外文翻译瑞士的股利政策.DOCVIP

PAGE 外文文献翻译译文 一、外文原文 原文： Dividend policy in Switzerland Dividend policy has long been a subject of research and debate. There are many theoretical and empirical results describing the decisions companies make in this area. At the same time, however, there is no generally accepted model describing payout policy. Moreover, empirical findings are often contradictory or difficult to interpret in light of the theory. In the ideal world of Miller and Modigliani (1961), dividends are irrelevant. The value of a firm is given by its investment opportunities. Dividends are just the residual, and inve