股利政策 的英文怎麼說
中文拼音 [gǔlìzhèngcè]
股利政策
英文
dividend policy-
Among the internal and external factors concerning dividend policy, the tax advantage of capital gains over dividend income is an important one that should affect both corporate considerations and investors " demand for dividends
在與股利政策有關的諸多內外因素中,稅收效應是影響股利政策的重要因素之一。自從1967年farrar和salwyn提出稅差理論以來,有關股利政策稅收效應的理論和實踐研究得到了深入拓展。In fact, it is the special system of our country that increase the incoherence and unconditionally of all the stockholders and the lack of the true investors. these two elements increase the stockholders " dissimilated behavior. in dividend policy, the difference of payment level resulted from the variance of the controlling degree embodies not the difference of stockholders " decision making to increase the company " value but the particular preference of the nonnegotiable shareholders and the management
而最根本的原因是由於我國特定製度安排導致了股東群體的非一致性和非制約性的強化以及真正投資主體的缺位,兩個因素的共同作用加劇了股東行為的異化,表現在股利政策上,由股權控制度變化產生的支付水平差異主要體現為非流通股股東及管理層的特殊偏好,而從質的角度,以公司價值為目標的真正股東化主體的決策差異分析無效。This paper analyzes the influence of decentralization of stock right structure on the dividend - paying policy of the listed corporations, and puts forward the point that the dividend - paying tendency, contrary to the generalized anticipation, will not be intensified after stock right decentralized allot revolution, which is based on the following empirical tests : the earning capability difference between dividend - paying and non - dividend - paying listed corporations, the preference to dividend - paying corporation of tradable shareholders and the relationship of stock right structure and dividend - paying tendency
通過對我國分紅與不分紅上市公司盈利能力、流通股東對分紅公司的偏好以及上市公司股權結構與分紅傾向三方面的實證,探討股權結構的分散化將對我國上市公司股利政策產生的影響,提出了股權分置改革后,我國上市公司分紅傾向很可能與廣泛預期相反,呈下降態勢。Early in the thirties of the last century, the western economists began the study on dividend policy. there were three groups, the left, the right and the center. le ftist advocated low dividend, rightist maintained high dividend and center did not think dividend policy is relevant to enterprise valuation, they were called classical theory, later on, they have developed into modern dividend theory, including residual dividend theory, clientele effect theory, ownership structure theory, agency theory, signaling theory and transaction cost theory, etc.
早在上世紀三十年代,西方經濟學家就開始了對股利政策的研究,形成了主張低股利的「左派」 、主張高股利的「右派」及認為股利高低與企業價值無關的「中間派」 ,其中前二者稱為股利相關論,後者稱為股利無關論,三者共同構成古典股利理論。So in the actual situation the steady dividends policies become the main mode
在實務中,穩定的股利政策成為主流。Dividend policy means this kind of decision making : how to distribute the profit aftertax between shareholders and company itself
股利政策是指公司稅后利潤在向股東支付和企業內部留存收益之間的分配選擇。In their celebrated papers, modigliani and miller ( 1958, 1963 ) argued that the capital structure decision and dividend policy is a matter of irrelevance, affecting neither the value of corporation nor it ' s cost of capital
Modigliani和miller ( 1958 , 1961 )的經典論文指出公司的資本結構政策和股利政策均與公司的價值無關。With continuingly rapid growth of hi - tech enterprises in china, both researchers and practioners in this field have paid much attention to the issue of profit distributions
隨著我國高新技術產業的快速發展,如何制定與之相適應的利潤分配策略,即制定適當的股利政策,成為當前理論界和廣大高新技術企業投資者、管理者所思考的重要課題。Contents of this course include : basic concepts of financial management, atternative forms of business organization, financial statement analysis, break - even analysis, operating & financial leverages, managing working capital, short - term financing, financial mathematics, capital budgeting & risk, discounter - cash - flow model, fundamentals of securities valuation, cost of capital, capital structure, dividend policy, long - term financing, leases, mergers & acquisitions, holding companies, restructure and liquidation
