2012年--外文翻译--在分税制度下股利政策与资本结构决策的关系研究（节选）

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1、 中文 3250 字 ,1900 单词， 10400 英文字符 出处： Ince U, Owers J E. Erratum to: The interaction of corporate dividend policy and capital structure decisions under differential tax regimesJ. Journal of Economics and Finance, 2012, 36(2):520-520. The interaction of corporate dividend policy and capital structure d

2、ecisions under differential tax regimes Ufuk Ince & James E. Owers Abstract We develop a valuation model that integrates corporate capital structure and dividend payout policies. The resulting “extended” Miller (J Financ 32:261297, 1977) model explicitly incorporates the different tax rates on corpo

3、rate income, personal interest, dividends, and capital gains. We apply the model to ten different U.S. tax regimes since 1979 and generate several testable predictions. When the dividend tax rate exceeds the capital gains tax rate, dividend payout can partially offset value-enhancing effects of leve

4、rage. When the two rates are close, dividend payout loses its moderating influence. Using the S&P 1500 universe, we obtain empirical results that are consistent with the models predictions. Keywords Capital Structure . Dividend Policy . Tax Rates 1 Introduction Almost half a century after the semina

5、l MM contributions (Modigliani and Miller 1958; Miller and Modigliani 1961), capital structure and dividend policy continue to be topics of great interest in the academic literature and for industry practitioners. In this paper we aim to contribute to the understanding of capital structure, dividend

6、 policy, and their interaction. We develop a model in which firm value is determined simultaneously by dividend payout and financial leverage. The model explicitly accommodates four different income tax rates: corporate income, personal interest, cash dividends, and capital gains. We apply the model to ten different U.S. tax regimes since 1979 and generate several testable predictions. Two key findings relate to the effect of tax rate differentials on the relationship between dividend p