1、本科毕业论文（设计）外文翻译原文REVISITINGMANAGERIALPERSPECTIVESONDIVIDENDPOLICYWESURVEYMANAGERSOFNASDAQFIRMSTHATCONSISTENTLYPAYCASHDIVIDENDSTODETERMINETHEIRVIEWSABOUTDIVIDENDPOLICY,THERELATIONSHIPBETWEENDIVIDENDPOLICYANDVALUE,ANDFOURCOMMONEXPLANATIONSFORPAYINGDIVIDENDSTHEEVIDENCESHOWSTHATMANAGERSSTRESSTHEIMPORTANC
2、EOFMAINTAININGDIVIDENDCONTINUITYANDWIDELYAGREETHATCHANGESINDIVIDENDSAFFECTFIRMVALUEMANAGERSGIVETHESTRONGESTSUPPORTTOASIGNALINGEXPLANATIONFORPAYINGDIVIDENDS,WEAKTOLITTLESUPPORTTOTHETAXPREFERENCEANDAGENCYCOSTEXPLANATIONS,ANDNOSUPPORTTOTHEBIRDINTHEHANDEXPLANATIONTHESTUDYPROVIDESNEWEVIDENCEABOUTHOWMANAG
3、ERSVIEWDIVIDENDLIFECYCLESANDRESIDUALDIVIDENDPOLICYONEOFTHEMOREPUZZLINGISSUESINCORPORATEFINANCEINVOLVESDIVIDENDSMILLERANDMODIGLIANI1961PROVIDEACOMPELLINGANDWIDELYACCEPTEDARGUMENTFORDIVIDENDIRRELEVANCEINAWORLDWITHPERFECTCAPITALMARKETSMANYYEARSLATER,MILLER1986RECOGNIZEDTHATTHEOBSERVEDPREFERENCEFORCASHD
4、IVIDENDSISONEOFTHE“SOFTSPOTSINTHECURRENTBODYOFTHEORY”SOWHYDOCORPORATIONSPAYDIVIDENDS,ANDWHYDOINVESTORSCAREBLACK1976ONCEDESCRIBEDTHISISSUEASADIVIDEND“PUZZLE”WITH“PIECESTHATJUSTDONTSEEMTOFIT”TOHELPEXPLAINTHISPUZZLE,FINANCIALECONOMISTSDEVELOPEDVARIOUSTHEORIESSIGNALING,TAXPREFERENCE,AGENCYCOSTS,ANDBIRDI
5、NTHEHANDEXPLANATIONSTHEPROFUSIONOFTHEORIESLEDANG1987,P55TOOBSERVE,“THUS,WEHAVEMOVEDFROMAPOSITIONOFNOTENOUGHGOODREASONSTOEXPLAINWHYDIVIDENDSAREPAIDTOONEOFTOOMANY”ADVOCATESOFBEHAVIORALFINANCE,SUCHASSHEFRINANDSTATMAN1984,INTRODUCEDCONCEPTSSUCHASPROSPECTTHEORYANDMENTALACCOUNTINGTOEXPLAINWHYINVESTORSLIKE
6、DIVIDENDSSTATMAN1997CONTENDSTHATSOLVINGTHEDIVIDENDPUZZLEISIMPOSSIBLEWHILEIGNORINGTHEPATTERNSOFNORMALINVESTORBEHAVIORTODAY,CORPORATEMANAGERSARELEFTWITHAVASTANDOFTENCONFLICTINGBODYOFRESEARCHABOUTDIVIDENDSONEWAYTOENHANCEOURUNDERSTANDINGOFWHYCORPORATIONSPAYDIVIDENDSISTOEXAMINETHEVIEWSOFMANAGERSWHOARERES
