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英语翻译Approximately 90% of CFOs agree or strongly agree that t

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英语翻译
Approximately 90% of CFOs agree or strongly agree that they smoothdividends from year to year and try to avoid reducing dividends (Brav et al.,2005).Dividend smoothing behavior was also recorded by other surveys (Bakerand Powell,1999; Bernheim,1991; Lintner,1956).According to the survey,managers believed that “the market puts a premium on stability or gradualgrowth in rate” of dividends (Lintner,1956).In addition,empirical studiesdocument dividend smoothing behavior.In approximately 80% of cases,firms donot change their quarterly dividends (see Aharony and Swary,1980; Loderer andMauer,1992; Nissim and Ziv,2001 ).The number reduces to 25% for annualdividends per share changes from 1966 to 2005 for all Compustat firms (Guttmanet al.,2010) and 37% for NYSE/AMEX stocks during the period 1979–1991 (Benartziet al.,1997).The goal of this paper is a) to test whether firm value dependson payout policy; b) to explain the puzzle of dividend smoothing; and c) toanalyze the implications of dividend smoothing.
英语翻译Approximately 90% of CFOs agree or strongly agree that t
大约90%的CFO表示同意或非常同意,他们从今年smoothdividends到一年,并尽量避免减少分红(BRAV等,2005).也记录了其他调查(Bakerand鲍威尔,1999;伯恩海姆,1991;林特纳,1956)股利平滑的行为.据调查,管理人员认为,“市场助长了稳定性或gradualgrowth的利率”分红(林特纳,1956年).此外,实证studiesdocument分红平滑的行为.在病例的大约80%,企业DONOT改变他们的季度分红(见Aharony和Swary,1980; Loderer andMauer,1992;尼辛和谢夫,2001).期间,1979年至1991年的数量减少了25%,每股变化annualdividends2066至05年所有普数据库公司(Guttmanet人,2010)和纽约证券交易所/美国证券交易所的股票37%(Benartziet人,1997年).本文的目的是:a)测试是否公司价值dependson派息政策;二)解释分红平滑之谜;和c)toanalyze分红平滑的影响.
可能有一些错误但是99%正确
哈哈哈O(∩_∩)O谢谢