从管理视角再次审视过去的股利政策【外文翻译】.doc

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1、本科毕业论文(设计)外文翻译原文REVISITINGMANAGERIALPERSPECTIVESONDIVIDENDPOLICYINTRODUCTIONONEOFTHEMOREPUZZLINGISSUESINCORPORATEFINANCEINVOLVESDIVIDENDSMILLERANDMODIGLIANI1961PROVIDEACOMPELLINGANDWIDELYACCEPTEDARGUMENTFORDIVIDENDIRRELEVANCEINAWORLDWITHPERFECTCAPITALMARKETSMANYYEARSLATER,MILLER1986RECOGNIZEDTHATTHE

2、OBSERVEDPREFERENCEFORCASHDIVIDENDSISONEOFTHE“SOFTSPOTSINTHECURRENTBODYOFTHEORY“SOWHYDOCORPORATIONSPAYDIVIDENDS,ANDWHYDOINVESTORSCAREBLACK1976ONCEDESCRIBEDTHISISSUEASADIVIDEND“PUZZLE“WITH“PIECESTHATJUSTDONTSEEMTOFIT“TOHELPEXPLAINTHISPUZZLE,FINANCIALECONOMISTSDEVELOPEDVARIOUSTHEORIESSIGNALING,TAXPREFE

3、RENCE,AGENCYCOSTS,ANDBIRDINTHEHANDEXPLANATIONSTHEPROFUSIONOFTHEORIESLEDANG1987,P55TOOBSERVE,“THUS,WEHAVEMOVEDFROMAPOSITIONOFNOTENOUGHGOODREASONSTOEXPLAINWHYDIVIDENDSAREPAIDTOONEOFTOOMANY“ADVOCATESOFBEHAVIORALFINANCE,SUCHASSHEFRINANDSTATMAN1984,INTRODUCEDCONCEPTSSUCHASPROSPECTTHEORYANDMENTALACCOUNTIN

4、GTOEXPLAINWHYINVESTORSLIKEDIVIDENDSSTATMAN1997CONTENDSTHATSOLVINGTHEDIVIDENDPUZZLEISIMPOSSIBLEWHILEIGNORINGTHEPATTERNSOFNORMALINVESTORBEHAVIORTODAY,CORPORATEMANAGERSARELEFTWITHAVASTANDOFTENCONFLICTINGBODYOFRESEARCHABOUTDIVIDENDSONEWAYTOENHANCEOURUNDERSTANDINGOFWHYCORPORATIONSPAYDIVIDENDSISTOEXAMINET

5、HEVIEWSOFMANAGERSWHOARERESPONSIBLEFORMAKINGSUCHDECISIONSPASTFIELDWORKANDSURVEYSHAVEPROVIDEDIMPORTANTINSIGHTSINTOHOWMANAGERSDETERMINETHEIRFIRMSDIVIDENDPAYOUTSANDTHEIRVIEWSABOUTVARIOUSDIVIDENDPOLICYISSUESFOREXAMPLE,LINTNER1956CONDUCTEDTHESEMINALFIELDSTUDYABOUTTHEDETERMINATIONOFDIVIDENDPOLICYOTHERRESEA

6、RCHERSINCLUDINGBAKER,FARRELLY,ANDEDELMAN1985ANDBAKERANDPOWELL1999SURVEYEDMANAGERSTOOBTAINTHEIRVIEWSABOUTDIVIDENDPOLICYSUCHSTUDIESCOMPLEMENTOTHERTYPESOFEMPIRICALRESEARCHONDIVIDENDPOLICYOURSTUDYEXAMINESHOWMANAGERSVIEWDIVIDENDPOLICYBUTUSESADIFFERENTDATASETTOEXTENDANDREFINETHESCOPEOFPREVIOUSSURVEYRESEAR