7、PONSIBLEFORMAKINGSUCHDECISIONSPASTFIELDWORKANDSURVEYSHAVEPROVIDEDIMPORTANTINSIGHTSINTOHOWMANAGERSDETERMINETHEIRFIRMSDIVIDENDPAYOUTSANDTHEIRVIEWSABOUTVARIOUSDIVIDENDPOLICYISSUESFOREXAMPLE,LINTNER1956CONDUCTEDTHESEMINALFIELDSTUDYABOUTTHEDETERMINATIONOFDIVIDENDPOLICYOTHERRESEARCHERSINCLUDINGBAKER,FARRE
8、LLY,ANDEDELMAN1985ANDBAKERANDPOWELL1999SURVEYEDMANAGERSTOOBTAINTHEIRVIEWSABOUTDIVIDENDPOLICYSUCHSTUDIESCOMPLEMENTOTHERTYPESOFEMPIRICALRESEARCHONDIVIDENDPOLICYOURSTUDYEXAMINESHOWMANAGERSVIEWDIVIDENDPOLICYBUTUSESADIFFERENTDATASETTOEXTENDANDREFINETHESCOPEOFPREVIOUSSURVEYRESEARCHSPECIFICALLY,WESURVEYCOR
9、PORATEMANAGERSOFNASDAQFIRMSTHATCONSISTENTLYPAYCASHDIVIDENDSTODETERMINETHEIRVIEWSABOUTDIVIDENDPOLICY,THERELATIONSHIPBETWEENDIVIDENDPOLICYANDVALUE,ANDFOURCOMMONEXPLANATIONSFORPAYINGDIVIDENDSSIGNALING,TAXPREFERENCE,AGENCYCOSTS,ANDBIRDINTHEHANDARGUMENTSOURMOTIVATIONFORCONDUCTINGTHISSTUDYISTODETERMINEWHE
10、THERTHEEVIDENCESIMPLYREAFFIRMSWHATWEALREADYKNOWORPROVIDESNEWINSIGHTSABOUTDIVIDENDPOLICYTHESTUDYISTIMELYGIVENEVIDENCEBYFAMAANDFRENCH2001OFTHEDECLININGINCIDENCEOFDIVIDENDPAYERS,WHICHNOTONLYREFLECTSTHECHANGINGCHARACTERISTICSOFDIVIDENDPAYERSBUTALSOTHEIRLOWERPROPENSITYTOPAYDIVIDENDSINTHISSTUDY,WEDONOTFOC
11、USONTHEVIEWSABOUTDIVIDENDPOLICYOFMANAGERSFROMTHE“TYPICAL”NASDAQFIRMBECAUSEMOSTNASDAQFIRMSEITHERPAYNODIVIDENDSORPAYDIVIDENDSONANIRREGULARBASISINSTEAD,WEINVESTIGATETHEVIEWSOFASUBSETOFNASDAQFIRMS,NAMELY,THOSETHATCONSISTENTLYPAYCASHDIVIDENDSTHEFACTTHATMOSTNASDAQFIRMSDONOTPAYDIVIDENDSISNOTSURPRISINGGIVEN
12、THEIRCHARACTERISTICSASDAMODARAN1999NOTES,AFIRMSDIVIDENDPOLICYTENDSTOFOLLOWTHEFIRMSLIFECYCLEDURINGTHEINTRODUCTIONANDRAPIDEXPANSIONSTAGES,FIRMSTYPICALLYPAYNOORVERYLOWDIVIDENDSSUCHFIRMSCHARACTERIZEALARGEPORTIONOFFIRMSTRADINGONNASDAQOURSTUDYDIFFERSFROMPREVIOUSRESEARCHONDIVIDENDPOLICYINSEVERALWAYSFIRST,U
13、NLIKEPRIORFIELDWORKANDSURVEYSTHATFOCUSONLYONNYSELISTEDFIRMSFROMAFEWINDUSTRIES,WESTUDYMANAGERSFROMDIVIDENDPAYINGNASDAQFIRMSFROMNUMEROUSINDUSTRIESMICHEL1979ANDBAKER1988PRESENTEVIDENCETHATDIVIDENDPOLICIESVARYACROSSINDUSTRIESOURRATIONALEFOREXAMININGNASDAQFIRMSRESTSONTHEBELIEFTHATTHEVIEWSOFNASDAQMANAGERS
