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2013-05-23 12:21
求翻譯:This chapter provides a survey of payout policy—the return of capital by ?rms to their equity investors through dividends and share repurchases. The modern study of payout policy is rooted in the irrelevance propositions developed by Nobel Laureates Merton Miller and Franco Modigliani. Payout policy is irrelevant when 是什么意思?![]() ![]() This chapter provides a survey of payout policy—the return of capital by ?rms to their equity investors through dividends and share repurchases. The modern study of payout policy is rooted in the irrelevance propositions developed by Nobel Laureates Merton Miller and Franco Modigliani. Payout policy is irrelevant when
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2013-05-23 12:21:38
本章提供了調查的派息政策,由企業的資本回報率,通過分紅和股票回購其股權投資者。現代股利政策的研究是植根于由諾貝爾經濟學獎得主默頓米勒和莫迪利亞尼開發無關命題。股利政策是不相關的資本市場是完美的,不存在信息不對稱時,當公司的投資政策是固定的。放寬這些假設派息政策,以控制代理問題和傳達信息investors.Although股利政策與公司價值的變化關聯作用,是混合的證據,有關稅務影響,并沒有證據表明支付的決定是由動機驅使信號的真實堅定的??價值投資者。證據不支持支付決策和公司的各種claimholders之間的利益沖突之間的聯系。本章還調查的證據,有關股份回購作為一種替代formof支付,并介紹了
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2013-05-23 12:23:18
正在
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2013-05-23 12:24:58
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2013-05-23 12:26:38
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2013-05-23 12:28:18
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