capital dividend 中文意思是什麼
capital dividend
解釋
資本股利-
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 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。 -
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。 -
Actually, there was a lot of discussion today regarding various different types of taxes. new taxes for example capital gain tax, progressive tax or dividend tax and indeed they have raised a number of questions as well as concern about the gst
另外，社會與議員都就各種建議，譬如累進稅資產增值稅股息稅，或者對于商品及服務稅有些甚麼憂慮有些甚麼疑慮等，其實正好表示了這個事項是有繼續討論的需要。 -
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。 -
The average dividend yield on the american market between 1926 and 1950 was 5. 5 %, according to barclays capital
據巴萊克銀行統計， 1926至1950年間美國市場平均股息收益率為5 . 5 % 。 -
On the base of analyzing securities inner value, price of securities is compared with inner value by p / e and capital / dividend. market efficiency is analyzed by emh as well as the relation between price tendency of securities and that of macro - economy by the ratio of growth rate of stock ' s total value to that of nominal gdp
在分析證券資產內在價值的基礎上，用市盈率法和本利比法分析了證券市場價格偏離價值的程度，用有效市場理論分析了中國證券市場的有效性，用股票市值增長率/名義gdp增長率比值分析了市場價格走勢與宏觀經濟走勢的關系。 -
Stock dividend and stock split differ in that stock dividend shifts an amount from retained earnings to paid - in capital, leaving the par value per share unchanged while a stock split affects no account balances whatsoever
股票股利和股票分割的差別在於：股票股利將留存收益的金額轉移到繳入資本之中，每股面值不變，而股票分割並不影響帳戶余額。 -
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。 -
On the prompting ways and realistic choice to the dividend rights of manpower capital in the enterprises of our country
我國企業人力資本股權激勵方式及其現實選擇 -
The two categories have different directions. the dividend based on traditional finance is based on efficient market hypothesis. the dividend based on behavioral finance lead the psychology into the theory to explain the dividend policy 。 the dividend policy based on emh ( the efficient markets hypothesis ) face puzzle : 1 dollar cash dividend has no difference with 1dollar capital gain, in fact the investor pay no attention to the listed firms which do not distribute dividend. why so many listed firms make the decision to distribute dividend even cash dividend is taxed by 20 % and stock dividend is exemption from tax. why the price of the stock rise when the company make the decision to distribute dividend. the dividend policy based on emh do not rationally explain the puzzle of dividend
通過尋求西方傳統和現代股利理論的研究軌跡，本文認為公司股利理論體系可以劃分為基於標準金融學的股利理論和基於行為金融學的股利理論兩大類。兩者的研究出發點和研究角度各有不同。標準金融學的股利政策理論是建立在有效市場假說和理性經濟人基礎之上的，而股利行為理論則引入社會學和心理學等學科的研究成果來闡釋和論證股利政策，從微觀個體的行為以及產生該行為的更深層次心理、社會動機來解釋、研究和預測個體心理決策程序對股利政策的影響以及如何運用心理學和金融原理來改善決策行為。 -
Part 3 is the empirical analysis to the influencing factor of listed company ' s capital structure in china, specifically with spss software and main composition analysis method, it correlated dividend policy, income tax, equity structure, non liability tax shield and income variation level of company, company growth, company ' s profit ability, asset structure, company ' s scale with capital structure ( the contents embrace btdr, bldr, bsdr ), we make the conclusion as follows : comparing with the research result of influencing factor of the company ' s capital structure of the developed country, the influencing factors of the listed company ' s capital structure in china have partial similarnesses
