股利政策一个综述.docVIP

PAGE 外文文献翻译 一、外文原文 原文： Dividend policy: a review 1. Introduction Explaining dividend policy has been one of the most difficult challenges facing financial economists. Despite decades of study, we have yet to completely understand the factors that influence dividend policy and the manner in which these factors interact. Allen and Michaely (1995) conclude that ‘‘much more empirical and theoretical research on the subject of dividends is required before a consensus can be reached’’ (p. 833). The fact that a major textbook such as Brealey and Myers (2002) lists dividends as one of the ten impor