股利政策外文翻译

1、外文翻译CAPITALSTRUCTURE,DIVIDENDPOLICY,ANDMULTINATIONALITYTHEORYVERSUSEMPIRICALEVIDENCEMATERIALSOURCEHTTP/ENGNBDLGOVCN/FJOURDETAILJSPDXNUMBER165091365679D58E3809E5F7BF5C5CF5EEA096D35938BAUTHORRAJAGGARWAL,NYONYOAUNGKYAWAVAILABILITYOFFREECASHFLOWCREATESANAGENCYPROBLEMSINCEMANAGERSCANUSESOMEOFTHEFREECASHAVAILABLEFORTHEIROWNBENEFIT,THEREBYDECREASINGTHEVALUEOFTHEFIRMJENSENMECKLING,1976TOPROTECTAGAINSTTHISMANAGERIALSUBOPTIMALBEHAVIOR,FIRMSWITHHIGHERLEVELOFCASHFLOWSHOULDUSEHIGHERLEVERAGE3THEASYMMETRIC。

2、外文翻译原文INVESTMENT,DIVIDEND,FINANCING,ANDPRODUCTIONPOLICIESTHEORYANDIMPLICATIONSABSTRACTTHEPURPOSEOFTHISCHAPTERISTODISCUSSTHEINTERACTIONBETWEENINVESTMENT,FINANCING,ANDDIVIDENDSPOLICYOFTHEFIRMABRIEFINTRODUCTIONOFTHEPOLICYFRAMEWORKOFFINANCEISPROVIDEDINSECT21SECTION22DISCUSSESTHEINTERACTIONBETWEENINVESTMENTANDDIVIDENDSPOLICYSECTION23DISCUSSESTHEINTERACTIONBETWEENDIVIDENDSANDFINANCINGPOLICYSECTION24DISCUSSESTHEINTERACTIONBETWEENINVESTMENTANDFINANCINGPOLICYSECTION25DISCUSSESTHEIMPLICATIONSOFFINAN。

3、外文翻译STOCKMARKETLIQUIDITYANDFIRMDIVIDENDPOLICYMATERIALSOURCEJOURNALOFFINANCIALANDQUANTITATIVEANALYSISAUTHORSUMANBANERJEEVIADIMIRACATEPAULASPINDTFIRMSDIVIDENDPOLICIESCONTINUETOPUZZLEFINANCIALRESEARCHERSINTHISPAPER,WEARGUETHATINVESTORDEMANDFORSTOCKSPAYINGCASHDIVIDENDSISPOSITIVELYRELATEDTOTHETRADINGFRICTIONTHATINVESTORSFACEWHENCREATINGHOMEMADEDIVIDENDSWEFURTHERHYPOTHESIZETHATTHELIKELIHOODAFIRMWILLPAYCASHDIVIDENDSISPOSITIVELYRELATEDTOINVESTORDEMANDFORDIVIDENDPAYMENTSANDTHEREFOREINVERSELYRELATEDTO。

4、外文文献翻译译文一、外文原文原文OWNERSHIPSTRUCTUREANDDIVIDENDPOLICYEVIDENCEFROMTHETUNISIANSTOCKMARKETABSTRACTTHEAIMOFTHISPAPERISTOIDENTIFYANDANALYZETHEINFLUENCEOFSHAREHOLDEROWNERSHIPIDENTITYONDIVIDENDPOLICYFORAPANELOFTUNISIANFIRMSFROM1995TO2001OURRESULTSINDICATETHATTUNISIANCOMPANIESWITHHIGHLYCONCENTRATEDOWNERSHIPDISTRIBUTEMOREDIVIDENDSWEFINDTHATTHEREISASIGNIFICANTNEGATIVECORRELATIONBETWEENINSTITUTIONALOWNERSHIPANDDISTRIBUTEDDIVIDENDLEVELTHERELATIONBETWEENDIVIDENDPOLICYANDSTATEOWNERSHIPISPOSITIVE。

5、 1 外文翻译 原文 A Catering Theory of Dividends Material Source:The journal of finance Author:Malcolm baker and Jeffrey wurgler Miller and Modigiliani(1961) prove that dividend policy is irrelevant to share value in perfect and efficient capital markets. In that setup, no rational investor has a preference between dividends and capital gains. Arbitrage ensures that dividend policy is irrelevant. Forty-plus years later, the only assumption in this proof that has not been thoroughly scrutinized is。

