1、1本科毕业论文外文翻译外文文献译文标题股利政策资料来源财务管理基础作者JAMESCVANHORNE,JOHNMWACHOWICZ,JR股利政策是企业融资不可分割的一部分。股利支付率决定了企业财务来源之一的留存收益的数额。但是，将企业当期盈余的较大部分留存下来就意味着可用于现在的股利支付较少。因此，企业股利政策的一个主要方面就是决定企业利润在支付股利和增加留存收益间的合理分配比例。但与企业全面股利政策有关的其他方面也很重要，如法律、流动性和控制问题，股利得稳定性，股票股利和股票分割，以及管理上的考虑等。剩余股利政策首先看一个两方面的问题。现金股利的支付会影响股东财富吗如果是这样，什么样的股利支付
2、率会使股东财富最大化和学习财务杠杆时所作的一样，这里我们再一次假定经营风险不变。为衡量股利支付率是否影响股东财富，我们有必要先检察企业的股利政策，股利政策作为一种涉及盈余留存问题的融资决策。每一时期，企业都必须决定是将剩余利润保留下来还是全部或部分作为现金股利发放给股东（这里不考虑股票回购的情况）。只要企业面临的投资项目的收益率超过预期报酬率（如果方案的净现值大于0），企业将运用盈余和权益资本支持的优先证券为这些项目投资。如果企业为所有可接受的投资机会筹资后仍有剩余，则这些盈余将以现金股利形式分配给股东。如果可接受的投资机会的数额超过留存收益和优先证券的总和，企业会为新股与优先证券所需的资金融
3、资。如果把股利政策作为一种严格的财务政策，现金的股利支付是一种消极的剩余。作为股利支付出去的盈余比例将睡着企业可利用的各期投资机会所需资金波动而波动。如果这些投资机会非常多，则支付的盈余所占比例可能接近零；如果企业不能找到有利可图的投资机会，则支付的股利盈余的100。在这两种极端情况间的任一种情况，其股利支付率将是位于01的分数。剩余股利政策完全取决于企业可接受的投资方案的利用情况，这种政策暗含着股利是无关的。股利真的只是一种分配未利用资金的手段吗还是相反，股利支付应是一种随着作为剩余的留存收益而变动的积极决策要回答上面两个问题，我们必须先考察股利是否无关的争论。股利无关意味着股利支付率的2变
4、动（假定投资机会不变）不影响股东财富。股利无关论MILLER和MODIGLIANI提出了股利无关论最全面的论述。他们声称，在给定企业投资决策的条件下，股利支付率纯粹是一个细枝末节的小问题，不影响股东财富。MM认为，企业价值完全取决于企业资产的赢利能力，或者说是企业的投资决策，而赢利在股利与留存收益间的分割对企业的价值没有影响。与我们前面在资本结构决策一章所指出的一样，MM假定在完善的资本市场上没有交易成本，企业发行有价证券也没有筹资成本，而且不存在税收。此外。还假定企业未来利润是已知的常数（最后一个假定在下文应去掉）。当期股利与留存收益MM理论的关键在于，股利支付对股东财富的影响恰好被其他融资
5、方式抵消了。我们先来考虑以出售额外的普通股的方式增加股东权益而不是简单的保留盈余的情况。企业在作出投资决策后，必须决定是保留盈余还是支付股利，然后再出售与所支付股利等额的新股，为投资项目融资。MM理论认为，融资后的普通股每股现值加当期股利支付额正好等于当期支付股利前的普通股每股市价。换句话说，外部权益融资引起股价稀释所造成的普通股市价的下跌刚好被股利支付额所补偿，因此MM假定，收到股利还是企业留存收益对股东来说是无差异的。价值的保持给定MM确定的与完善资本市场有关的假定，股利无关论自然就随之产生了。正如前面章节中有关公司财务杠杆的例子一样，总价值原则保证，除股利支付率不同外，其他所有方面都相同
6、的两个企业的市场价值加上当期股利的总和是相等的。投资者能够自制公司可以支付但当期没有支付的任何一种股利水平。如果股利水平低于投资者期望的现金收入；如果股利水平高于投资者期望的水平，则投资者可以用股利收入购买该公司的股票。因此，投资者能够自制股利，同样，如果投资者对企业的目前的资本结构不满意，也可以设计自制财务杠杆。对于一个有价值的公司决策来说，公司必须能够为股东做些他们自己无法做些他们自己无法做到的事情。因为投资者能够自制股利，而自制股利在我们前述假设下是公司股利的最优替代，所以股利政策是无关的。企业无法通过改变股利与留存收益的组合来创造价值。与资本结构理论一样，也是一个价值保持问题，使得各方