14、MAYDIFFERFROMTHOSEOFNYSELISTEDFIRMSBECAUSEOFDIFFERENTFIRMCHARACTERISTICSSUCHASSIZE1SECOND,WEINVESTIGATESEVERALAREASNOTEXAMINEDINPREVIOUSSURVEYSSUCHASVIEWSABOUTHISTORICALPATTERNSOFDIVIDENDS,DIVIDENDLIFECYCLE,ANDRESIDUALDIVIDENDPOLICYFINALLY,UNLIKEMOSTRESEARCHTHATFOCUSESONASINGLEEXPLANATIONOFWHYCOMPAN
15、IESPAYDIVIDENDS,WEEXAMINEMULTIPLEEXPLANATIONSBYTAKINGTHISAPPROACH,WECANASSESSTHERELATIVEIMPORTANCEOFDIFFERENTREASONSFORPAYINGDIVIDENDSBASEDONTHELEVELOFAGREEMENTORDISAGREEMENTWITHVARIOUSSTATEMENTSINVOLVINGEACHEXPLANATIONTHEFINANCELITERATURECONTAINSFOURSTANDARDEXPLANATIONSFORPAYINGDIVIDENDSSIGNALING,T
16、AXPREFERENCE,AGENCYCOSTS,ANDBIRDINTHEHANDTHESIGNALING,ORASYMMETRICINFORMATION,MODELSFORPAYINGDIVIDENDS,DEVELOPEDBYBHATTACHARYA1979,JOHNANDWILLIAMS1985,ANDMILLERANDROCK1985,SUGGESTTHATMANAGERSASINSIDERSCHOOSEDIVIDENDPAYMENTLEVELSANDDIVIDENDINCREASESTOSIGNALPRIVATEINFORMATIONTOINVESTORSMANAGERSHAVEANI
17、NCENTIVETOSIGNALTHISPRIVATEINFORMATIONTOTHEINVESTMENTPUBLICWHENTHEYBELIEVETHATTHECURRENTMARKETVALUEOFTHEIRFIRMSSTOCKISBELOWITSINTRINSICVALUETHEINCREASEDDIVIDENDPAYMENTSERVESASACREDIBLESIGNALWHENOTHERFIRMSTHATDONOTHAVEFAVORABLEINSIDEINFORMATIONCANNOTMIMICTHEDIVIDENDINCREASEWITHOUTUNDULYINCREASINGTHEC
18、HANCEOFLATERINCURRINGADIVIDENDCUTSTRONGSUPPORTEXISTSFORTHESIGNALINGEXPLANATIONINCLUDINGRESEARCHBYAHARONYANDSWARY1980,ASQUITHANDMULLINS1983,KALAYANDLOWENSTEIN1986,HEALEYANDPALEPU1988,ANDNISSIMANDZIV2001ASECONDEXPLANATIONFORPAYINGDIVIDENDSISTAXPREFERENCETHEORYFAVORABLETAXTREATMENTONCAPITALGAINSLOWERCA
19、PITALGAINSTAXRATEANDDEFERRALOFCAPITALGAINSTAXSHOULDCAUSEINVESTORSTOPREFERNONDIVIDENDPAYINGSTOCKSTESTSOFTHISTAXPREFERENCEEXPLANATIONFORPAYINGORNOTPAYINGDIVIDENDSTAKETWOFORMSACCORDINGTOBRENNANS1970VERSIONOFTHECAPITALASSETPRICINGMODEL,DIVIDENDPAYINGSTOCKSMUSTOFFERHIGHERPRETAXRETURNSTHANNONDIVIDENDPAYIN