6、本科毕业论文（设计）外文翻译原文REVISITINGMANAGERIALPERSPECTIVESONDIVIDENDPOLICYINTRODUCTIONONEOFTHEMOREPUZZLINGISSUESINCORPORATEFINANCEINVOLVESDIVIDENDSMILLERANDMODIGLIANI1961PROVIDEACOMPELLINGANDWIDELYACCEPTEDARGUMENTFORDIVIDENDIRRELEVANCEINAWORLDWITHPERFECTCAPITALMARKETSMANYYEARSLATER,MILLER1986RECOGNIZEDTHATTHEOBSERVEDPREFERENCEFORCASHDIVIDENDSISONEOFTHE“SOFTSPOTSINTHECURRENTBODYOFTHEORY“SOWHYDOCORPORATIONSPAYDIVIDENDS,ANDWHYDOINVESTORSCAREBLACK1976ONCEDESCRIBEDTHISISSUEASADIVIDEND“PUZZLE。

7、本科毕业论文（设计）外文翻译原文STAGGEREDBOARDS,MANAGERIALENTRENCHMENT,ANDDIVIDENDPOLICY2BACKGROUND,LITERATUREREVIEW,ANDHYPOTHESISDEVELOPMENT21THEROLEOFSTAGGEREDBOARDSINENTRENCHINGINCUMBENTSINTHEUS,BOARDSOFDIRECTORSCANBEEITHERUNITARYORSTAGGEREDINFIRMSWITHAUNITARYBOARD,ALLDIRECTORSSTANDFORELECTIONEACHYEARINFIRMSWITHASTAGGEREDORCLASSIFIEDBOARD,DIRECTORSAREDIVIDEDINTOTHREECLASSES,WITHONECLASSOFDIRECTORSSTANDINGFORELECTIONATEACHANNUALMEETINGOFSHAREHOLDERSORDINARILY,ACLASSIFIEDBOARDHASTHREECLASSESOFD。

8、本科毕业论文（设计）外文翻译原文STAGGEREDBOARDS,MANAGERIALENTRENCHMENTANDDIVIDENDPOLICY1INTRODUCTIONACCORDINGTOAGENCYTHEORY,DIVIDENDPAYOUTSHELPALLEVIATEAGENCYCOSTSBYREDUCINGTHEAMOUNTOFFREECASHFLOWAVAILABLETOMANAGERS,WHONOTNECESSARILYACTINTHEBESTINTERESTSOFTHESHAREHOLDERSGROSSMANANDHART1980EASTERBROOK1984JENSEN1986FURTHERMORE,EASTERBROOK1984ARGUESTHATDIVIDENDSHELPMITIGATEAGENCYCONFLICTSBYEXPOSINGFIRMSTOMOREFREQUENTMONITORINGBYTHEPRIMARYCAPITALMARKETSBECAUSEPAYINGDIVIDENDSMAKESITMORELIKELYTHATNEWC。

9、本科毕业论文（设计）外文翻译原文DIVIDENDPOLICYANDTHEORGANIZATIONOFCAPITALMARKETSHOWFIRMSDETERMINETHEIRDIVIDENDPOLICYHASBEENAPUZZLETOFINANCIALECONOMISTSFORMANYYEARSMILLERANDMODIGLIANI1961MM,SHOWEDTHATUNDERCERTAINASSUMPTIONSTHEPAYMENTOFACASHDIVIDENDSHOULDHAVENOIMPACTONAFIRMSSHAREPRICEMMASSUMEDTHATTHEFIRMSINVESTMENTISFIXED,SINCEALLPOSITIVENETPRESENTVALUEPROJECTSWILLBEFINANCEDREGARDLESSOFTHEFIRMSDIVIDENDPOLICYCONSEQUENTLY,THEFIRMSFUTUREFREECASHFLOWISINDEPENDENTOFTHEFIRMSFINANCIALPOLICIES,SOTHATTHEDI。

