瑞士的股利政策[文獻(xiàn)翻譯]

1、外文文獻(xiàn)翻譯譯文一、外文原文原文：原文：DividendpolicyinSwitzerlDividendpolicyhaslongbeenasubjectofresearchdebate.Therearemanytheeticalempiricalresultsdescribingthedecisionscompaniesmakeinthisarea.Atthesametimehoweverthereisnogenerallyaccep

2、tedmodeldescribingpayoutpolicy.Meoverempiricalfindingsareoftencontradictydifficulttointerpretinlightofthethey.IntheidealwldofMillerModigliani(1961)dividendsareirrelevant.Thevalueofafirmisgivenbyitsinvestmentopptunities.D

3、ividendsarejusttheresidualinvestsfacedwithconsumptionshockscanalwaysgettheirown“homemade”dividends.In“reallife”howeverdividendpolicyisoneofthemainconcernsfmanagersinvests.Empiricalstudieshavegenerallyfoundthatdividendinc

4、reasesareconsideredgoodnewsbyinvestswhiledividenddecreasesleadtonegativereactions.Severalexplanationsftheexistenceimptanceofdividendshavebeensuggestedoverthelastdecades.Dividendscouldbeusedassignalsftheactualpositionofaf

5、irm.Companiescouldcommunicatetheirbetterqualitybypayinghigherdividends:lowqualityfirmswillnotbeabletoimitatethemsincedividendsinvolvecostsintermsoffegoneinvestmenttaxestheneedtoattractexternalcapital.Agencytheysuggeststh

6、atdividendsmaybeawaytoreducetheoverinvestmentproblemameanstokeepfirmsinthecapitalmarkets.Dividendsmayalsobeusedtoattractinstitutionalinvestswhoarebettermonitspreferdividendsfregulatyreasons.Behavialaspectssuchasselfcontr

7、olfairnessregretaversionmayalsobeimptantpartsofthepicture.Eachofthemaintheiesconcerningdividendpolicyhasfoundatleastsomeinfmationmaybeunrealisticthatdividendscanbeusedassignalsoffirmquality.Bhattaya(1979)buildsatwoperiod

8、modelwithtwotypesoffirms.Investmentsaremadeduringthefirstperiodtheirexpectedprofitabilityisknowntomanagementbutnottooutsideinvests.Indertosignalthequalityoftheirinvestmentthemanagersof“good”firms(managersareassumedtoacti

9、ntheinterestofinitialshareholders)willcommittopayinghighdividendsinthesecondperiod.Sinceattractingoutsidefinancing(duringthesecondperiod)isexpensiveduetotransactioncosts“l(fā)owquality”firmswillbeunabletoimitate“highquality”

10、ones.ThealternativemodelsofMillerRock(1985)JohnWilliams(1985)considerthecostofdividendsintermsoffegoneinvestmentstaxesrespectively.Thesignalingmodelsprovideanexplanationfthepositivestockpricereactiontotheannouncementofdi

11、videndincreasesinitiations.Howevertheempiricalevidenceonthishypothesisismixed.InanearlystudyWatts(1973)foundthatunexpectedchangesinearningsunexpectedchangesindividendswererelatedalthoughheremainedskepticalaboutthepossibi

12、litytomakemoneybyexploitingthisregularity.Penman(1983)findsthat“bothdividendannouncementsmanagement’searningsfecastspossessinfmationaboutmanagement’sexpectations”.UsingasampleofdividendinitiationsomissionsHealy(1988)find

13、thatdividendinitiationsomissionshaveinfmationalcontent(thechangeinearningsisrelatedtoannouncementdayreturnsevenwhencontrollingfpreviousearnings)butthisonlyholdsfyear1.YoonStarks(1995)Denisetal(1994)showthatdividendchange

14、announcementsarelinkedtorevisionsinanalysts’fecastsofcurrentincome.BasedonthemixedresultsfthesignalingtheyGrullonetal(2002)suggestthatratherthananincreaseinprofitabilitydividendincreasescouldreflectadecreaseinrisk–the“ma

15、turityhypothesis”.TheyfindthatwhileprofitabilitydeclinesfollowingadividendincreasesystematicriskinathreefactFameFrenchmodeldecreases.Theyarguethatasfirmsbecomememature(therefelessriskybutwithlowergrowthopptunities)theywi