20、GSTOCKS,ALLELSEEQUALBRENNANSEMPIRICALTESTS,HOWEVER,AREMIXEDALSO,BLACKANDSCHOLES1974FINDNOEVIDENCEOFTHISTAXEFFECT,WHILELITZENBERGERANDRAMASWAMY1979ANDKALAYANDMICHAELY1993FINDEVIDENCETHATPRETAXRETURNSARERELATEDTODIVIDENDYIELDOTHERSTUDIESEXAMINETHEEXDIVIDENDDATEPRICEDROPFAVORABLECAPITALGAINSTAXTREATMEN
21、TCOULDCAUSETHEPRICEDROPTOBELESSTHANTHEDIVIDENDPAYMENTANDCAUSEINVESTORSTOPREFERNONDIVIDENDPAYINGSTOCKSEMPIRICALEVIDENCEONTHISMATTERISALSOINCONCLUSIVEFOREXAMPLE,ELTONANDGRUBER1970FINDANEXDIVIDENDDATEPRICEDROPTHATISLESSTHANTHEDIVIDENDAMOUNT,BUTMICHAELY1991FINDSANEXDIVIDENDDATEPRICEDROPEQUALTOTHEDIVIDEN
22、DPAYMENTANOTHEREXPLANATIONFORWHYFIRMSMIGHTPAYDIVIDENDSISBASEDONAGENCYRELATIONSHIPSBETWEENVARIOUSCLAIMHOLDERSOFTHEFIRMEASTERBROOK1984ARGUESTHATFIRMSPAYDIVIDENDSTOHELPREDUCETHEAGENCYCOSTSASSOCIATEDWITHTHESEPARATIONOFOWNERSHIPANDCONTROLBYPAYINGDIVIDENDS,MANAGERSMUSTRAISEFUNDSMOREFREQUENTLYINTHECAPITALM
23、ARKETSWHERETHEYARESUBJECTEDTOSCRUTINYANDTHEDISCIPLININGEFFECTSOFINVESTMENTPROFESSIONALSJENSEN1986MAKESASIMILARAGENCYTHEORYARGUMENTWHEREMANAGERSPAYDIVIDENDSTOREDUCETHEFIRMSDISCRETIONARYFREECASHFLOWTHATCOULDBEUSEDTOFUNDSUBOPTIMALINVESTMENTSTHATBENEFITMANAGERSBUTDIMINISHSHAREHOLDERWEALTHROZEFF1982,LANG
24、ANDLITZENBERGER1989,AGRAWALANDJAYARAMAN1994,ANDJENSEN,SOLBERG,ANDZORN1992PROVIDEEMPIRICALSUPPORTFORTHESEAGENCYEXPLANATIONSFORPAYINGDIVIDENDSFINALLY,THEBIRDINTHEHANDEXPLANATIONASSERTSTHATPAYINGHIGHERDIVIDENDSINCREASESFIRMVALUEBECAUSEDIVIDENDSREPRESENTA“SURETHING”WHILEFUTURESHAREPRICEAPPRECIATIONISUNC
25、ERTAINMILLERANDMODIGLIANI1961REFERTOTHISASTHEBIRDINTHEHANDFALLACYBHATTACHARYA1979CORRECTLYARGUESTHATTHERISKINESSOFAPROJECTSCASHFLOWSDETERMINESAFIRMSRISKANDANINCREASEINDIVIDENDPAYOUTTODAYWILLSIMPLYRESULTINANEQUIVALENTDROPINTHESTOCKSEXDIVIDENDPRICETHUS,INCREASINGTHEDIVIDENDTODAYWILLNOTINCREASEAFIRMSVA
