contradictory hypotheses, theories and ideas. The problem is that they mainly focus on developed markets and fail to provide enough knowledge on dividend policy in emerging markets and

8、 their segments. The scientists who conduct their research in the field of dividend policy in emerging markets are not numerous. Glen et al.(1995) investigate dividend policy in different emerging markets;

9、Gul (1999), dividend policy in Chinese enterprises; Aivazian et al. (2003), different emerging markets dividend policy in comparison with American firms; Naser et al. (2004), and Al-Kuwari (2004, 2009), the dividend pol

10、icy of the countries of the Gulf Cooperation Council; Al-Malkawi (2007), the dividend policy of the Jordan companies; Sierpinska-Sawicz (2014), dividend policy of the Polish corporations; Wardhana and Nugroho (2014), d

11、ividend policy in Indonesian enterprises.Apparently, dividend policy of companies in emerging markets has a number of distinctive features due to the factors determining its formulation, the active role of the state, e

12、fficiency, poor predictability, etc. With this in mind, the objective of our study is to investigate and determine the features specific to the dividend policy of Russian state-owned companies.The structure of the paper

13、 is as follows. Chapter 2 presents a literature review on dividend policy of state-owned companies in emerging markets. Chapter 3 discusses specific features of emerging markets dividend policy. Dividend policy of Russ

14、ian state-owned companies including dividend payout ratio standards and its background is addressed in Chap. 4. The conclusion and research prospects are outlined in the 3economies is extremely high. Dividends in this c

15、ase can be treated as a disciplinary instrument. It should be emphasized that state ownership in the capital structure has some advantages over other investors, including minority shareholders. As a result, state-owned

16、 companies encounter fewer difficulties in raising funds. Consequently, they can afford higher dividend payments (Boubakri et al. 2009). The same view was expressed by Gul (1999) who specified that private companies fin

17、d it more difficult to obtain debt financing and they are forced to rely on retained earnings for investments. The state can act as a safeguard for the minority shareholders by controlling insider shareholders and payin

18、g larger dividends (Glen et al. 1995), effectively improving company’s reputation in the eyes of foreign investors (Naser et al. 2004).? Concentration of stock ownership and weak corporate governance that lead to expro

19、priation of the company’s resources for the benefit of individual share- holders. According to this point, shareholders and other stakeholders may distort incentives in decision-making, which ultimately reduces corporate

20、 performance.? Low and unstable dividend payments. In most cases, companies in emergingmarkets reinvest most of the profits. Dividend payments do not exceed 10% of profit in the BRICS countries, with the exception of

21、Brazil, where the dividend payments amount to 22.8% of net profit (Pirogov and Kravchuk 2011). Payments in the USA amount to 32.53% (Pirogov and Kravchuk 2011). Instability of dividend payments could be treated as vo

22、latility. As it was stated by Glen et al. (1995, p. 9), “dividend payments tend to be more volatile in emerging markets than in developed countries.” Dividends in emerging markets are commonly paid at the end of the year

23、, while developed markets mostly show interim dividends. Several studies demonstrate correlation between the dividend amounts and the size of a company in emerging markets. Therefore, according to Sierpinska-Sawicz (20

24、14, p. 240), “the biggest companies transfer more of their generated net profit to shareholders.” Al-Malkawi (2007) holds a similar opinion.? Insufficient transparency and disclosure level. The transparency–disclosurein

25、dex in developed countries is 74 out of 100, in developing countries—66 (Brockman and Unlu 2011). The researchers prove that greater transparency leads to higher dividend payments (Kowalewski et al. 2007).3.1 Dividend

26、s in Emerging Markets on the Worldwide ScaleThe share of total dividends in emerging markets companies is quite prominent—it constitutes up to 10–20% of the total dividends of the global economy based on statistics fro

27、m 2011 (Table 69.1). The reports on dividends in emerging markets primarily refer to China, Russia, Brazil and India, with China holding the 10th position on the global dividend payout list of countries.Dynamics of divi

28、dend payments in emerging markets is not consistent with similar dynamics in developed markets, which is clearly shown in Table 69.1. Moreover, in some cases, it shows multidirectional movement. These data are indicati

29、ve of the significant role of developing capital markets in the development of global financial markets, as well as their high volatility.3.2 The Dividend Policy of the Russian State-Owned Joint Stock Companies The Russ