7、CHSPECIFICALLY,WESURVEYCORPORATEMANAGERSOFNASDAQFIRMSTHATCONSISTENTLYPAYCASHDIVIDENDSTODETERMINETHEIRVIEWSABOUTDIVIDENDPOLICY,THERELATIONSHIPBETWEENDIVIDENDPOLICYANDVALUE,ANDFOURCOMMONEXPLANATIONSFORPAYINGDIVIDENDSSIGNALING,TAXPREFERENCE,AGENCYCOSTS,ANDBIRDINTHEHANDARGUMENTSOURMOTIVATIONFORCONDUCTIN

8、GTHISSTUDYISTODETERMINEWHETHERTHEEVIDENCESIMPLYREAFFIRMSWHATWEALREADYKNOWORPROVIDESNEWINSIGHTSABOUTDIVIDENDPOLICYTHESTUDYISTIMELYGIVENEVIDENCEBYFAMAANDFRENCH2001OFTHEDECLININGINCIDENCEOFDIVIDENDPAYERS,WHICHNOTONLYREFLECTSTHECHANGINGCHARACTERISTICSOFDIVIDENDPAYERSBUTALSOTHEIRLOWERPROPENSITYTOPAYDIVID

9、ENDSINTHISSTUDY,WEDONOTFOCUSONTHEVIEWSABOUTDIVIDENDPOLICYOFMANAGERSFROMTHE“TYPICAL“NASDAQFIRMBECAUSEMOSTNASDAQFIRMSEITHERPAYNODIVIDENDSORPAYDIVIDENDSONANIRREGULARBASISINSTEAD,WEINVESTIGATETHEVIEWSOFASUBSETOFNASDAQFIRMS,NAMELY,THOSETHATCONSISTENTLYPAYCASHDIVIDENDSTHEFACTTHATMOSTNASDAQFIRMSDONOTPAYDIV

10、IDENDSISNOTSURPRISINGGIVENTHEIRCHARACTERISTICSASDAMODARAN1999NOTES,AFIRMSDIVIDENDPOLICYTENDSTOFOLLOWTHEFIRMSLIFECYCLEDURINGTHEINTRODUCTIONANDRAPIDEXPANSIONSTAGES,FIRMSTYPICALLYPAYNOORVERYLOWDIVIDENDSSUCHFIRMSCHARACTERIZEALARGEPORTIONOFFIRMSTRADINGONNASDAQOURSTUDYDIFFERSFROMPREVIOUSRESEARCHONDIVIDEND

11、POLICYINSEVERALWAYSFIRST,UNLIKEPRIORFIELDWORKANDSURVEYSTHATFOCUSONLYONNYSELISTEDFIRMSFROMAFEWINDUSTRIES,WESTUDYMANAGERSFROMDIVIDENDPAYINGNASDAQFIRMSFROMNUMEROUSINDUSTRIESMICHEL1979ANDBAKER1988PRESENTEVIDENCETHATDIVIDENDPOLICIESVARYACROSSINDUSTRIESOURRATIONALEFOREXAMININGNASDAQFIRMSRESTSONTHEBELIEFTH

12、ATTHEVIEWSOFNASDAQMANAGERSMAYDIFFERFROMTHOSEOFNYSELISTEDFIRMSBECAUSEOFDIFFERENTFIRMCHARACTERISTICSSUCHASSIZESECOND,WEINVESTIGATESEVERALAREASNOTEXAMINEDINPREVIOUSSURVEYSSUCHASVIEWSABOUTHISTORICALPATTERNSOFDIVIDENDS,DIVIDENDLIFECYCLE,ANDRESIDUALDIVIDENDPOLICYFINALLY,UNLIKEMOSTRESEARCHTHATFOCUSESONASIN

13、GLEEXPLANATIONOFWHYCOMPANIESPAYDIVIDENDS,WEEXAMINEMULTIPLEEXPLANATIONSBYTAKINGTHISAPPROACH,WECANASSESSTHERELATIVEIMPORTANCEOFDIFFERENTREASONSFORPAYINGDIVIDENDSBASEDONTHELEVELOFAGREEMENTORDISAGREEMENTWITHVARIOUSSTATEMENTSINVOLVINGEACHEXPLANATIONTHEREMAINDEROFTHEPAPERISORGANIZEDASFOLLOWSTHENEXTSECTION