26、LUEBYREDUCINGTHERISKINESSOFFUTURECASHFLOWSALTHOUGHVIRTUALLYNOEMPIRICALSUPPORTEXISTSFORTHEBIRDINTHEHANDEXPLANATIONFORPAYINGDIVIDENDS,WEWANTTODETERMINEIFMANAGERSVIEWSARECONSISTENTWITHPREVIOUSTHEORETICALANDEMPIRICALRESEARCHWEADDRESSTHREEMAJORRESEARCHQUESTIONSINTHISSTUDYFIRST,WHATVIEWSDOASDAQMANAGERSFRO
27、MDIVIDENDPAYINGFIRMSHAVEONTHEDIVIDENDSETTINGPROCESSWEEXPECTTHATOURSURVEYRESPONDENTSSTRONGLYAGREEWITHSTATEMENTSINVOLVINGLINTNERS1956MODELONDIVIDENDPOLICYLINTNERSFAMOUSINVESTIGATIONOFDIVIDENDPOLICYSTRESSESTHATFIRMSONLYINCREASEDIVIDENDSWHENMANAGEMENTBELIEVESTHATEARNINGSHAVEPERMANENTLYINCREASEDASPREVIOU
28、SLYDISCUSSED,MUCHSUPPORTEXISTSFORLINTNERSDESCRIPTIONOFHOWFIRMSSETTHEIRDIVIDENDPAYMENTSWEEXPECTTHENASDAQFIRMSSTUDIED,ALLOFWHICHHAVEESTABLISHEDPATTERNSOFPAYINGDIVIDENDS,TOHOLDSIMILARVIEWSSECOND,DOCORPORATEMANAGERSOFDIVIDENDPAYINGNASDAQFIRMSBELIEVEAFIRMSDIVIDENDPAYOUTCANAFFECTFIRMVALUEBASEDONASETOFHIGH
29、LYRESTRICTIVEASSUMPTIONS,MILLERANDMODIGLIANI1961CONTENDTHATDIVIDENDPOLICYHASNOEFFECTONEITHERTHEPRICEOFAFIRMSSTOCKORITSCOSTOFCAPITALWEEXPECTTHATMANAGERSGENERALLYBELIEVETHATDIVIDENDPOLICYMATTERSBECAUSETHEYOPERATEINAWORLDINWHICHMARKETIMPERFECTIONSCANMAKEDIVIDENDPOLICYRELEVANTTHEREFORE,WEEXPECTTOOBSERVE
30、GENERALAGREEMENTBYMANAGERSOFNASDAQFIRMSPARTICIPATINGINOURSTUDYWITHSTATEMENTSRELATINGTOTHERELATIONSHIPBETWEENDIVIDENDPOLICYANDVALUESTUDIESBYLINTNER1956,BAKER,FARRELLY,ANDEDELMAN1985,ANDOTHERSREPORTTHATMANAGERSBELIEVEDIVIDENDSTABILITYISDESIRABLEIFTHISPOSITIONISCORRECT,INVESTORSSHOULDPREFERSTOCKSTHATPA
31、YMOREPREDICTABLEDIVIDENDSTOTHOSETHATPAYTHESAMEAMOUNTOFDIVIDENDSINTHELONGRUNBUTINAMOREERRATICMANNERWEDONOTEXPECTTHEMAJORITYOFRESPONDENTSTOAGREEWITHSTATEMENTSINVOLVINGTHERESIDUALDIVIDENDMODEL,WHICHIMPLIESTHATDIVIDENDSAREPAIDOUTOF“LEFTOVER”EARNINGSALTHOUGHUSINGTHERESIDUALPOLICYMAYHELPAFIRMSETITSLONGRUN
