Question

翻译一段外文文献

has several important implications.Firstly, it shows that dividends are not irrelevant, as argued by Miller andModigliani (1961). Modigliani and Miller's dividend irrelevancy propositionimplies that dividend policy does not impact firm value in the absence oftransaction costs and tax advantage or disadvantage associated with dividends.The model of this paper includes transaction costs (for example, the number ofshares outstanding adjustment costs); however, Eq. (14) implies that thetransaction costs or any other frictions do not play any role in determiningequity value per share. The model assumes that dividends are not taxed or thata firm manager makes her decisions ignoring taxes on dividends. It is easy toshow that if dividends were taxed then equity value per share would be smalleras a certain part of the firm's profit would be distributed not to shareholdersbut to the government. Thus, dividends matter.

Answer 1

有几个重要的意义。首先,它表明股息不是无关紧要的,认为的米勒和莫迪里阿尼(1961)。莫迪利阿尼和米勒的股息不合时宜的命题意味着股利政策不会影响公司价值没有oftransaction成本和税收的优势或劣势与股利有关。本文的模型包括交易成本(例如,数量上亿杰出的调整成本);然而,Eq。(14)意味着花销成本或其他任何摩擦不发挥任何作用阻止采矿每股权益价值。该模型假设股息不征税或灌输公司经理让她决定无视股息税。很容易证明,如果股息征税然后每股股票价值将更小的某一部分公司的利润将分布式政府而不是股东。因此,股利。
【并非本人人工翻译】

有一些单词好像是好几个单词中间忘加空格了，我只把andModigliani分成and Modigliani propositionimplies分成proposition implies determiningequity分成了deter mining equity thetransaction分成了 the trans action ofshares分成of shares smalleras分成smaller as shareholdersbut分成share holders but 那个Eq和oftransaction就不知道怎么回事了