[雙語翻譯]--外文翻譯--在分稅制度下股利政策與資本結構決策的關系研究（節選）

1、中文 中文 3250 字,1900 單詞， 單詞，10400 英文字符 英文字符出處： 出處：Ince U, Owers J E. Erratum to: The interaction of corporate dividend policy and capital structure decisions under differential tax regimes[J]. Journal of Economics and Fina

2、nce, 2012, 36(2):520-520.The interaction of corporate dividend policy and capital structure decisions under differential tax regimesUfuk Ince Miller and Modigliani 1961), capital structure and dividend policy continue

3、tobe 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 policy, and their interaction. We develop

4、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 dividend

5、s, 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 betwe

6、en dividend payout, financial leverage, and firm value. When the dividend tax rate exceeds the capital gains tax rate, dividend payout can partially offset value-enhancing effects of leverage. When the two rates are c

7、lose, dividend payout loses its moderating influence. Using the S&P 1500 universe, we obtain empirical results that are consistent with the model’s predictions.Table 1 shows that, there has been a significant varia

8、tion in the tax rates over the past three decades. Under the tax code that was in effect until 2003, the personal tax rates applicable to interest and dividend income streams were essentially identical. In contrast, th

9、e marginal tax rates for dividend and capital gains portions of the equity income were typically significantly different. Recognizing this divergence, in our model we partition the income on equity into its two compone

10、nts, to which distinctly different tax rates apply. This enables the derivation of an “extended” Miller model that incorporates the effects of both leverage and dividend payout under one unified analytical framework.

11、In particular, we obtain an equation that adds a third term Table 1 Tax regimes between 1979 and 2008. Year(s) Personal tax rate on interest income τpiPersonal tax rate on dividend income τpdPersonal tax rate on capita

12、l gains τpgCorporate income tax rate τc1979–1981 70.0% 28.0% 46.0%1982–1986a 50.0% 20.0% 46.0%1987b 38.5% 28.0% 40.0%1988–1990b 28.0% 28.0% 34.0%1991–1992c 31.0% 28.9% 34.0%1993–1994d 39.6% 28.9% 35.0%1994–1997d 39.6%

13、29.2% 35.0%1998–2000e 39.6% 21.2% 35.0%2001f 39.1% 21.2% 35.0%2002f 38.6% 21.2% 35.0%2003–2008g 35.0% 15.0% 15.0% 35.0%Fig. 1 Top marginal tax rates over the last three decades. again interact with financial leverage to

14、affect firm value. Given the wide historical variation in the tax rates on the two types of equity income streams, measuring the moderating influence of dividend payout policy on the leverage/firm value relationship i