7、价值的总和总是相等的，即不能通过把饼切成不同的块儿来改变整张饼的大小。股利相关论投资者的股利偏好在股利与资本利得两种形式的收入中，有些投资者可以更偏好股利。股利的支付可以消除投资者对企业赢利能力不确定性的担扰。股利是在持续经营基础上在本期收到，而资本利得的实现则是预期在未来发生3的。因此，投资于支付股利公司的投资者比投资于不支付股利公司的投资者能够更早的消除不确定性。当投资者对早日消除不确定性的偏好达到一定程度时，他们愿意为那些能够支付较高股利，而其他条件相同的股票支付更高的价格，实际上，投资者能够自制股利，因此这种偏好是缺乏理性的。但是从投资者方面来看，有充分的理由让我们很难否定这一观点。也
8、许在于心理或便利程度等原因，投资者不愿意自制股利，而更愿意从企业得到实实在在的东西。对投资者征税的影响当考虑到税收因素时，就会产生各种不同的影响。资本利得的个人税率要低于股利收入的税率，这使得企业保留收益对投资者有利。此外，资本利得税要递延到股票真正出售时发生（即当实现利得的任何时候），实际上是在企业保留盈余而不支付股利的时候，给了股东一个有价值的时机选择权。而且将已升值的有价证券作为礼物赠送给慈善事业，或者有价证券的所有者去世了，则可以完全避免纳税。出于上述原因，即使；联邦政府对股利和资本利得这两种收入所征税的税率相同，实际上的资本利得税的现值也低于股利收入税率。这就意味着，支付股利的股票需
9、要比具有相同风险的不支付股利的股票提供更高的预期税前收益率。按照这一观点，在其他条件相同的情况下，股票的股利收益率越高，所要求的税前收益率也越高。然而，不是所有投资者都承担前面讨论的两种收入形式相同的税。一定的机构投资者，像退休金和抚恤金，既不用对股利收入纳税，也不用对实现的股本收入纳税。这些投资者，在一美元的股利收入和一美元的资本利得的税点不同。公司的投资者在公司间的股利收入的实际税率要低于适用于资本利得税。比如，如果ALPHA公司拥有100股OMEGA公司的股票，每年每一股有一美元的股利，则ALPHA公司70的股票股利都免税。换句话说，ALPHA公司只要交30美元股利的税。如果OMEGA公
10、司的股票增值100美元所有的收入都要作为资本利得交税。相应的，部分公司投资者可能会更喜欢当期股利收入。而且，机构投资者的数量正在不断增加。4外文文献原文TITLEDIVIDENDPOLICYMATERIALSOURCEFUNDAMENTALSOFFINANCIALMANAGEMENTAUTHORJAMESCVANHORNE,JOHNMWACHOWICZ,JRWEFOCUSFIRSTONATWOPARTQUESTIONCANTHEPAYMENTOFCASHDIVIDENDSAFFECTSHAREHOLDERWEALTHAND,IFSO,WHATDIVIDENDPAYOUTRATIOWILLMAX
11、IMIZESHAREHOLDERWEALTHASWEDIDWHENSTUDYINGTHEEFFECTSOFFINANCIALLEVERAGE,WEAGAINASSUMETHATBUSINESSRISKISHELDCONSTANTTOEVALUATETHEQUESTIONOFWHETHERTHEDIVIDENDPAYOUTRATIOAFFECTSSHAREHOLDERWEALTH,ITISNECESSARYTOFIRSTEXAMINETHEFIRMDIVIDENDPOLICYASSOLELYAFINANCINGDECISIONINVOLVINGTHERETENTIONOFEARNINGSEACH
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13、EINCREASEINTHEEQUITYBASEWILLSUPPORT,TOFINANCETHESEPROJECTSIFTHEFIRMHASEARNINGSLEFTAFTERFINANCINGALLACCEPTABLEINVESTMENTOPPORTUNITIESTHESEEARNINGSWOULDTHENBEDISTRIBUTEDTOSHAREHOLDERSINTHEFORMOFCASHDIVIDENDSIFNOT,THEREWOULDBENODIVIDENDSIFTHENUMBEROFACCEPTABLEINVESTMENTOPPORTUNITIESINVOLVESATOTALDOLLAR
