1、外文翻译CAPITALSTRUCTURE,DIVIDENDPOLICY,ANDMULTINATIONALITYTHEORYVERSUSEMPIRICALEVIDENCEMATERIALSOURCEHTTP/ENGNBDLGOVCN/FJOURDETAILJSPDXNUMBER165091365679D58E3809E5F7BF5C5CF5EEA096D35938BAUTHORRAJAGGARWAL,NYONYOAUNGKYAWAVAILABILITYOFFREECASHFLOWCREATESANAGENCYPROBLEMSINCEMANAGERSCANUSESOMEOFTHEFREECASHA
2、VAILABLEFORTHEIROWNBENEFIT,THEREBYDECREASINGTHEVALUEOFTHEFIRMJENSENMECKLING,1976TOPROTECTAGAINSTTHISMANAGERIALSUBOPTIMALBEHAVIOR,FIRMSWITHHIGHERLEVELOFCASHFLOWSHOULDUSEHIGHERLEVERAGE3THEASYMMETRICINFORMATIONMODELOFROSS1977ALSONOTESTHATTHERESHOULDBEAPOSITIVERELATIONSHIPBETWEENUSEDEBTANDTHEFIRMSPROFIT
3、ABILITYAGENCYTHEORYALSOINDICATESTHATFIRMSWITHHIGHERGROWTHOPPORTUNITIESWILLHOLDLESSDEBTCONTROLLINGFORPROFITABILITYANDSTULZ1990NOTESTHATDUETOTHEUNDERINVESTMENTPROBLEM,FIRMSWITHHIGHGROWTHOPPORTUNITIESSHOULDHOLDLESSDEBTCHANG1992CONTENDSTHATFIRMSWITHHIGHPROFITABILITYUSEMOREDEBTINITSCAPITALSTRUCTUREMANYOF
4、THEFACTORSDISCUSSEDABOVEHAVEBEENSHOWNTOINFLUENCENOTONLYCAPITALSTRUCTUREBUTALSODIVIDENDPOLICYEASTERBROOK1984DOCUMENTSTHATDIVIDENDSEXISTSBECAUSETHEYINDUCEFIRMSTOFLOATNEWSECURITIESSUGGESTINGTHATFIRMSDIVIDENDDECISIONSLINKEDTOFIRMSFINANCINGDECISIONSINTUITIVELY,ITISCLEARTHATTHEFIRMSPAYOUTRATIODETERMINESIT
5、SRETENTIONRATIOAND,THUS,ITSCAPITALSTRUCTUREFURTHER,GIVENTHEEMPIRICALEVIDENCEINSUPPORTOFTHEPECKINGORDERTHEORY,CORPORATEDEBTLEVELSSHOULDBERELATEDTOTHECASHFLOWSRETAINEDBYAFIRMANDTOITSDIVIDENDPOLICYINDEED,BECAUSEOFTHEINTERDEPENDENCEBETWEENDIVIDENDPOLICYANDCAPITALSTRUCTURE,EMPIRICALSTUDIESOFCAPITALSTRUCT
6、URE,INCLUDINGTHOSETHATFOCUSONTHEIMPACTOFFIRMMULTINATIONALITY,AREMOSTLIKELYMISSPECIFIEDUNLESSTHEYINCLUDEANASSESSMENTOFDIVIDENDPOLICYTHEREISCONSIDERABLEEVIDENCEOFTHISINTERDEPENDENCEBETWEENDIVIDENDSANDCAPITALSTRUCTUREFOREXAMPLE,CONSISTENTWITHTHEPECKINGORDERHYPOTHESIS,ADEDEJI1998SUGGESTSTHATIFFIRMSRESPO
7、NDTOEARNINGSSHORTAGESBYBORROWINGTOPAYDIVIDENDSBECAUSEOFRELUCTANCETOCUTDIVIDENDS,FINANCIALLEVERAGEMAYHAVEAPOSITIVERELATIONSHIPWITHDIVIDENDPAYOUTRATIO,ANDAPOSITIVEORNEGATIVERELATIONSHIPWITHINVESTMENTSDEPENDINGONWHETHERFIRMSBORROWTOFINANCEINVESTMENTSORPOSTPONE/REDUCETHEINVESTMENTSTHISHYPOTHESIZEDPOSITI