14、PROVIDESABRIEFREVIEWOFTHERELEVANTDIVIDENDLITERATURETHETHIRDSECTIONPRESENTSOURRESEARCHQUESTIONSANDEMPIRICALPREDICTIONSFOLLOWEDBYADISCUSSIONOFTHEMETHODOLOGYANDLIMITATIONSINTHEFOURTHSECTIONTHEFIFTHSECTIONPRESENTSOURSURVEYRESULTS,ANDTHEFINALSECTIONPROVIDESASUMMARYANDCONCLUSIONSPREVIOUSRESEARCHINTHISSECT

15、ION,WEPRESENTTHREEBASICAREASOFDIVIDENDRESEARCHFIRST,WEDISCUSSLINTNERS1956CLASSICSTUDYTHATINVESTIGATESHOWCORPORATEMANAGERSDETERMINETHEIRFIRMSDIVIDENDPOLICIESWEALSOREVIEWSOMEOFTHESUBSEQUENTRESEARCHRELATEDTOLINTNERSFINDINGSSECOND,WEREVIEWSTUDIESTHATEXAMINEWHETHERDIVIDENDPOLICYAFFECTS,FIRMVALUETHIRD,WEP

16、RESENTMAJORRESEARCHFINDINGSRELATEDTOFOURCOMMONEXPLANATIONSFORPAYINGDIVIDENDSSIGNALING,TAXPREFERENCE,AGENCYCOSTS,ANDBIRDINTHEHANDARGUMENTSBECAUSETHEAMOUNTOFRESEARCHCONDUCTEDINTHESEAREASISVOLUMINOUS,WECONFINEOURREVIEWTOAFEWKEYRESEARCHFINDINGSINEACHAREA3DETERMININGAFIRMSDIVIDENDPOLICYINHISCLASSICSTUDY,

17、LINTNER1956REPORTSTHATFIRMHAVELONGRUNTARGETDIVIDENDPAYOUTRATIOSANDPLACETHEIRATTENTIONMOREONDIVIDENDCHANGESTHANONABSOLUTEDIVIDENDLEVELSHEALSOFINDSTHATDIVIDENDCHANGESFOLLOWSHIFTSINLONGRUNSUSTAINABLEEARNINGSMANAGERSSMOOTHEARNINGSANDMANAGERSAREHESITANTTOMAKEDIVIDENDCHANGESTHATMAYLATERNEEDTOBEREVERSEDMAN

18、AGERSALSOTRYTOSTABILIZEDIVIDENDSANDAVOIDDIVIDENDCUTSLINTNERDEVELOPEDAPARTIALADJUSTMENTMODELTODESCRIBETHEDIVIDENDDECISIONPROCESSTHATEXPLAINED85PERCENTOFYEARTOYEARDIVIDENDCHANGESSEVERALSTUDIESINCLUDINGFAMAANDBABIAK1968,BAKER,FARRELLY,ANDEDELMAN1985,ANDBAKERANDPOWELL1999SUPPORTLINTNERSBEHAVIORALMODELBE

19、NARTZI,MICHAELY,ANDTHALER1997,P1032CONCLUDETHAT“LINTNERSMODELOFDIVIDENDSREMAINSTHEBESTDESCRIPTIONOFTHEDIVIDENDSETTINGPROCESSAVAILABLE“DIVIDENDPOLICYANDVALUEMUCHEMPIRICALRESEARCHEXISTSINVESTIGATINGWHETHERDIVIDENDPOLICYAFFECTSFIRMVALUEGRAHAMANDDODD1951ANDGORDON1959ARGUETHATANINCREASEINTHEDIVIDENDPAYOU

