是否杠杆、股利政策及盈利能力会影响公司未来的价值？.docVIP

外文文献翻译译文 一、外文原文 原文： Do Leverage, Dividend Policy and Profitability influence the Future Value of Firm? Evidence from India INTRODUCTION With the ushering of economic liberalization in 1992, Indian stock market has undergone several changes over the last decade. These include introduction of new exchanges, massive computerization and electronic limit order book integrating the stock exchanges across the nation, establishing of clearing corporation and subsequent introduction of new derivative products in the market. Perhaps the most important among these changes was the establishment of Securities and Exchange Board of India (SEBI) in 1992 as the market watchdog. SEBI, since it’s inception has strived in the direction of narrowing the information gap between Indian corporations and investors, enforce better corporate governance practices through guidelines, rules and regulations and through active market for corporate control that has marked a new era in the Indian financial arena. The investors reveled their confidence through their participation in the primary and secondary market. Large number of new companies came to the primary market over 1993-96 and the market capitalization of SPCNX 500 has increased considerably over 1990s. India has emerged as an emerging economy with largest number of companies listed in its stock markets. Over the last decade corporate governance has received considerable importance in Indian financial market. With the initiation of market for corporate control and activities in the merger and acquisition market, CEOs have assigned tremendous importance for creating value for their firms. Accordingly companies from different sectors (and/or ownership groups) have adopted different strategies to signal their earning and growth potential over the years and thereby influence their stock prices. With this in the background this paper attempts to analyze the factors that influenced the future value of the companies listed in Indian stock ma