課程涵蓋了財務管理的基本概念,企業組織型態,財務報表分析,損益平衡分析, ?桿原理,營運資金管理,短期融資,財務數學,資本預算及風險,現金流量折現模型,證券評價基礎,資金成本,資本結構,股利政策,長期融資,租賃,並購,握股公司,重整及清算等重要課題。The following conclusions are summarized from this empirical study ; ( l ) the " expected pretax monthly returns of stocks are positively correlated to dividend yields. investors need higher pretax raturns to offset the disadvantages of dividend tax, ( 2 ) the effect of dividend tax is significant on ex - dividend - day and monthly yield, but the tax effect on yearly yield is not confirmed, ( 3 ) there are other factors affecting stocks " expected returns besides tax during the ex - dividend days
對紅利徵收所得稅影響投資者我國股利政策稅收效應的實證研究的實際收入,投資者因此需要更高的期望收益以彌補稅收帶來的損失: ( )股利所得稅對股票除權日和股利支付月份的期望收益率影響明顯,但對年期望收益率的影響沒有得到證實; ( 3 )股利發放期間,除了稅收的影響作用外,還有其他因素對股票的預期收益率產生影響。In a perfect walrasian market with no taxes or transations " costs, share prices on the ex - dividend day would fall by exactly the value of the dividend that is paid on each share. however, it is well documented that stock prices do not fall by full amount, on average. following elton and gruber ( 1970 ), we use chinese data to examine the effect of dividend taxes on investors " relative valuation of dividends and capital gains
作為稅收金融效應的研究方法之一,股票除息日股價行為研究與公司的股利政策息息相關,直接關系著公司的股利政策是否能夠達到使得股東稅后收益最大化的目標;我國股票市場目前投機過度,現金股利被統一的課以20的個人所得稅,而資本利得稅尚未開征,這方面的研究也可以為資本利得稅的開征提供一個實證依據。This paper tried to analyze the agent cost affection on dividend policy, using the theories of property rights economics and information economics and the empirical approach
本文試著用產權經濟學,信息經濟學和數學實證的方法,從代理成本的角度分析我國上市公司代理問題對股利政策的影響。Dividend policy may affect the company financial ability and operating results indirectly in the future
公司股利政策直接影響公司未來的籌資能力和經營業績。This essay gives a short review with those well - known dividend distribution theories, and then puts forward three approaches that will be helpful to achieve the goal of maximization of shareholder wealth, which is more - retained dividend, stock dividend and stock split
本文在闡述股利分配的幾個著名的理論之後,給出了多提留的股利政策、股票股利、股票回購三個在考慮所得稅存在的情況下可選擇的股利分配方式,以實現股東財富最大化的財務管理目標。Based on stability in dividend policy, this paper studies on the quantity and form of dividend
本文從股利政策穩定性的角度出發,對我國上市公司股利支付數量和支付形式進行研究。Dividend policy of a listed company is a strategy that assigns its profits between shareholders and remain earnings
股利政策是上市公司將稅后收益在股東和留存收益之間進行合理配置的策略。The results show, whether quantity or forms, the listed companies in china perporming the uncertainty dividend policy, which caused their serious short - term decisions
結果發現:無論是從支付形式還是從支付數量看,我國上市公司實行的是不穩定的股利政策,短期行為嚴重。Corporate dividend policy mainly focus on how to distribute profit after tax
摘要股利政策主要討論企業稅后利潤如何分配的問題,是企業的一項重要決策。In china, the capital market was cut up in to un - circulate and circulate field, and the listed company has high concentrated ownership structure. the core agent problem of the chinese listed company is conflict between controlling shareholder and minority shareholder. the core agent problem provides the new angle of view to our research in cash dividend policy
但由於中國市場被人為分割為非流通股與流通股市場,且上市公司股權結構高度集中,中國上市公司代理問題的重心轉向控股股東與中小股東之間的利益沖突,這對研究我國上市公司現金股利政策提供了新的視角。Author thought maybe it was mainly because our listed companies had special ownership structure which the stated - owned rights was in the position of domination. this lead to the default of controlling agent costs by dividend policy
作者分析這其中最主要的原因是由於我國國有股一股獨大的股權結構,導致股利政策無法真正起到控制代理成本的作用。分享友人