20、TINCREASESSTOCKPRICEVALUEANDLOWERSTHECOSTOFEQUITY,BUTEMPIRICALSUPPORTFORTHISPOSITIONISWEAKOTHERSSUCHASLITZENBERGERANDRAMASWAMY1979,1982,BLUME1980,ANDANGANDPETERSON1985TAKETHEOPPOSITEPOSITIONTHEIRSTUDIESREPORTTHATSTOCKSWITHHIGHDIVIDENDPAYOUTRATIOSHAVEHIGHERREQUIREDRETURNSANDTHEREFORELOWERPRICESSTILLO

21、THERSSUCHASBLACKANDSCHOLES1974,MILLERANDSCHOLES1978,1982,MILLER1986,ANDBERNSTEIN1996MAINTAINTHATDIVIDENDPOLICYMAKESNODIFFERENCEBECAUSEITHASNOEFFECTONEITHERSTOCKPRICESORTHECOSTOFEQUITYRESEARCHERSHAVETESTEDTHESEALTERNATIVETHEORIESOFDIVIDENDPOLICYBUTHAVENOTOBTAINEDCONCLUSIVERESULTSTHUS,THEISSUEOFWHICHE

22、XPLANATIONOFDIVIDENDPOLICYISMOSTCORRECTREMAINSUNRESOLVEDEXPLANATIONSFORPAYINGDIVIDENDSTHEFINANCELITERATURECONTAINSFOURSTANDARDEXPLANATIONSFORPAYINGDIVIDENDSSIGNALING,TAXPREFERENCE,AGENCYCOSTS,ANDBIRDINTHEHANDTHESIGNALING,ORASYMMETRICINFORMATION,MODELSFORPAYINGDIVIDENDS,DEVELOPEDBYBHATTACHARYA1979,JO

23、HNANDWILLIAMS1985,ANDMILLERANDROCK1985,SUGGESTTHATMANAGERSASINSIDERSCHOOSEDIVIDENDPAYMENTLEVELSANDDIVIDENDINCREASESTOSIGNALPRIVATEINFORMATIONTOINVESTORSMANAGERSHAVEANINCENTIVETOSIGNALTHISPRIVATEINFORMATIONTOTHEINVESTMENTPUBLICWHENTHEYBELIEVETHATTHECURRENTMARKETVALUEOFTHEIRFIRMSSTOCKISBELOWITSINTRINS

24、ICVALUETHEINCREASEDDIVIDENDPAYMENTSERVESASACREDIBLESIGNALWHENOTHERFIRMSTHATDONOTHAVEFAVORABLEINSIDEINFORMATIONCANNOTMIMICTHEDIVIDENDINCREASEWITHOUTUNDULYINCREASINGTHECHANCEOFLATERINCURRINGADIVIDENDCUTSTRONGSUPPORTEXISTSFORTHESIGNALINGEXPLANATIONINCLUDINGRESEARCHBYAHARONYANDSWARY1980,ASQUITHANDMULLIN

25、S1983,KALAYANDLOWENSTEIN1986,HEALEYANDPALEPU1988,ANDNISSIMANDZIV2001ASECONDEXPLANATIONFORPAYINGDIVIDENDSISTAXPREFERENCETHEORYFAVORABLETAXTREATMENTONCAPITALGAINSLOWERCAPITALGAINSTAXRATEANDDEFERRALOFCAPITALGAINSTAXSHOULDCAUSEINVESTORSTOPREFERNONDIVIDENDPAYINGSTOCKSTESTSOFTHISTAXPREFERENCEEXPLANATIONFO

26、RPAYINGORNOTPAYINGDIVIDENDSTAKETWOFORMSACCORDINGTOBRENNANS1970VERSIONOFTHECAPITALASSETPRICINGMODEL,DIVIDENDPAYINGSTOCKSMUSTOFFERHIGHERPRETAXRETURNSTHANNONDIVIDENDPAYINGSTOCKS,ALLELSEEQUALBRENNANSEMPIRICALTESTS,HOWEVER,AREMIXEDALSO,BLACKANDSCHOLES1974FINDNOEVIDENCEOFTHISTAXEFFECT,WHILELITZENBERGERAND