32、TARGETPAYOUTRATIO,WEBELIEVETHATMANAGERSTYPICALLYDONOTUSETHISAPPROACHTOGUIDETHEPAYOUTINANYONEYEARBECAUSETHISWOULDLEADTOERRATICDIVIDENDSTHIRD,WHATEXPLANATIONSFORPAYINGDIVIDENDSDONASDAQMANAGERSTENDTOFAVORASPREVIOUSLYDISCUSSED,RESEARCHERSHAVECONDUCTEDMANYSTUDIESINVOLVINGVARIOUSEXPLANATIONSOFWHYCOMPANIES
33、PAYDIVIDENDSTHEEMPIRICALEVIDENCEISGENERALLYCONSISTENTWITHSEVERALHYPOTHESESGENERATEDBYTHEDIVIDENDSIGNALINGANDAGENCYCOSTMODELS,ANDINCONSISTENTWITHTAXPREFERENCETHEORYASINDICATEDEARLIER,THEREISVIRTUALLYNOEMPIRICALEVIDENCESUPPORTINGTHEBIRDINTHEHANDTHEORYBECAUSEOURDATASETCONSISTSOFFIRMSWITHESTABLISHEDPATT
34、ERNSOFPAYINGCASHDIVIDENDS,WEEXPECTTHATMANAGERSOFSUCHFIRMSARESENSITIVETOTHESIGNALSTHEYMAYCONVEYTOTHEMARKETBYALTERINGTHISPATTERNTHEREFORE,WEEXPECTTOFINDTHATMANAGERSOFNASDAQFIRMSAGREEMORESTRONGLYWITHSTATEMENTSABOUTTHEASYMMETRICINFORMATIONEXPLANATIONFORPAYINGDIVIDENDSTHANWITHSTATEMENTSABOUTOTHEREXPLANAT
35、IONSWESURVEYMANAGERSOFDIVIDENDPAYINGNASDAQFIRMSTOLEARNTHEIRBELIEFSABOUTTHEDIVIDENDSETTINGPROCESS,WHETHERDIVIDENDPOLICYAFFECTSFIRMVALUE,ANDFOURCOMMONEXPLANATIONSFORPAYINGDIVIDENDSSOMEEVIDENCETENDSTOCONFIRMWHATWEALREADYKNOWFROMEARLIERSURVEYSOFNYSEFIRMSANDOTHEREMPIRICALRESEARCHTHISEVIDENCEISSTILLIMPORT
36、ANTBECAUSEITREINFORCESSOMEEARLIERFINDINGSWHILENOTSUPPORTINGOTHERSUSINGANEWDATASETANDTIMEPERIODFIRST,OURRESULTSSHOWTHATRESPONDENTSFROMDIVIDENDPAYINGNASDAQFIRMSSTRONGLYAGREEWITHSTATEMENTSSUPPORTINGLINTNERS1956FINDINGSINPARTICULAR,RESPONDENTSSTRESSTHEIMPORTANCEOFDIVIDENDCONTINUITYANIMPLICATIONOFTHISFIN
37、DINGISTHATMANAGERSGENERALLYPERCEIVETHATFIRMSTODAYSETDIVIDENDPAYMENTSINAMANNERCONSISTENTWITHTHATDESCRIBEDBYLINTNERMORETHANFOURDECADESAGOSECOND,NASDAQMANAGERSWIDELYSUPPORTSTATEMENTSCONSISTENTWITHTHECONCEPTTHATAFIRMSDIVIDENDPOLICYMATTERSTHEYAGREETHATANOPTIMALDIVIDENDPOLICYSTRIKESABALANCEBETWEENCURRENTD
