股息政策 的英文怎麼說
中文拼音 [gǔxīzhèngcè]
股息政策
英文
dividend policy- 股 : Ⅰ名詞1 (大腿) thigh; haunches 2 (機關、企業、團體中的組織單位) section of an office or enterp...
- 息 : Ⅰ名詞1 (呼吸時進出的氣) breath 2 (消息) news 3 (利錢; 利息) interest 4 [書面語] (子女) on...
- 政 : 名詞1 (政治) politics; political affairs 2 (國家某一部門主管的業務) certain administrative as...
- 策 : Ⅰ名詞1 (通「冊」 古代寫字用的竹片或木片) bamboo or wooden slips used for writing on in ancient ...
- 股息 : dividend; stock dividend股息單 dividend warrent; dividend rate; 股息單調換券 talon; 股息收益 divi...
- 政策 : policy
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The total capital stock of a share company were proved to be the best criterion and the size effects were found to be much more obvious, the second best crierion is the circulating capital stock. even though, the size effects were not proved to be existing through all the periods that were tested. it is proved that the size effects were periodical and highly correlated with the changes of policy of the stock market
從時間來看,小公司效應是從1999年6月30 ? ? 1999年12月31 ,即統計的第三個時期開始的,這在時間上與我國證券市場資金準入政策變得寬松是一致的;而在最後一個時期,即2001年6月30 ? ? 2001年10月26日的統計時期內卻沒有小公司效應,與我國國有股減持政策出臺、打擊市場操縱、規范上市公司治理結構和信息披露制度在時間上是一致的。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。Meanwhile, the free channels will provide the general public with investment information that is relevant to help the retail consumer make strategic investment decisions and to help the investor knowledge related government stock market policies
免費節目方面,將會向廣大股民提供有助他們作策略投資決定的相關信息,宣傳政府對股市的相關政策,幫助以及引導股民正確購股。Furthermore, i focus on the substantive effects of tax incentive policy, and make sure that it really improves the reorganization motive of corporate owners and managers
探討了公司稅與個人稅對資本成本的影響、資本結構政策和股息政策,以及著名的m一m定理和托賓的q理論。The discuss starts from the " positive externalities " of tech - research and development, pointing out that the products of tech - research and development somewhat has the property of " public good ". without < wp = 8 > government ' s interfere, the intensity of tech - research and development by private section ca n ' t meet the need of " pareto optism " because of the " positive externalities ", as a result, the items of venture capital are insufficient and the development of venture captal will be pull back. rational policies of government expediture can internalize the " positive externalities " - transforming them to more revenue or less cost of the tech - research and development private suppliers. be feared of the high risk at the beginning of venture capital, the private section ca n ' t provide enough capital, the " capital gap " should be fetched up by government with equity capital, creditor ' s right capital, subcidy, at the same time, some other means, such as government purchase, credit guarantee, capital insurance, tax expenditure can promte private capital, is also important. in this part, the function of the above means, the establishment and enforcment of them are breafly discussed. because tax policies play a critical role in fiscal policy, r - y chart is used to analyse the relation between tax and venture capital, at last, a conclution is drawn : tax expenditure can promote venture capital
這部分論述從科技研發成果的「外溢性」入手,指出科技研發成果在不同程度上具有「公共品」性質,這種外溢性使得在純市場條件下,私人部門研發活動強度達不到社會資源配置最優的要求,也使風險投資項目來源不足, < wp = 6 >阻礙風險投資的發展。合理的政府財政支出政策可以使「外溢性」內部化。之後,論述了風險投資資本來源與政府財政支出政策的關系,由於風險投資尤其是其初期的高風險性,民間風險資本不足,應由政府以股權及債權投資、補助等財政直接支出方式彌補資本缺口,運用政府采購、財政擔保、保險、貼息、稅收優惠等間接支出方式,鼓勵民間資本進入風險投資領域也同樣重要。By throwing penetrating light on the root of risks, we may conclude briefly that they are : the problems of the state - owned property ; the " over - supply " and " insufficient - supply " by the government coexist ; the absence of advanced capital market concluding above researches, we may get down to the main context of risks eluding as such : exploring the deep root of risks in order to depress the stimulation for the opportunism of the market participants. the basic ways would be that : to deal with effectively the deficiencies which the stock shares in the operation of debt - in - lieu - equity inflict upon the administration capability, to optimize the corporation governance - structure in the state - owned enterprises should be the core measures in the risks shunning operation