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19、EENDIVIDENDSANDRETAINEDEARNINGSDONOTAFFECTTHISVALUEASWEPOINTEDOUTINTHEPREVIOUSCHAPTER,WHENWECONSIDEREDTHECAPITALSTRUCTUREDECISION,MMASSUMEPERFECTCAPITALMARKETSWHERETHEREARENOTRANSACTIONCOSTS,NOFLOTATIONCOSTTOCOMPANIESISSUINGSECURITIES,ANDNOTAXESMOREOVER,THEFUTUREPROFITSOFTHEFIRMAREASSUMEDTOBEKNOWNWI
20、THCERTAINTYLATERTHISLASTASSUMPTIONWILLBEREMOVEDCURRENTDIVIDENDSVERSUSRETENTIONOFEARNINGSTHECRUXOFMMSPOSITIONISTHATTHEEFFECTOFDIVIDENDPAYMENTSONSHAREHOLDERWEALTHISEXACTLYOFFSETBYOTHERMEANSOFFINANCINGLETUSFIRSTCONSIDERSELLINGADDITIONALCOMMONSTORKTORAISEEQUITYCAPITALINSTEADOFSIMPLYRETAININGEARNINGSAFTE
21、RTHEFIRMHASMADEITSINVESTMENTDECISION,ITMUSTDECIDEWHETHER1TORETAINEARNINGSOR2TOPAYDIVIDENDSANDSELLNEWSTOCKINTHEAMOUNTOFTHESEDIVIDENDSINORDERTOFINANCETHEINVESTMENTSMMSUGGESTTHATTHESUMOFTHEDISCOUNTEDVALUEPERSHAREOFCOMMONSTOCKAFTERFINANCINGPLUSCURRENTDIVIDENDSPAIDISEXACTLYEQUALTOTHEMARKETVALUEPERSHAREOF
22、COMMONSTOCKBEFORETHEPAYMENTOFCURRENTDIVIDENDSINOTHERWORDS,THECOMMONSTOCKSDECLINEINMARKETPRICEBECAUSEOFTHEDILUTIONCAUSEDBYEXTERNALEQUITYFINANCINGISEXACTLYISEXACTLYFINANCINGISEXTERNALOFFSETBYTHEPAYMENTOFTHEDIVIDENDTHUSTHESHAREHOLDERISSAIDTOBEINDIFFERENTBETWEENRECEIVINGDIVIDENDSANDHAVINGEARNINGSRETAINE
23、DBYTHEFIRMCONVERSATIONOFVALUEGIVENMMSASSUMPTIONSOFCERTAINTYANDPERFECTCAPITALMARKETS,THEIRRELEVANCEOFDIVIDENDSNATURALLYFOLLOWSASWITHOUREXAMPLEFORCORPORATEFINANCIALLEVERAGEINTHEPREVIOUSCHAPTER,THETOTALVALUEPRINCIPLEENSURESTHATTHESUMOFMARKETVALUEPLUSCURRENTDIVIDENDSOFTWOFIRMSIDENTICALINALLRESPECTSOTHER
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27、EORY,THEREISACONSERVATIONOFVALUESOTHATTHESUMOFTHEPARTSISALWAYSTHESAMETHETOTALSIZEOFTHEPIEISNOTCHANGEDBYTHESLICINGARGUMENTSFORDIVIDENDRELEVANCEANUMBEROFARGUMENTSHAVEBEENADVANCEDINSUPPORTOFTHECONTRARYPOSITION,NAMELY,THATDIVIDENDSARERELEVANTUNDERCONDITIONSOFUNCERTAINTYINOTHERWORDS,INVESTORSARENOTINDIFF