27、RAMASWAMY1979ANDKALAYANDMICHAELY1993FINDEVIDENCETHATPRETAXRETURNSARERELATEDTODIVIDENDYIELDOTHERSTUDIESEXAMINETHEEXDIVIDENDDATEPRICEDROPFAVORABLECAPITALGAINSTAXTREATMENTCOULDCAUSETHEPRICEDROPTOBELESSTHANTHEDIVIDENDPAYMENTANDCAUSEINVESTORSTOPREFERNONDIVIDENDPAYINGSTOCKSEMPIRICALEVIDENCEONTHISMATTERISA

28、LSOINCONCLUSIVEFOREXAMPLE,ELTONANDGRUBER1970FINDANEXDIVIDENDDATEPRICEDROPTHATISLESSTHANTHEDIVIDENDAMOUNT,BUTMICHAELYI991FINDSANEXDIVIDENDDATEPRICEDROPEQUALTOTHEDIVIDENDPAYMENTANOTHEREXPLANATIONFORWHYFIRMSMIGHTPAYDIVIDENDSISBASEDONAGENCYRELATIONSHIPSBETWEENVARIOUSCLAIMHOLDERSOFTHEFIRMEASTERBROOK1984A

29、RGUESTHATFIRMSPAYDIVIDENDSTOHELPREDUCETHEAGENCYCOSTSASSOCIATEDWITHTHESEPARATIONOFOWNERSHIPANDCONTROLBYPAYINGDIVIDENDS,MANAGERSMUSTRAISEFUNDSMOREFREQUENTLYINTHECAPITALMARKETSWHERETHEYARESUBJECTEDTOSCRUTINYANDTHEDISCIPLININGEFFECTSOFINVESTMENTPROFESSIONALSJENSEN1986MAKESASIMILARAGENCYTHEORYARGUMENTWHE

30、REMANAGERSPAYDIVIDENDSTOREDUCETHEFIRMSDISCRETIONARYFREECASHFLOWTHATCOULDBEUSEDTOFUNDSUBOPTIMALINVESTMENTSTHATBENEFITMANAGERSBUTDIMINISHSHAREHOLDERWEALTHROZEFF1982,LANGANDLITZENBERGER1989,AGRAWALANDJAYARAMAN1994,ANDJENSEN,SOLBERG,ANDZORN1992PROVIDEEMPIRICALSUPPORTFORTHESEAGENCYEXPLANATIONSFORPAYINGDI

31、VIDENDSFINALLY,THEBIRDINTHEHANDEXPLANATIONASSERTSTHATPAYINGHIGHERDIVIDENDSINCREASESFIRMVALUEBECAUSEDIVIDENDSREPRESENTA“SURETHING“WHILEFUTURESHAREPRICEAPPRECIATIONISUNCERTAINMILLERANDMODIGLIANI1961REFERTOTHISASTHEBIRDINTHEHANDFALLACYBHATTACHARYA1979CORRECTLYARGUESTHATTHERISKINESSOFAPROJECTSCASHFLOWSD

32、ETERMINESAFIRMSRISKANDANINCREASEINDIVIDENDPAYOUTTODAYWILLSIMPLYRESULTINANEQUIVALENTDROPINTHESTOCKSEXDIVIDENDPRICETHUS,INCREASINGTHEDIVIDENDTODAYWILLNOTINCREASEAFIRMSVALUEBYREDUCINGTHERISKINESSOFFUTURECASHFLOWSALTHOUGHVIRTUALLYNOEMPIRICALSUPPORTEXISTSFORTHEBIRDINTHEHANDEXPLANATIONFORPAYINGDIVIDENDS,W

33、EWANTTODETERMINEIFMANAGERSVIEWSARECONSISTENTWITHPREVIOUSTHEORETICALANDEMPIRICALRESEARCHRESEARCHQUESTIONSANDEMPIRICALPREDICTIONSWEADDRESSTHREEMAJORRESEARCHQUESTIONSINTHISSTUDYFIRST,WHATVIEWSDONASDAQMANAGERSFROMDIVIDENDPAYINGFIRMSHAVEONTHEDIVIDENDSETTINGPROCESSWEEXPECTTHATOURSURVEYRESPONDENTSSTRONGLYA