8、VERELATIONSHIPBETWEENDEBTANDDIVIDENDPAYOUTISEMPIRICALLYCONFIRMEDINBASKIN1989THUS,ACCORDINGTOPECKINGORDERHYPOTHESIS,CORPORATECAPITALSTRUCTUREISPOSITIVELYRELATEDTOITSDIVIDENDPOLICYONTHEOTHERHAND,JENSEN1986HYPOTHESIZESTHATDIVIDENDSANDDEBTARESUBSTITUTEMECHANISMSFORCONTROLLINGAGENCYCOSTSOFFREECASHFLOWSEM
9、PIRICALFINDINGOFAGRAWALANDJAYARAMAN1994SUPPORTSJENSENSHYPOTHESISTHEYFINDTHATDIVIDENDPAYOUTRATIOSOFASAMPLEOFALLEQUITYFIRMSARESIGNIFICANTLYHIGHERTHANTHOSEOFACONTROLGROUPOFLEVEREDFIRMSJENSENETAL1992POSITSTHATFIRMSWITHHIGHDIVIDENDPAYOUTSMIGHTFINDDEBTFINANCINGLESSATTRACTIVETHANEQUITYFINANCINGLEADINGTOANE
10、GATIVERELATIONBETWEENDEBTANDDIVIDENDSASNOTEDINTHECOMPREHENSIVESURVEYONPAYOUTPOLICYBYALLENANDMICHAELY2002,FIRMSALSOMIGHTNOTWANTTOPAYHIGHDIVIDENDSWHENTHEYAREOBLIGATEDTOPAYHIGHLEVELSOFOTHERFIXEDFINANCECHARGESTHUS,WHILETHEDIRECTIONOFTHEDEBTRATIODIVIDENDPOLICYRELATIONSHIPISNOTCLEAR,ITISCLEARTHATCORPORATE
11、CAPITALSTRUCTUREISDETERMINEDSIMULTANEOUSLYWITHITSDIVIDENDPOLICYCONSEQUENTLY,ANYEXAMINATIONOFTHEIMPACTOFMULTINATIONALITYONCAPITALSTRUCTUREMUSTACCOUNTFORTHEIMPACTOFDIVIDENDPOLICYRECOGNIZINGTHEENDOGENOUSNATUREOFSOMEOFTHEVARIABLESBEINGTESTED,SOMESTUDIESDOUSESIMULTANEOUSEQUATIONMODELSTOSTUDYTHEINTERDEPEN
12、DENCEBETWEENCAPITALSTRUCTUREANDDIVIDENDPAYOUTRATIOSOFUSFIRMSNORONHA,SHOME,ANDMORGAN1996APPLYTHREESTAGELEASTSQUARES3SLSTESTTOINVESTIGATETHESIMULTANEITYBETWEENDIVIDENDANDCAPITALSTRUCTUREDECISIONSOFTHEUSFIRMSFORTHEPERIODOF19861988ANDFINDTHATTHEDEBTDIVIDENDSIMULTANEITYISOBSERVEDEMPIRICALLYONLYFORTHESUBS
13、AMPLEINWHICHTHEMONITORINGRATIONALEFORDIVIDENDSISAPPROPRIATEHOWEVER,THEYDONOTEXAMINETHECAPITALSTRUCTUREDIVIDENDPOLICYINTERDEPENDENCEFORMULTINATIONALFIRMSASTHISBRIEFREVIEWSHOWS,CAPITALSTRUCTUREANDDIVIDENDPOLICYARELIKELYTOBEDETERMINEDSIMULTANEOUSLYINPRACTICEASTUDYOFTHERELATIONSHIPBETWEENCAPITALSTRUCTUR