第三部分中國上市公司資本結構的影響因素分析這部分是本文的重點之一，具體是採用spss11 . 5軟體，用主成分分析法與多元回歸分析，對公司的股利政策、所得稅、股權結構、非負債稅盾、收入變異程度、公司的成長性、公司盈利能力、資產結構、公司規模與代表資本結構的變量（ btdr ， bldr ， bsdr ）作相關研究，結果是：和發達國家公司資本結構的影響因素研究結果相比較，我國上市公司資本結構的影響因素存在部分相似性。 -
The deeming provisions will not impose any new tax and will not be invoked in respect of offshore profits, capital gains or dividend income, which are and will remain tax - exempt in hong kong
推定條文不會帶來任何新的稅務負擔，亦並非向海外利潤資本性收益或股息收入徵稅。這些收入現時均獲豁免繳稅，將來亦不會改變。 -
Hong kong has one of the world s most active and liquid securities markets. there is neither control over capital movements nor capital gains or dividend income tax
香港擁有全球最活躍及流動性最高的證券市場之一，對資金流動不設限制，也沒有資本增值稅或股息稅。 -
All of the company law take various measures to prevent watered stock in order to realize the maintenance of company ' s capital when the company is established. meanwhile, the distribution system about dividend and bonus and the relating system of company getting its own shares are discussed mainly in the maintenance of capital after company ' s working. though there are different distribution regulations about dividend and bonus, their aims are all to make balance between the interest of shareholders and creditors
公司設立時為實現公司資本的充實，各國公司法都禁止股票折價階；大陸法系國家制定了嚴格的出資財產評估與審核制度，而英美法系則通過制定法中的原則性規定以及發達的司法判例賊份對價的充分性進行判斷；發起人的資本充實責任對確保公司資本的充實跪重要的作用，一伽括認購擔保責任、繳納邯責任和價格填補責任等。 -
There are many problems in dividend distribution of listed companies in china : an obvious tendency of abusing dividend signal, dividend policy being discontinuous and unstable, a general phenomenon to distribute little and non - distribution. dividend plan is often accompanied by capital stock expansion such as share allocation and capitalization of share premium. list company usually mistakes allocation dividend distribution, highly encloses money under the pretence of it
目前，我國上市公司股利分配存在的問題主要包括：上市公司濫用股利信號，股利政策缺乏連續性和穩定性；上市公司存在不分配或少分配股利現象；股利分配方案往往伴隨著配股，轉增資本等股本擴張行為；誤將配股作為股利分配，以此為幌子大把圈錢；違反同股同權、同股同利的原則，有失公平；股權結構的差異和股本規模的不同形成股利分配的差異，等等。 -
According to financial environment of the enterprise, consequently, the process of reaching the optimal asset and capital structure includes both short - term adjustment and long - term one ; to dividend policy, the paper focuses on the analysis of dynamic optimization of cash dividend strategy. enterprise financial strategy is composed of investment strategy, financing strategy and dividend policy strategy
企業實現其投資戰略實際是一個調整並保持現有資產結構達到最優資產結構的過程；而企業籌資戰略則是企業追求適應環境要求的最佳資本結構的過程，企業最優資產結構和資本結構的實現均包括短期調整和長期調整；股利政策戰略中，本文重點分析現金股利戰略的動態優化。 -
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 paper testifies the conclusion on the basis of general descriptive statistics and classified comparison of capital structure and dividend distribution of the listed company
並在對我國上市公司股權結構與股利分配的總體描述及分類統計比較的基礎上對上述結論進行了比較和求證。 -
The paper focuses on the two questions much concerned on the chinese stock market, that is, the dividend policy and the capital structure of listed companies. combining the present theoretical development as well as the practice, the paper defines the dividend policy as the result of the cooperation and the competitive negotiation among different interest entities. it also points out that the capital structure is the key element to decide the competitive power, of which quantity and quality lead to the discrepancy of the distribution level
本文從目前在中國證券市場上被各界廣泛關注的兩個焦點問題? ?上市公司的股利分配和股權結構的關系入手，結合當前理論發展趨勢以及各國實踐，將股利政策定義為不同利益主體的合作與競爭性談判結果，而股權結構是決定各主體競爭實力的關鍵要素，其量和質兩個維度的共同作用決定了現實世界股利支付水平的差異。
分享友人