34、GREEWITHSTATEMENTSINVOLVINGLINTNERS1956MODELONDIVIDENDPOLICYLINTNERSFAMOUSINVESTIGATIONOFDIVIDENDPOLICYSTRESSESTHATFIRMSONLYINCREASEDIVIDENDSWHENMANAGEMENTBELIEVESTHATEARNINGSHAVEPERMANENTLYINCREASEDASPREVIOUSLYDISCUSSED,MUCHSUPPORTEXISTSFORLINTNERSDESCRIPTIONOFHOWFIRMSSETTHEIRDIVIDENDPAYMENTSWEEXPE

35、CTTHENASDAQFIRMSSTUDIED,ALLOFWHICHHAVEESTABLISHEDPATTERNSOFPAYINGDIVIDENDS,TOHOLDSIMILARVIEWSSECOND,DOCORPORATEMANAGERSOFDIVIDENDPAYINGNASDAQFIRMSBELIEVEAFIRMSDIVIDENDPAYOUTCANAFFECTFIRMVALUEBASEDONASETOFHIGHLYRESTRICTIVEASSUMPTIONS,MILLERANDMODIGLIANI1961CONTENDTHATDIVIDENDPOLICYHASNOEFFECTONEITHER

36、THEPRICEOFAFIRMSSTOCKORITSCOSTOFCAPITALWEEXPECTTHATMANAGERSGENERALLYBELIEVETHATDIVIDENDPOLICYMATTERSBECAUSETHEYOPERATEINAWORLDINWHICHMARKETIMPERFECTIONSCANMAKEDIVIDENDPOLICYRELEVANTTHEREFORE,WEEXPECTTOOBSERVEGENERALAGREEMENTBYMANAGERSOFNASDAQFIRMSPARTICIPATINGINOURSTUDYWITHSTATEMENTSRELATINGTOTHEREL

37、ATIONSHIPBETWEENDIVIDENDPOLICYANDVALUESTUDIESBYLINTNER1956,BAKER,FARRELLY,ANDEDELMAN1985,ANDOTHERSREPORTTHATMANAGERSBELIEVEDIVIDENDSTABILITYISDESIRABLEIFTHISPOSITIONISCORRECT,INVESTORSSHOULDPREFERSTOCKSTHATPAYMOREPREDICTABLEDIVIDENDSTOTHOSETHATPAYTHESAMEAMOUNTOFDIVIDENDSINTHELONGRUNBUTINAMOREERRATIC

38、MANNERWEDONOTEXPECTTHEMAJORITYOFRESPONDENTSTOAGREEWITHSTATEMENTSINVOLVINGTHERESIDUALDIVIDENDMODEL,WHICHIMPLIESTHATDIVIDENDSAREPAIDOUTOF“LEFTOVER“EARNINGSALTHOUGHUSINGTHERESIDUALPOLICYMAYHELPAFIRMSETITSLONGRUNTARGETPAYOUTRATIO,WEBELIEVETHATMANAGERSTYPICALLYDONOTUSETHISAPPROACHTOGUIDETHEPAYOUTINANYONE

39、YEARBECAUSETHISWOULDLEADTOERRATICDIVIDENDSTHIRD,WHATEXPLANATIONSFORPAYINGDIVIDENDSDONASDAQMANAGERSTENDTOFAVORASPREVIOUSLYDISCUSSED,RESEARCHERSHAVECONDUCTEDMANYSTUDIESINVOLVINGVARIOUSEXPLANATIONSOFWHYCOMPANIESPAYDIVIDENDSTHEEMPIRICALEVIDENCEISGENERALLYCONSISTENTWITHSEVERALHYPOTHESESGENERATEDBYTHEDIVI

