是否杠桿、股利政策及盈利能力會影響公司未來的價值？【外文翻譯】

1、外文文獻(xiàn)翻譯譯文一、外文原文原文：原文：DoLeverageDividendPolicyProfitabilityinfluencetheFutureValueofFirmEvidencefromIndiaINTRODUCTIONWiththeusheringofeconomicliberalizationin1992Indianstockmarkethasundergoneseveralchangesoverthelastdecade

2、.Theseincludeintroductionofnewexchangesmassivecomputerizationelectroniclimitderbookintegratingthestockexchangesacrossthenationestablishingofclearingcpationsubsequentintroductionofnewderivativeproductsinthemarket.Perhapst

3、hemostimptantamongthesechangeswastheestablishmentofSecuritiesExchangeBoardofIndia(SEBI)in1992asthemarketwatchdog.SEBIsinceit’sinceptionhasstrivedinthedirectionofnarrowingtheinfmationgapbetweenIndiancpationsinvestsenfcebe

4、ttercpategovernancepracticesthroughguidelinesrulesregulationsthroughactivemarketfcpatecontrolthathasmarkedaneweraintheIndianfinancialarena.Theinvestsreveledtheirconfidencethroughtheirparticipationintheprimarysecondarymar

5、ket.Largenumberofnewcompaniescametotheprimarymarketover199396themarketcapitalizationofS&PCNX500hasincreasedconsiderablyover1990s.Indiahasemergedasanemergingeconomywithlargestnumberofcompanieslistedinitsstockmarkets.Overt

6、helastdecadecpategovernancehasreceivedconsiderableimptanceinIndianfinancialmarket.WiththeinitiationofmarketfcpatecontrolactivitiesinthemergeracquisitionmarketCEOshaveassignedtremendousimptancefcreatingvalueftheirfirms.Ac

7、cdinglycompaniesfromdifferentsects(ownershipgroups)haveadopteddifferentstrategiestosignaltheirearninggrowthpotentialovertheyearstherebyinfluencetheirstockprices.influencethefirm’svalueinfuture.Increaseindividendpayoutinc

8、reasestheinvests’incomeatpresentsignaltheexpectedfuturecashflowfthecpation.Profitabilityisundoubtedlyoneofthemajfactsdeterminingthefirmvalue.BenNaceurGoaied(2002)arguedthatwhileprofitabilitydebthavepositiveeffectonthepro

9、babilityofcratingfuturevaluethepayouthavereverseeffectonthesame.IndiahasoneofthemostdevelopedstockmarketsinthewldwithlargenumberofdomesticinternationalplayersinvestinginIndianstockmarket.Withmaximumnumberofcompaniesliste

10、dintheIndianstockexchangesfromdifferentindustriesdifferentownershipgroups(e.g.businessaffiliatedfirmsIndianstalonefeignstalone)withtheemphasisoncpategovernancepracticesIndiahasbecomeanimptantinterestingdestinationfsuchst

11、udies.AmongtheavailablestudiesinthisareaSahu(2002)usedasampleofcompanieslistedinBSEtoexplaintheabnmalstockreturnsbydividendstabilityfoundnostaticallysignificantresult.AnotherstudybyTuliMittal(2001)used101Indianfirmsfound

12、priceearningratioissignificantlyinfluencedbyvariabilityofmarketpricedividendpayoutratio.Howevertheauthsdidnotfindanysignificanteffectofindustryownershippatternonpricetoearningratio.Thispapersaimsatdeterminingthefactsinfl

13、uencingtheprobabilityoffuturefirmvaluefIndiancpationsaftercontrollingftheindustrytimespecificeffects.Inparticularthisstudyattemptstoanswerthefollowingquestions:（1）Howtheprobabilityoffuturevaluecreationisaffectedbyfirm’sp

14、rofitabilityfinancingpatternthedividendpayoutpolicy（2）WhetherthefirmsbelongingtobusinessgroupshavedifferenteffectonprobabilityofvaluecreationDataTheprimarysourceofthedatafthispaperisPROWESSdatabasecompiledbyCenterfMoniti

15、ngtheIndianEconomy(CMIE).ThisdatasetissimilartotheCOMPUSTATdatabaseinUSA.WehaveedthefirmsthatarepresentlyincludedinS&PCNX500index.Theaccountingstockpricedatafthesecompaniesareextractedftheyear198990to200102fromProwessdat