股利政策【外文翻译】.docxVIP

PAGE PAGE # 外文翻译 原文 Material Source: Fortune; 11/24/2008 Author: Tully-Shawn Divide nd policy, one of the three corporati on finan cial decisi ons, has bee n concerned among theoreticia ns and practiti on ers. Joh n Lin ter (1956) brought forward a model of divide nd adjustme nt. Accord ing to the model, firm that is curre ntly pay ing divide nds at the rate of Depts., and that has a target payout ratio of POR, ill adjust (ADJ) its divide nd rate, but less tha n fully, as its earnings per share (EPS) cha nges. Modiglia ni and Miller (1961) argued that divide nd policy has no effect on either the price of a firm s stock or its cost of capital, a perfect world, the divide nd policy is irreleva nt to shareholders wealth. His propositi on has laid a solid theoretical foun dati on for the divide nd policy. After that, econo mists have offered expla nati ons in differe nt ways about divide nd payme nt, such as effect of taxes, ivide nd sig nali ng, age ncy costs issues and tran sacti on costs. Over decades, con formists could not come to an agreement Thus, Black, Fischer (1976) gave it a n ame “ divide nd puzzle In China, the divide nd policy of listed compa nies has its unique characteristic in the stro ng emerg ing market economy if compari ng the type of divide nd payme nt in China with the type used in developed coun tries. In additi on to cash divide nd and stock divide nd, several mixed types of divide nd payme nt derive from cash divide nd and stock divide nd such as mix of bonus issues and divide nd, mix of rights issues and divide nd, Accordi ng to Chi na Securities Jour nal relative statistical data, there are more listed compa nies who adopted the pattern of stock divide nd in 1993 which were 36%, and more listed compa nies adopted cash divide nd policy duri ng 1994 and 1995 which were 40% and 36% respectively. The compa nies that paid no divide nds acco unt for 35%, 54%, 59% and 62% respectively during the period of 1996 and 1999. The proporti on of tota