40、DENDSIGNALINGANDAGENCYCOSTMODELS,ANDINCONSISTENTWITHTAXPREFERENCETHEORYASINDICATEDEARLIER,THEREISVIRTUALLYNOEMPIRICALEVIDENCESUPPORTINGTHEBIRDINTHEHANDTHEORYBECAUSEOURDATASETCONSISTSOFFIRMSWITHESTABLISHEDPATTERNSOFPAYINGCASHDIVIDENDS,WEEXPECTTHATMANAGERSOFSUCHFIRMSARESENSITIVETOTHESIGNALSTHEYMAYCONV

41、EYTOTHEMARKETBYALTERINGTHISPATTERNTHEREFORE,WEEXPECTTOFINDTHATMANAGERSOFNASDAQFIRMSAGREEMORESTRONGLYWITHSTATEMENTSABOUTTHEASYMMETRICINFORMATIONEXPLANATIONFORPAYINGDIVIDENDSTHANWITHSTATEMENTSABOUTOTHEREXPLANATIONSSOURCEHKENTBAKER,GARYEPOWELL,ANDETHEODOREVEIT,2002“REVISITINGMANAGERIALPERSPECTIVESONDIV

42、IDENDPOLICY”JOURNALOFECONOMICANDFINANCEVOLUME26NUMBER3FALL,PP267271译文从管理视角再次审视过去的股利政策引言在企业融资中存在一个更令人费解的问题就是关于股息。米勒和莫迪格里安尼(1961)提供了令人信服的并被广泛接受的论证,那就是在一个具有完善的资本市场上,存在股利无关论。许多年以后,米勒(1986)认为观察到的现金股利偏好是股利无关论其中的一个“在当前这个理论上的弱点。”那么,为什么企业支付股息,为什么投资者会关心布莱克(1976)曾经这样描述这个问题,股息“谜”与“该理论似乎并不合适。为了帮助解释这个难题,金融经济学家们创造

43、了各种理论,有信号理论,税收优惠,代理成本,在手之鸟理论。丰富的理论引导安格(1987年,第55页)观察到,“因此,我们已经从一个不完善的理由来定位解释为什么支付太多的股息给其中的一个人。“行为金融学的倡导者,如舍夫林和特曼(1984),从过去的理论和心理会计的概念解释为什么投资者喜欢分红。特曼(1997)认为忽视正常投资者的行为模式,而去解决股利之谜是不可能的。当今世界,企业经理们留下了广阔的和冲突的股利研究。一个提高我们理解的方法,是公司支付股息是检查管理人员作出这样的决定负责与否的标准。过去的实地考察和调查,在管理者如何确定公司股利支付率和他们关于各种股利政策的观点方面已经提供了重要的见

44、解。为公司的股息支出和重要的见解股利政策的各种问题的看法。例如,林特纳(1956年)对股利政策所进行的开创性的实地研究。包括贝克、法雷利、埃德蒙(1985)、贝克和鲍威尔(1999)在内的其他研究者,调查了管理人员获得关于股利政策的观点。这些研究补充其他类型的实证研究股息政策。我们的研究探讨经理人如何检视股息政策,但使用不同的数据开始展开研究和提炼过去的调查结果。具体来说,我们调查的纳斯达克公司的企业管理人员,始终支付现金股利,来确定他们关于股利政策的见解,股利政策与价值之间的关系,和支付股息四种常见的解释,信号理论,税收优惠,代理成本和在手之鸟理论。我们进行这项研究的动机,是为了确定证据是否

45、重申了,我们已经知道或者提供有关股利政策的新见解。这项关于股利支付者减少股息的研究,由法玛和法莱尔(2001年)及时地给予了证据,这不仅反映支付者变化的特点,而且反映了他们支付股利的偏好下降。在这项研究中,我们不集中这个典型的纳斯达克公司管理人员股利政策的观点,因为大多数纳斯达克企业要么不支付股息,要么不定期支付股息。相反,我们调查纳斯达克的一个子集,即那些一贯支付现金股利的子集。事实上,大多数纳斯达克公司不支付股息并不奇怪,因为它们的特性。达蒙德理(1999)指出,一个公司的股息政策倾向于按照企业的生命周期。在引进和快速扩张阶段,企业通常不支付或支付很低的股息。这些特点的企业在纳斯达克占交易

