2017年国有企业股利政策外文文献翻译

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1、1 中文 5800 字， 3200 英文单词， 1.8 万英文字符 文献出处 ： Belomyttseva O, Grinkevich L. Dividend Policy of State-Owned Companies: Evidence from the Russian FederationM/; Springer International Publishing. 2017: 749-759. Dividend Policy of State-Owned Companies: Evidence from the Russian Federation Olga Belomyttseva

2、and Larisa Grinkevich Abstract This paper analyzes the features of the dividend policy of companies in emerging capital markets. State ownership in the capital structure of large corporations is considered as one of the major features. The paper species the features of the dividend policy and provid

3、es a statistics analysis of dividend payout ratio and dividend yield of Russian state-owned joint stock companies. The recommendations presented in the study apply to government regulation of the dividend policy in Russian state-owned joint stock companies. Keywords ： Dividend policy State-owned com

4、panies 1. Introduction Dividend policy is one of the most complex and controversial aspects of nancial studies. Black (1976, p. 510) supported a similar view when stated that dividend picture seems like a puzzle, with pieces that do not t together. Brealey et al. (2010) described dividend policy as

5、one of the top ten unsolved problems in nance. Consequently, studies on dividend policy have produced a signicant number of contradictory hypotheses, theories and ideas. The problem is that they mainly focus on developed markets and fail to provide enough knowledge on dividend policy in emerging mar

6、kets and their segments. The scientists who conduct their research in the eld of dividend policy in emerging markets are not numerous. Glen et al.(1995) investigate dividend policy in different emerging markets; Gul (1999), dividend policy in Chinese enterprises; Aivazian et al. (2003), different emerging markets dividend policy in comparison with American rms; Naser et al. (2004), and Al-Kuwari (2004, 2009), the dividend policy of the countries of the Gulf Cooperat