14、EANDFIRMMULTINATIONALITYMUSTTHEREFOREINCLUDEVARIABLESTHATDETERMINEBOTHDEBTRATIOSANDDIVIDENDPAYOUTRATIOSBASEDONTHETHEORETICALANDEMPIRICALEVIDENCESONCAPITALSTRUCTUREANDDIVIDENDPOLICY,WEENUMERATETHESPECIFICVARIABLESUSEDHEREINESTIMATINGTHERELATIONSHIPBETWEENDEBT,DIVIDENDS,ANDFIRMMULTINATIONALITYTEXTBOOK
15、THEORYPOSITSTHATMULTINATIONALFIRMSARELARGEANDDIVERSIFIEDANDSHOULDHAVEHIGHERDEBTCAPACITYINCONTRAST,DEBTCAPACITYOFSUCHFIRMSCANBEEXPECTEDTOBELOWERBECAUSEOFTHEADDITIONALRISKSOFFOREIGNOPERATIONSTHISPUZZLEISUNRESOLVEDBYTHEEMPIRICALLITERATUREINADDITION,CAPITALSTRUCTUREANDDIVIDENDPOLICYAREINTERRELATEDASBOTH
16、CANBEUSEDTOCONTROLAGENCYCOSTSTHISPAPERINVESTIGATESTHESIMULTANEOUSINFLUENCEOFTHEDEGREEOFMULTINATIONALITYONCAPITALSTRUCTUREANDDIVIDENDPOLICYUNLIKEPRIORSTUDIES,NOTINGTHATCAPITALSTRUCTUREANDDIVIDENDPOLICIESARESIGNIFICANTLYINTERLINKED,THISPAPERUSESASIMULTANEOUSEQUATIONSFRAMEWORKTHATACCOUNTSFORTHISINTERDE
17、PENDENCEITEXAMINESMULTINATIONALDOMESTICFIRMDIFFERENCESINCAPITALSTRUCTUREAND,FORTHEFIRSTTIME,HOWDIVIDENDPOLICYISINFLUENCEDBYFIRMMULTINATIONALITYTHISSTUDYDOCUMENTSIMPORTANTRESULTSREGARDINGCAPITALSTRUCTUREANDDIVIDENDPOLICIESINMULTINATIONALFIRMSACCOUNTINGFORTHEIMPACTOFRELEVANTCONTROLVARIABLESANDFORTHEIN
18、TERDEPENDENCEBETWEENCAPITALSTRUCTUREANDDIVIDENDPOLICY,CONTRARYTOTHECONTENTIONSMADEINMANYINTERNATIONALMULTINATIONALFINANCETEXTBOOKS,MULTINATIONALCOMPANIESAREFOUNDTOHAVESIGNIFICANTLYLOWERDEBTRATIOSTHANDOMESTICCOMPANIESANDSUCHLEVERAGECLEARLYANDSIGNIFICANTLYDECREASESWITHTHEDEGREEOFMULTINATIONALITYINADDI
19、TION,COMPAREDTODOMESTICFIRMS,MULTINATIONALFIRMSSEEMTOPAYHIGHERDIVIDENDSTHESEFINDINGAREROBUSTACCOUNTINGFORTHESIMULTANEITYOFCAPITALSTRUCTUREANDDIVIDENDPAYOUTDECISIONS,ANDSEEMTOSUPPORTTHEPECKINGORDERTHEORIESOFCAPITALSTRUCTUREANDDIVIDENDPOLICYTHEROBUSTRESULTSDOCUMENTEDHEREHAVEIMPORTANTIMPLICATIONSFORMNC
20、MANAGERS,INVESTORS,POLICYMAKERS,ANDOTHERSINTERESTEDINTHENATUREANDFINANCINGDECISIONSOFMULTINATIONALCOMPANIESFOREXAMPLE,THESERESULTSIMPLYTHATPOLICYMAKERSINTERESTEDINFINANCIALSTABILITYSHOULDENCOURAGEINTERNATIONALDIVERSIFICATIONASITISGENERALLYLIKELYTOBERISKREDUCINGANDINVESTORSCANEXPECTMNCTOHAVELOWERDEBT