38、IVIDENDSANDFUTUREGROWTHTHATMAXIMIZESSTOCKPRICE,ANDTHATAFIRMSHOULDFORMULATEITSDIVIDENDPOLICYTOPRODUCEMAXIMUMVALUEFORSHAREHOLDERSANIMPLICATIONOFTHISFINDINGISTHATMARKETIMPERFECTIONSLEADTOTHERELEVANCEOFDIVIDENDPOLICYTHIRD,MANAGERSGIVETHESTRONGESTSUPPORTTOASIGNALINGEXPLANATIONFORPAYINGDIVIDENDSAGAIN,THIS
39、FINDINGISNOTSURPRISINGBECAUSEMUCHEMPIRICALEVIDENCEISCONSISTENTWITHHYPOTHESESGENERATEDBYDIVIDENDSIGNALINGMODELSANIMPLICATIONOFTHISFINDINGISTHATMANAGERSWHOARECONCERNEDABOUTDIVIDENDCONTINUITYSHOULDBECAREFULOFTHESIGNALSCONVEYEDTOTHEMARKETBYCHANGESINDIVIDENDSHOWEVER,MANAGERSOFFERLITTLEORNOSUPPORTFORTHETA
40、XPREFERENCEANDAGENCYCOSTEXPLANATIONSTHELATTERFINDINGISSURPRISINGESPECIALLYCONSIDERINGTHATOTHEREMPIRICALEVIDENCEISCONSISTENTWITHTHEMONITORINGROLEOFDIVIDENDSNOTUNEXPECTEDLY,MOSTRESPONDENTSDISAGREEWITHSTATEMENTSSUPPORTINGTHEBIRDINTHEHANDEXPLANATIONFORPAYINGDIVIDENDSFURTHERTESTSSHOWTHATINDUSTRYCLASSIFIC
41、ATIONFINANCIALVERSUSNONFINANCIALFIRMSHASLITTLEEFFECTONHOWMANAGERSVIEWDIFFERENTEXPLANATIONSABOUTDIVIDENDPOLICYTHISSTUDYALSOPROVIDESSOMEADDITIONALINSIGHTSABOUTSEVERALDIVIDENDPOLICYISSUESFOREXAMPLE,MOSTRESPONDINGMANAGERSAREAWAREOFHISTORICALPATTERNSRELATINGTODIVIDENDSANDEARNINGSSUCHAWARENESSMAYINFLUENCE
42、THEIRDIVIDENDPOLICYDECISIONSOURSTUDYALSOPROVIDESSOMESUPPORTFORTHECONCEPTOFADIVIDENDLIFECYCLESETFORTHBYDAMODARAN1999ANDLEASEETAL2000MIXEDSUPPORTEXISTSABOUTISSUESRELATINGTORESIDUALDIVIDENDPOLICY,ACOMMONCONCEPTINTHEDIVIDENDLITERATUREBECAUSEWECONFINEOUREXAMINATIONTONASDAQFIRMSWITHESTABLISHEDPATTERNSOFPA
43、YINGCASHDIVIDENDS,OTHERDATASETSMAYPROVIDENEWINSIGHTSABOUTDIVIDENDPOLICYASANAVENUEFORFUTUREINVESTIGATION,RESEARCHERSMAYWANTTOSURVEYNONDIVIDENDPAYINGNASDAQFIRMSORTHOSEFIRMSWITHIRREGULARPATTERNSOFCASHDIVIDENDSCOMPARINGTHEVIEWOFMANAGERSFROMFIRMSWITHDIFFERENTDIVIDENDPOLICIESORPATTERNSCOULDRESULTINSUBSTAN
44、TIALLYDIFFERENTRESPONSESTHANTHOSECONTAINEDINTHECURRENTSTUDYSOURCEHKENTBAKER,GARYEPOWELL,ETHEODOREVEIT“REVISITINGMANAGERIALPERSPECTIVESONDIVIDENDPOLICY“JOURNALOFECONOMICSANDFINANCE,2002FALL,PP267271译文从管理视角下再谈股利政策我们调查纳斯达克公司的经理，稳定的现金股利决定他们对股利政策、股利政策与价值之间的关系，以及四种一般的股利政策的观点。证据表明，经理强调维持股利的连续性的重要性，并且股利变化会影
