资本结构之谜外文翻译.docVIP

外文 原文 The Capital Structure Puzzle Material Source: Paper Resources Author: Stewart C. Myers THISPAPERS TITLE IS INTENDED to remind you of Fischer Blacks well-known note on The Dividend Puzzle, which he closed by saying, What should the corporation do about dividend policy? We dont know. I will start by asking, How do firms choose their capital structures? Again, the answer is, We dont know. The capital structure puzzle is tougher than the dividend one. We know quite a bit about dividend policy. John Lintners model of how firms set dividends 1201 dates back to 1956, and it stil