毕业外文翻译股利分配政策与企业绩效之间的关系研究综述.docVIP

文献出处：Ouma O P. The relationship between dividend policy and firm performance, a review [J]. European scientific journal, 2010, 8(9):57-63. 标题： The relationship between dividend policy and firm performance, a review 作者：Ochuodho Peter Ouma 期刊名称：European scientific journal 发表时间：2010 外文原文 The relationship between dividend policy and firm performance, a review Katherine Ren Abstract This article is a review of the status of relationship between dividend policy and corporate performance between are reviewed. Their research found that many factors affect the listed companies1 dividend distribution policy, but also on the relationship between the dividend policy and corporate performance were multi-regional multi-sector verification, the very rich research results. Keywords： Dividend policy, Corporate performance, Review 1. Summary of Factors Affecting Dividend Policy Higgins (1972) presence of a target company in order to implement the remaining capital structure and dividend policy as a precondition to establish a dividend model, found that investment and profits affect dividend, that dividend distribution during the period due to the differences in different investment and profit requirements. Fama (1974) conclusions and Higgins on the contrary, he believes that the dividend policy and investment decisions are independent of each other, to support its conclusions Miller and Modigliani dividends and investment independent point of view. Jensen (1976) research indicates that growth opportunities with the cash dividend payout ratio was a negative correlation, namely: If the companys relatively high growth opportunities, less cash flow at its disposal, at this time cash dividend payment shareholders tolerable rate relatively low. Empirical Study factors on the 1000 listed companies1 dividend distribution policy carried out and found that: in the 1974-1980 period, the companys senior management, the proportion of shares held by the size of the payment of cash dividends negati