股利分配政策论文外文文献中英文对照翻译.doc

股利政策外文文献翻译
文献出处: Eugene Brigham. Joel Houston. Dividend policy[J] Fundamentals of financial, 2004, (8) :23-25.
英文原文
Dividend policy
Eugene Brigham, Joel Houston
Abstract: Dividend policy plays an important role in business decision-ma king in the stock is pany's core financial issues. Thus the dividend distribution policy has been pany's stakeholder’s shares are closely watched. On the basis of the text of the introduction and dividend policy basic types of traditional and modern theories of dividend policy elaborate on, focusing on the status of the dividend distribution policy of panies, the dividend policy choice should consider factors were analyzed, and deal with the problems raised corresponding ments.
Keywords: Dividend theory; dividend distribution; policy mendations
1 Introduction
panies often face three important issues: (1) How much free cash flow should be allocated to shareholders? (2) How to distribute the cash to shareholders through the issuance of dividends or repurchase of pany's stock? (3) Do we need to maintain a constant dividend payment policy or let the dividend payment vary with each year's situation?
When the financial manager decides how much cash should be paid to shareholders, he must remember that pany's goal is to maximize shareholder value, and the target payout rate as a percentage e from cash dividend payouts should be based on investor preference. The stock is still determined by capital gains. Investors prefer (1) to distribute e in the form of cash dividends; or to (2) repurchase stocks or reinvest earnings into pany? This preference can be considered through a stock valuation model in which individuals increase production stably. Any change in the dividend policy will have two opposite results. Therefore, pany's optimal dividend policy must strike a balance between the current exercise of dividends and future growth so that the stock price can reach the highest level. In this part of the literature, we will analyze and