45、响公司价值这一观点得到一致认可。经理大力支持了支付股利信号理论的观点，不支持税收理论、代理成本理论和一鸟在手理论。该论文提出经理对股利生命周期和剩余股利政策的观点和新的论证。在公司财务方面一个更加令人迷惑的问题是股利问题。米勒和莫迪利安尼1961提出一个具有普遍说服力的观点在完全的资本市场下，股利政策对公司价值没有影响，即股利无关论。几年之后，米勒在1986年认识到当今理论存在的缺陷是对现金股利的偏好问题。为什么公司要发放股利，为什么投资者关心股利发放布莱克在1976年将这个问题称作“股利之谜”，再合适不过了。为了解决这个股利之谜，金融经济学家做出了各种解释信号传递理论、税收偏好理论、代理成本
46、理论和一鸟在手理论。这些丰富的理论使安在1987年观察到，“因此，我们已经从没有合理理由解释公司发放股利的原因的位置上升到拥有很多支持者”。行为金融学者，比如金融学家谢夫林和斯特曼在1984年解释了期望理论和心理过程概念，在此基础上提出了一个解释投资者为何偏好现金股利的模型。斯特曼（1997）认为如果忽略正常模式投资者行为，不可能解决股利之谜。当今，企业经理们仍拥有大量的常常相冲突部分的股息研究。我们的研究调查管理者关于股利政策的看法使用了一个不同的数据集和改进延长以前的调查研究范围。具体地说,我们调查公司的管理层纳斯达克的公司总是分配现金股利去决定他们的看法,公司价值与股利政策之间的关系,和
47、股利政策的四种常见的理论,信号传递理论，税收偏好理论，代理成本和一鸟在手理论。我们进行此项研究的动机在于确定股利政策是否仅仅改变我们已经知道或提供了新的观点。这项研究及时证实了法马和富安斯的研究，降低股利支付率，这不仅反映了纳税人的股息变化特点,而且倾向于低支付股息。在此项研究中，我们不关注来自于典型的“纳斯达克公司”的经理们对股利政策的看法，因为大多数纳斯达克公司要么支付不分配红利或支付红利。相反,我们研究的一个子集的观点,即纳斯达克公司总是支付现金股息。这一事实,大多数纳斯达克公司无法支付股利的能力并不奇怪，因为考虑到他们的特性。在1999年达摩达兰提到，公司的股利政策遵循公司的生命周期。
48、在引进或快速发展阶段，公司通常无需支付股利或只需要支付极低的股利。大部分纳斯达克公司存在这样的公司特征。我们的研究不同于以前的研究在股利政策有几个方面。首先,之前的调查,实地考察仅仅聚焦于企业为数不多的行业,我们研究的纳斯达克公司股利的经理们从事众多的行业。贝克1979年和米歇尔1988的研究为说明红利政策变化在整个行业中提供了证据说明。我们为检验理论基础之上那斯达克公司认为，纳斯达克的经理观点的不同可能在于公司行业不同性质的基础上。第二，我们调查了之前的调查研究中没有涉及到的几个区域，比如历史股利模型、股利生命周期和剩余股利政策。最后，与绝大多数研究不同的是，大多数研究重点在于单一的解释公司
49、为什么分红，而我们运用多个理论来解释。以这种方法，我们可以用它评估我们可以用它来评估相对重要性的效用的不同理由，基于一致或者不一致的财务报表涉及的每一个理论。一种提高增强我们了解公司为什么发放股利的方法是，用负责做出股利决定的经理的观点来检查。过去的实地考察,提供了重要的启示调查管理者如何决定他们的公司支付的股息以及他们对各种股利问题的看法。例如，1956年林特纳,对制定股利政策进行了开创性的研究，其他研究人员包括贝克、法拉利,埃德尔曼1985年和贝克和鲍威尔1999调查经理并获得他们对股利政策的看法。这样的研究补充其他类型的实证研究股利政策。我们此论文重点解决三个主要研究问题。首先，对纳斯达克公司的经理在股利政策过程中的看法。我们希望我们的受访者同意林特纳1956模型的关于股息的观点。林特纳的著名的关于股利政策的调查强调，只有增加股息时，管理层才认为收入只是增长下去。如前面所描述的，很多存在的事实支持了林特纳模型的观点，描述企业如何设置他们的股息支付。我们预计公司在纳斯达克的研究，所有这些都建立了分红方式，持有类似的看法。其次，作为纳斯达克公司的合作管理者认为一个公司的股利政策是否可能会影响公司的价值在一个高度限制性的假设成立的基础上，米勒和莫迪里阿尼（1961）强调说，股利政策不会对任何一个公司的股票或资本成本价格产生影响。我们预期，管理