21、RATIOSANDPAYHIGHERDIVIDENDS译文资本结构,股利政策,多国性理论与实证证据资料来源HTTP/ENGNBDLGOVCN/FJOURDETAILJSPDXNUMBER165091365679D58E3809E5F7BF5C5CF5EEA096D35938B作者RAJAGGARWAL，NYONYOAUNGKYAW自由现金流的可用性创造了一个代理问题，因为经理们可以使用一些可用的自由现金来取得自身的利益，从而减少了企业的价值延森和迈克林，1976。为了防止管理的次优行为,有较高层次现金流的公司应采用更高的杠杆效率3。非对称信息的典范罗斯1977也指出使用债务与公司的收益应该有正
22、面的关系。代理理论也表明有较高成长机会的公司因为盈利能力将会有比较少的债务控制，施图尔茨1990则指出,由于投资不足问题,有较高成长机会的公司应少一点债务。长1992反驳到,高收益公司在资本结构中会有更多的债务。以上讨论的许多因素已经被证明不仅影响到资本结构也影响到了股利政策。伊斯特布鲁克1984记载了鼓励政策的存在,因为它们致使公司产生新的证券表明了公司的股利决策与公司的融资决策的关系。直观地来说,显而易见公司的股息支付率决定了留存比率,从而决定了资本结构。此外,考虑到实证证据对融资顺序理论的支持,企业债务水平应该与公司保存的现金流和股利政策有关。事实上，由于股利政策和资本结构的相互依赖性，
23、资本结构的实证研究,包括那些对公司多国性影响的关注,最可能规定错误了,除非它们包括股利政策的评估。有相当多的证据显示了股利和资本结构的依赖性。例如,与融资顺序假说相一致，亚得及1998表明,如果公司因为不愿削减股利而通过借款来支付股利从而反应收入不足，那么财务杠杆率可能与股利支付率有良好的关系，与投资的关系是否良好取决于公司是借款来投资还是延迟或减少投资。这个债务与股息支付的假设良好关系在巴斯金（1989）那里得到了证实。因此,根据融资顺序假说,企业资本结构正相关于股利政策。另一方面，延森1986假设红利和债务是控制自由现金流代理成本的替代机制。阿戈沃和嘉雅迈1994的实证发现支持延森的假设。
24、他们发现所有的股本公司股利支付率都要明显高于对照组杠杆公司。延森等人1992还假设高额红利支付的公司可能会发现债务融资没有股本融资那么吸引人，从而导致债务和红利的负关系。正如艾伦和米歇利2002在有关支付政策的综合调查中所指出的一样,公司也可能不愿意支付高额股息当他们必须支付高水平的其他固定财务费用。因此,虽然债务股利比率政策的方向还不清楚,但可以肯定的是,公司资本结构是由股利政策同时决定的。所以,关于资本结构的多国性影响研究必须说明对红利政策的影响。观察了被测验一些变量的内在属性,一些研究的确使用了同时方程模型来研究美国公司资本结构与股利支付率的相互依赖性。诺荣,索门,和摩根1996采用3阶
25、段最小二乘法三测试来探讨19861988期间美国公司股利和资本结构决策的同时性,发现债务股利的同时性仅实证观察到监控基本原理对股利的适用性。然而,他们不能证实资本结构股利政策对跨国公司的相互依存性。正如这个简要的反馈所说的,资本结构和股利政策很可能在实践中同时被决定。因此资本机构与公司跨国性的关系研究必须包含决定负债比率和股利支付率的变量。以资本结构和股利政策理论和实证证据为依据,我们详细列举了这里所应用的变量来估计债务、股利和跨国公司的关系。教科书理论假设跨国公司是大型的和多样化的，应该有高负债能力。相反,这些公司的借债能力却很低,因为国外运营所增加的风险。这个谜题在实证文献中未得到解决。此
26、外,资本结构,股利政策都是相连的，两者都可以被用来控制代理成本。本文探讨了多国性程度对资本结构和股利政策的同时影响。不像之前的研究仅仅指出资本结构和红利政策有很大的关系,本文使用一个联立方程式框架来说明这种依赖性。这个研究表明了资本结构中跨国公司与国内公司的不同,也第一次验证了公司多国性如何影响股利政策。这个研究记载了有关跨国公司资本结构和股利政策的重要结论。根据相关控制变量的影响以及资本结构与股利政策的相互依存，跨国公司与许多国际跨国金融书籍中的争论相反，它比国内公司的负债率低得多，而且这个杠杆率明显随着跨国程度减少。此外，与国内公司相比,跨国公司似乎支付更高的红利。这些发现有利于资本结构和红利支付决策的同时性，而且支持资本结构和红利政策的融资顺序理论。这个有利的记载结果对跨国公司经理、投资者、政策制定者,以及对跨国公司的本质和金融决策感兴趣的人有很重要的意义。举个例子,这些结果暗示了对财政稳定感兴趣的政策制定者应该鼓励国际多元化，因为一般情况下,这可能会减少风险，而且投资者可以期望跨国公司有更低的负债率并支付更高的红利。