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31、DIRECTLYFROMTHECOMPANYTAXESONTHEINVESTORWHENWEALLOWFORTAXES,THEREAREAVARIETYOFEFFECTSTOTHEEXTENTTHATTHEPERSONALTAXONCAPITALGAINSISLESSTHANTHATONDIVIDENDINCOME,THEREMAYBEANADVANTAGETOTHERETENTIONOFEARNINGSONLYRECENTLYINTHEUSHAVETHESERATESBEENTHESAMEFORINDIVIDUALSINADDITION,THECAPITALGAINSTAXISDEFERRE
32、DUNTILTHEACTUALSALEOFSTOCKWHENANYGAINISTHENREALIZEDEFFECTIVELY,THESHAREHOLDERISGIVENAVALUABLETIMINGOPTIONWHENTHEFIRMRETAINSEARNINGSASOPPOSETOPAYINGDIVIDENDSALSO,THECAPITALGAINSTAXMAYBEAVOIDEDALTOGETHERIF7APPRECIATEDSECURITIESAREGIVENASGIFTSTOCHARITABLECAUSESORIFTHESECURITYOWNERDIESFORTHESEREASONS,TH
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34、DYIELDONASTOCK,THEHIGHERTHEREQUIREDBEFORETAXRETURN,ALLOTHERTHINGSBEINGTHESAMEHOWEVER,ALLINVESTORSDONOTEXPERIENCETHESAMETAXATIONONTHETWOTYPESOFINCOMEJUSTDISCUSSEDCERTAININSTITUTIONALINVESTORS,SUCHARETIREMENTANDPENSIONFUNDS,PAYNOTAXONEITHERDIVIDENDINCOMEORREALIZEDCAPITALGAINSSUCHINVESTORSWOULDBEINDIFF
35、ERENTFROMATAXSTANDPOINTBETWEENADOLLAROFDIVIDENDINCOMEANDADOLLAROFCAPITALGAINSFORCORPORATEINVESTORSINTERCOMPANYDIVIDENDSARETAXEDATANEFFECTIVERATEBELOWTHATAPPLICABLETOCAPITALGAINSFOREXAMPLE,IFALPHACORPORATIONOWNS100SHARESOFOMEGACORPORATION,WHICHPAYSA1PERSHAREANNUALDIVIDEND,70PERCENTOFTHEDIVIDENDINCOME
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37、NVESTORSALSO,THEREAREAGROWINGNUMBEROFINSTITUTIONALINVESTORSIFTHEREARECLIENTELESOFINVENTORSHAVINGDIFFIDENTDIVIDENDPREFERENCES,CORPORATIONSCOULDADJUSTTHEIRDIVIDENDPAYOUTRATIOTOTAKEADVANTAGEOFTHESITUATIONSUPPOSETHATTWOFIFTHSOFALLINVESTORSPREFERAZERODIVIDENDPAYOUTRATIO,ONEFIFTHPREFERA25PERCENTPAYOUTRATI
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39、THEIRPAYOUTRATIOSTOINCREASESHAREPRICETHEACTIONOFTHESECOMPANIESWILLELIMINATETHEEXCESSDEMANDINEQUILIBRIUM,THEDIVIDENDPAYOUTRATIOSOFCORPORATIONSWILLMATCHTHEDESIRESOFINVESTORGROUPSATTHISPOINT,NOCOMPANYWOULDBEABLETOAFFECTITSSHAREPRICEBYALTERINGITSDIVIDENDASARESULT,EVENWITHTAXES,THEDIVIDENDPAYOUTRATIOWOULDBEIRRELEVANT