尤其在審批者缺乏有效的鑒別手段,且自身存在較強的道德風險的倩況下,國有企業具有更大的逆向選擇酮;隴在著逆向示範風險:一方面債轉股按帳面價值轉移國有椅業銀行的不良資產,對其既往不咎,容易導致商業銀行的道德風險;另一方面,在我國特定的制度背景下,所有的國有企業都將債轉股視作一項優惠政策,而這種「優惠」又往往是為「壞」企業設置的,這對非轉股的好企業就會形成逆向激勵,從而選擇拖欠本息、鬆懈管理。As a result, interest rate is the lest sensitive factor, the speech of relative power man is the most sensitive factor, and behavior of the leader shares or problem shares of the market are important as well. also ways which are used to assist regulators make decisions and evaluate what have been always made are put forward, that are single apex of time series probability cut and chaotic degree. the two ways are demonstrated through index data from which information noises are cut out
本文提出信息噪聲的概念,通過統計中國股市歷年來影響股市波動的重要政策、公司信息,進行信息的分類、統計整理,並按各類信息對股市影響力的大小排序,得出利息率是股指的最不敏感因素,股市相關政要的講話是股指的最敏感因素,個股特別是問題股和龍頭股的表現對股指的波動有重要影響的結論,供股市政策決策參考。The listed companies, which are the model forms of the company system, play a critical role in the securities market more and more policies, codes and ordinances in the securities market directly or indirectly regard the accounting earnings as the assessing index. therefore the listed companies " financial information, especially the accounting earnings, becomes the key factor that influences the price of stock and shares
作為公司的典型代表,上市公司在證券市場上扮演著重要的角色,上市公司財務信息尤其是會計信息是影響股票價格的重要因素,越來越多的相關政策、法規和條例直接或間接以會計盈餘作為考核指標,而其中關聯方交易則是改變會計盈餘的一種常用手段。The group declares a final dividend for the full fiscal year ending sept 30, 2006 in scrip form equivalent to 1. 8 hk cents per share. shareholders are given an option to receive cash in lieu of the script dividend
集團秉承上市以來一直採取之派息政策,宣布派發本年度末期股息每股1 . 8港仙,採取以股代息方式進行,惟股東可選擇收取現金股息。On the base, the research do some deep analysis in the reason of information manoeuvre rent seeking and the cost effect from that, the thesis consider that correlative policies ' s creating rent, bad investors accumulated and structure of big or small sharers out of balance are the important reason of the information manoeuvre rent seeking so active in stock - market in china, the cost effect of information manoeuvre rent seeking can be divide into three parts - private cost, welfare lose of society, cost of stock market efficiency, the cost of efficiency do most great harm to efficiency construct of stock market
在此基礎上,通過對證券市場信息操縱成因和社會成本效應分析,得出相關政策體系的創租性、不良投資主體積累,股權結構失衡等因素是我國證券市場信息操縱多發的主要原因,信息操縱尋租成本(私人成本、社會福利成本、市場效率成本)中的市場效率成本對我國證券市場的有效性建設產生了很大負作用Study suggests the main constraints of management buy - out : it ' s groundless to fix a price, the information published not confirm with regular standard, purchase procedure is not transparent, purchase action is not with market law, and also policy restriction. consequently, the paper put forward solutions to improve management buy - out : 1 ) the policy to evade the inside risk : the main way is to select suitable enterprises to develop management buy - out ; 2 ) to ensure the transparent and the market standard of the purchase procedure : the main point is to guarantee the justification of the purchase price, to strengthen the transparent of the information announcement ; 3 ) to consummate the mechanism of supervise government : which the work should be done in the supervise department of government ; 4 ) to emancipate the mind, decrease the government action in the enterprises purchasing ; 5 ) to care for the latter developing of the mbo, the purpose of mbo is to pursue the biggest profit of the enterprise ; 6 ) to consummate the environment of circulating necessary funds ; 7 ) to solve the funds and taxes problems of mbo, this is a better way to solve the problems of mbo
