不完全信息，股利政策，和“一鳥(niǎo)在手”的謬論[外文翻譯]

1、外文翻譯Imperfectinfmationdividendpolicy“thebirdintheh“fallacyMaterialSource:TheBellJournalofEconomicAuth:SudiptoBhattayaThispaperassumesthatoutsideinvestshaveimperfectinfmationaboutfirmsprofitabilitythatcashdividendsaretaxe

2、datahigherratethancapitalgains.Itisshownthatundertheseconditionssuchdividendsfunctionasasignalofexpectedcashflows.Bystructuringthemodelsothatfinitelivedinveststurnovercontinuingprojectstosucceedinggenerationsofinvestswed

3、eriveacomparativestaticresultthatrelatestheequilibriumlevelofdividendpayouttothelengthofinvestsplanninghizons.Thisarticledevelopsamodelinwhichcashdividendsfunctionasasignalofexpectedcashflowsoffirmsinanimperfectinfmation

4、setting.Weassumethattheproductiveassetsinwhichagentsinveststayinplacelongerthantheagentslivethatownershipoftheassetsistransferredovertimetootheragents.Thelatterareapriiimperfectlyinfmedabouttheprofitabilityofassetsheldby

5、differentfirms.Themajsignalingcoststhatleaddividendstofunctionassignalsarisebecausedividendsaretaxedatthedinaryincometaxratewhereascapitalgainsaretaxedatalowerrate.Withinthisframewkthispaperexplainswhyfirmsmaypaydividend

6、sdespitethetaxdisadvantageofdoingso.RecentlyLelPyle(1977)Ross(1977)haveusedtheparadigmofSpencessignalingmodel(1974)toexaminefinancialmarketphenomenarelatedtounsystematicriskbnebyentrepreneursfirmdebtequitychoicedecisions

7、respectively.InitsspiritcoststructureourmodeliscloselyrelatedtotheRossmodel(1977).Theessentialcontributionsofourmodelarethefollowing.Firstwedevelopataxbasedsignalingcoststructurefoundedontheobservationthatsignalingequili

8、briaarefeasibleevenifsignalingcostelementsthatarenegativelyrelatedtotrueexpectedcashflowsaresmallprovidedthereareothersignalingcoststhatarenotrelatedtotruecashflowlevels.Secondwedevelopthemodelinanintertempalsettingthata

9、llowsustoidentifytherelativeweightsplacedonthebenefits(increaseinvalue)costsofsignalingwithdividends.Ourmodelsignalsderivesfromexogenousconsideration.Topreservethesimplicityofthemodelsstructureweassumethatassetsownedbyfi

10、rmsgeneratecashflowsthatareperpetualstreamswhichareinmostofwhatfollowstakentobeintertempallyindependentlyidenticallydistributed.Inthissectionfmostofthepaperweassumethatexistingshareholdershaveasingleperiodplanninghizon.T

11、hefirmsareassumedtohavesufficientinvestmentopptunitiessothatallofthecashflowsfromexistingassetscanberationallyreinvested.Thissimplifyingassumptioncanberelaxedsomewhat.Thecommunicationofevenexpostcashflowsfromexistingasse

12、tsisassumedtobecostlybecausecashpayoutsinthefmofdividendsonregularsharerepurchasesareassumedtobetaxedatahigherpersonaltaxratethancapitalgains.Intheabsenceofexplicitcashpayoutbefetakingonoutsidefinancingfnewinvestmentsexp

13、ostcashflowscannotbecommunicatedwithoutmalhazardbecauseoneofthe“inside“variablesthatafirmcannotreadilycommunicatewithoutmalhazardisthelevelofnewinvestment.Itisassumedthatthesignalingbenefitofdividendsderivesfromtherisein

14、liquidationvalueV(D)causedbyacommittedactuallypaiddividendlevelD.Wedevelopthemodelintermsofamarginalanalysisfanewprojecttakenonbyafirm.Thissimplificationservestwopurposes.Firstnotanalyzingdividenddecisionsvisvisexistingn

15、ewassetcashflowsenablesustopostponediscussionofdynamiclearningissuestotheexampleinSection3.Secondthismodeofanalysispermitsustoretainsimplicityflexibilitywithrespecttothemodelingofcostsincurredinmakingupshtfallsofcashflow

16、srelativetopromiseddividends.Fexampleonewayofmakingupsuchshtfallsislikelytobethepostponementofinvestmentreplacementplansalthoughfundamentallyweadheretothesoundpartialequilibriumpracticeofanalyzingthedividenddecisionwhent

17、heinvestmentpolicyisgiven.Itisassumedthatdividenddecisionsaretakenbyshareholdersagentswhomweterminsidersmanagers.Theseagentsoptimizetheaftertaxobjectivefunctionofshareholderspossiblybecausetheirownincentivecompensationis

18、tiedtothesamecriterion.Theinsidersaretheonlypeoplewhoknowthecashflowdistributionsoftheirprojects.Havingdiscussedthegeneralstructureofthemodelthecoststhatpermitdividendstofunctionasasignalwenowuseasimpleexampletoexaminein