10、外文翻译原文OPTIMALDIVIDENDPOLICYANDGROWTHOPTIONMATERIALSOURCESPRINGERVERLAG2006AUTHORJEANPAULDECAMPSSTEPHANEVILLENEUVERESEARCHONOPTIMALDIVIDENDPAYOUTSFORACASHCONSTRAINEDFIRMISBASEDONTHEPREMISETHATTHEFIRMWANTSTOPAYSOMEOFITSSURPLUSTOTHESHAREHOLDERSASDIVIDENDSANDTHEREFOREFOLLOWSADIVIDENDPOLICYTHATMAXIMIZESTHEEXPECTEDPRESENTVALUEOFALLPAYOUTSUNTILBANKRUPTCYTHISAPPROACHHASBEENUSEDINPARTICULARTODETERMINETHEMARKETVALUEOFAFIRMWHICH,INLINEWITHMODIGLIANIANDMILLER23,ISDEFINEDASTHEPRESENTVALUEOFTHESUMOFFUTU。

11、本科毕业论文（设计）外文翻译原文REVISITINGMANAGERIALPERSPECTIVESONDIVIDENDPOLICYWESURVEYMANAGERSOFNASDAQFIRMSTHATCONSISTENTLYPAYCASHDIVIDENDSTODETERMINETHEIRVIEWSABOUTDIVIDENDPOLICY,THERELATIONSHIPBETWEENDIVIDENDPOLICYANDVALUE,ANDFOURCOMMONEXPLANATIONSFORPAYINGDIVIDENDSTHEEVIDENCESHOWSTHATMANAGERSSTRESSTHEIMPORTANCEOFMAINTAININGDIVIDENDCONTINUITYANDWIDELYAGREETHATCHANGESINDIVIDENDSAFFECTFIRMVALUEMANAGERSGIVETHESTRONGESTSUPPORTTOASIGNALINGEXPLANATIONFORPAYINGDIVIDENDS,WEAKTOLITTLESUPPORTTOTHETAXP。

12、本科毕业论文（设计）外文翻译原文THEIMPACTOFDIVIDENDPOLICYONSHAREHOLDERSWEALTH1INTRODUCTIONINANEVERINCREASINGINDIANECONOMY,GLOBALIZATION,LIBERALIZATIONANDPRIVATIZATIONTOGETHERWITHRAPIDSTRIDESMADEBYINFORMATIONTECHNOLOGY,HAVEBROUGHTINTENSECOMPETITIONINEVERYFIELDOFACTIVITYSO,INDIANCOMPANIESATPRESENTAREDAZED,CONFUSED,ANDAPPREHENSIVETOMAINTAINTHECOMPETITIVENESSOF,ANDADDVALUETOTHECOMPANIES,TODAYSFINANCEMANAGERSHAVETOMAKECRITICALBUSINESSANDFINANCIALDECISIONSWHICHWILLLEADTOLONGRUNPERSPECTIVEWITHTHEOBJECT。

13、 外文翻译 原文 Revisiting Managerial Perspectives on Dividend Policy Material Source: http:/springer.lib.tsinghua.edu.cn/ Author: GaryE.Powell One of the more puzzling issues in corporate finance involves dividends. Miller and Modigliani provide a compelling and widely accepted argument for dividend irrelevance in a world with perfect capital markets. Many years later, Miller recognized that the observed preference for cash dividends is one of the soft spots in the current body of theor。

14、原文REVISITINGMANAGERIALPERSPECTIVESONDIVIDENDPOLICYMUCHEMPIRICALRESEARCHEXISTSINVESTIGATINGWHETHERDIVIDENDPOLICYAFFECTSFIRMVALUEGRAHAMANDDODD1951ANDGORDON1959ARGUETHATANINCREASEINTHEDIVIDENDPAYOUTINCREASESSTOCKPRICEVALUEANDLOWERSTHECOSTOFEQUITY,BUTEMPIRICALSUPPORTFORTHISPOSITIONISWEAKOTHERSSUCHASLITZENBERGERANDRAMASWAMY1979,1982,BLUME1980,ANDANGANDPETERSON1985TAKETHEOPPOSITEPOSITIONTHEIRSTUDIESREPORTTHATSTOCKSWITHHIGHDIVIDENDPAYOUTRATIOSHAVEHIGHERREQUIREDRETURNSANDTHEREFORELOWERPRICESSTILLOTHER。