一是管理層收購定價方面的法律依據不足:二是信息披露不夠規范,現階段運作或已完成的mbo案例在進行信息披露時尤其是披露其資金來源時多諱莫如深,令投資者對其資金來源皆產生懷疑;三是收購程序不透明,歸根到底也是法律方面的不足,缺乏相關的公正的運作程序和政策保障;四是收購行為非市場化,我國的管理層收購結束之後往往僅僅是相對控股,股票繼續交易,所有者與經營者分離的問題並沒有從根本上得到解決,所有權與經營權相統一的目標沒有達到,這就可能造成大股東也就是內部人侵吞中小股東利益將更為便捷;五是融資渠道潰乏,主要是國家政策和法律的障礙限制了mbo的融資渠道;六是服務市場不夠發達,主要是中介市場缺乏高素質的專業人才,無法滿足客戶進行mbo的需要,從而限制了mbo在中國的運行;七是政策限制,主要對合法的收購主體的限制、收購規模的限制、收購時點的限制以及收購資金來源的限制。The tax revenue is passed to investing the square tax revenue preferential policy, encourage specific investment ; through investing and divide into or profit carry on dividend that go back tax revenue support and exempt to enterprise, avoid levying taxes repeatedly ; the tax revenue that must to capital profit introduce our country is dealt with and keep a lookout the tax revenue regulation that the thin capitalization ; at last, we will investing in the difference that is dealing with of the business to explain to the tax revenue and accountant
一是我國現行稅法對企業投資的稅收處理的基本政策和制度。稅收通過對被投資方的稅收優惠政策,鼓勵特定投資;通過對企業投資分回的股息或利潤進行稅收抵免,避免重復征稅;介紹我國對于資本利得的稅收處理和防範資本弱化的稅收規定;最後,對稅收和會計在投資業務處理的差異進行闡述。The second chapter talks about financial report information outside report. at first talks about different account policy, different account standard " s influence on list corporation account information, the typical example is our b share list corporation account information has difference because of adopting our homeland account standard or international account standard. all indicate the importance and necessity of the information outside report ; because our list corporation is originated from the former state owned enterprises, associated transaction is frequent, talks about our list corporation associated transaction shortage, then compares the difference on associated transaction information exposure, at last analyses the exposure difference between our list corporation and american list corporation
首先探討採用不同會計政策、不同會計準則對上市公司會計信息的影響,典型的例子為我國發行b股上市公司由於分別採用國內準則、國際準則,會計信息便有較大的差異,說明表外信息的重要性和必要性;再針對我國上市公司大都從原國有企業改制而來,關聯交易頻繁,闡述了我國上市公司關聯交易方面存在的弊端,然後對關聯交易信息披露的國內外差異進行比較,最後以ibm公司2000年年報為例,分析了我國上市公司按照國內會計準則披露的內容與美國上市公司按照美國會計準則披露的內容相比有何差異。According to signaling theory, dividend is an effective signal for company to transmit its inside information
信號理論認為,股利政策是公司傳遞內部信息的一個有效信號。The stock market in our country is influenced greatly by policy ; individual investors are in a great proportion in this market ; the exchange rate and p / e of stocks are comparatively much higher ; information asymmetry is also very serious. for the reasons mentioned above, the modern finance theory which is based on emh is not a appropriate tool to analyze this market
對於我國這樣一個素有「政策市」之稱,投資者中個人投資者占絕大多數比重,有著較高換手率和市盈率,且信息嚴重不對稱的新興股票市場,用基於投資者完全理性和有效市場假設的主流金融理論去研究並不是很合適。On base of this theory, dividend policy is better than accounting profits for the signaling the comparatively real value of company to us
根據信號傳遞理論,股利政策傳遞了會計利潤所不能傳達的信息,股利政策能較為真實的反映一個公司的價值。From the angle of theory, first, this paper has introduced the main theories of dividend policy in the west, then from the angle of information economics, the author illustrated how to understand dividend policy under agent cost theory. and analyzed the conflicts between the parties involving the dividend making
理論方面,本文首先按股利政策理論的發展沿革介紹了西方股利政策的主要理論,接著文章從信息經濟學的角度引出了股利政策的代理理論,詳細介紹了從代理理論的視角如何看待股利政策,分析了在股利分配中各個利益主體之間存在哪些沖突,以及他們之間的利益博弈是如何影響股利政策的。After explaining the basic principle of signaling theory, this article tests the information content of two kinds of dividends by regression analysis
本文在闡述了信號理論的基本原理后,運用回歸法檢驗兩種股利政策的信息內涵。What information do the two kinds of dividends contain on earth
兩種股利政策究竟含有何信息分享友人