46、的很大一部分。我们的研究不同于以往对股利政策研究的几种方法。首先,不像过去的实地考察和调查那样,只有在纽约证券交易所上市的少数几个行业的公司,我们研究的管理者从纳斯达克众多行业中支付股利的公司。米歇尔(1979)和贝克(1988)研究表明,股利政策各行业各不相同。我们对检查纳斯达克公司的研究停留在,我们相信纳斯达克经理与纽约证券交易所上市的公司经理看法可能不同,原因就是企业特征不同,比如公司规模不同。第二,我们在以前的研究中多处没有检查,如股利的历史规律,股利的生命周期,和剩余股利政策。最后,与大多数的研究不同,即集中在公司为什么支付股利这一解释,我们检查多个解释。通过采取这种方法,我们可以评

47、估相对重要的不同的原因,源于支付股利基于各个层次的各类报表分歧。本文的其余部分组织如下。第二部分提供了有关股息文献的简要回顾。第三部分介绍我们的研究问题和实证预测。第四部分讨论方法和局限性。第五部分介绍我们的调查结果,最后一节提供了一个总结和结论。过去的研究在此,我们提出三个研究股利的基本领域。第一,我们讨论林特纳(1956年)的经典研究,探讨企业管理者如何确定他们公司的股利政策。我们也回顾了有关林特纳的一些调查结果的后续研究。第二,我们审查研究了股利政策是否影响公司的价值。第三,我们目前关于支付股利的研究成果主要有四种常见解释信号、税收优惠、代理成本以及在手之鸟理论。由于在这些领域都实行了大

48、量的研究,因此我们只能在每个领域审查几个重要的研究结果。决定公司的股利政策林特纳(1956)在他的经典研究中说,公司要有长期目标派息率,还应该把他们的注意力放在对股利的变化超过绝对的股利水平。他还认为股利的变化遵循长期可持续盈利的变化(经理顺利收入)和经理都不愿使股利变化,因为以后可能需要得到扭转。经理还试图稳定股利和避免股利削减。林特纳制定了局部调整模型来描述股利的决策过程,解释了每年有85的股利在改变。在包括法玛和班贝克(1968),贝克,法雷利,和爱德曼(1985)和贝克和鲍威尔(1999年)的几个研究支持林特纳的行为模式。柏纳特斯比纳尔希,麦克里,和泰勒(1997,第1032)的结论是

49、”林特纳的股利模型仍然是股利设置过程最好的说明。”股利政策与价值很多实证研究,调查股利政策是否影响公司价值。格雷厄姆和多德(1951)和戈登(1959)认为,股利支付率越高股票的价格(值)就越高同时降低了成本,但实证在这方面的支持很弱。其他的如利真伯格和拉马斯瓦米(1979,1982),布鲁姆(1980),安格和彼得森(1985)采取相反的立场。他们的研究报告说,高股利支付率有较高的回报,因此需要降低价格。还有一些人,如布莱克和斯科尔斯(1974),米勒和斯科尔斯(1978年,1982年),米勒(1986),恩斯坦(1996)认为股利政策没有什么区别,因为它对股票价格或者权益成本没有影响。研究人员测试了股利政策中一些可选择的理论,但没有取得决定性的结果。因此,股利政策中哪种解释最正确仍然没有得到解决。支付股利的解释财务文献中支付股利的四个标准的解释信号,税收优惠,代理成本以及在手之鸟。由巴特查亚(1979),约翰和威廉姆斯(1985年),以及米勒和罗克(1985)提出信号或者信息不对称模型,建议作为内部管理人员的经理,选择股利支付水平和股利增加向投资者传递私人信息。当经理认为,目前公司的股票价格低于其内在价值,他们会向公众传递激励信号的私人信息。增加股利作为一个可信的信号,当其他公司不具备良好的内部信息无法模仿股利增加,而不会过度

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