15、外文翻译REVISITINGMANAGERIALPERSPECTIVESONDIVIDENDPOLICYMATERIALSOURCEJOURNALOFECONOMICSANDFINANCEAUTHORHKENTBAKER,GARYEPOWELL,ANDETHEODOREVEIT1、INTRODUCTIONONEOFTHEMOREPUZZLINGISSUESINCORPORATEFINANCEINVOLVESDIVIDENDSMILLERANDMODIGLIANI1961PROVIDEACOMPELLINGANDWIDELYACCEPTEDARGUMENTFORDIVIDENDIRRELEVANCEINAWORLDWITHPERFECTCAPITALMARKETSMANYYEARSLATER,MILLER1986RECOGNIZEDTHATTHEOBSERVEDPREFERENCEFORCASHDIVIDENDSISONEOFTHE“SOFTSPOTSINTHECURRENTBODYOFTHEORY”SOWHYDOCORPORATIONSPAYDIVIDENDS,ANDWH。

16、 1 外文翻译 原文 Revisiting Managerial Perspectives on Dividend Policy Material Source:JOURNAL OF ECONOMICS AND FINANCEVolume 26Number 3Fall 2002 Author:H.Kent Baker,GaryE.Powell,Theodore Veit One of the more puzzling issues in corporate finance involves dividends. Miller and Modigliani (1961) provide a compelling and widely accepted argument for dividend irrelevance in a world with perfect capital markets. Many years later, Miller (1986) recogni。

17、外文文献翻译译文原文DIVIDENDPOLICYINSIDETHEFIRMTHESTATISTICALANALYSISOFFIRMLEVELDATAONUSMULTINATIONALCOMPANIESWASCONDUCTEDATTHEINTERNATIONALINVESTMENTDIVISION,BUREAUOFECONOMICANALYSIS,USDEPARTMENTOFCOMMERCEUNDERARRANGEMENTSTHATMAINTAINLEGALCONFIDENTIALITYREQUIREMENTSTHEVIEWSEXPRESSEDARETHOSEOFTHEAUTHORSANDDONOTREFLECTOFFICIALPOSITIONSOFTHEUSDEPARTMENTOFCOMMERCEWETHANKNEDHOWENSTINE,RAYMATALONI,ANDBILLZEILEATBEAFORGUIDANCE,BILLSIMPSONFORSTATISTICALSUPPORT,ANDKEVINHASSETT,LAURIEHODRICK,STEWARTMYERS。

18、原文DIVIDENDPOLICYTHEISSUES1INTRODUCTIONTHEDETERMINANTSOFDIVIDENDPOLICYAREACONTINUINGPUZZLE,ASNOTEDBYBLACK1976INTHISPAPERWEREVIEWTHEMAJORISSUESINDIVIDENDPOLICYANDRELATETHEMTOSOMEOFTHETHEMESEXPLOREDINCOMPANIONPAPERSINTHISVOLUMETHEPAPERISDIVIDEDINTOFIVESECTIONSSECTION2SURVEYSTHELITERATUREONTHEINFORMATIONSIGNALLINGPROPERTIESOFDIVIDENDSSECTION3DISCUSSESSOMETAXISSUESRELATEDTODIVIDENDPOLICYANDSECTION4DRAWSONSOMEAGENCYCOSTSEXPLANATIONSFORDIVIDENDPAYMENTSTHECONCLUSIONDRAWSTOGETHERTHEARGUMENTSANDHIGHLIGH。

19、外文文献翻译译文一、外文原文原文DIVIDENDPOLICYPROFITABLECOMPANIESREGULARLYFACETHREEIMPORTANTQUESTIONS1HOWMUCHOFITSFREECASHFLOWSHOULDITPASSONTOSHAREHOLDERS2SHOULDITPROVIDETHISCASHTOSHAREHOLDERSBYRAISINGTHEDIVIDENDORBYREPURCHASINGSTOCK3SHOULDITMAINTAINASTABLE,CONSISTENTPAYMENTPOLICY,ORSHOULDITLETTHEPAYMENTSVARYASCONDITIONSCHANGEWHENDECIDINGHOWMUCHCASHTODISTRIBUTETOSHAREHOLDERS,FINANCEMANAGERMUSTKEEPINMINDTHATTHEFIRMSOBJECTIVEISTOMAXIMIZESHAREHOLDERVALUECONSEQUENTLY,THETARGETPAYRATERATIODEFINEASTHE。