股利決策 的英文怎麼說
中文拼音 [gǔlìjuécè]
股利決策
英文
dividend decision-
Through the analysis contrapose to the reason which causes the problem and commercial banks governing structure in different families of law, the article poses out ; establishing wide administrating right to corporation affairs by directorate, avoiding that state - owned stock holders intervene decision - making in the bank, reinforcing the benefit protection of stock - holders and others who are related to it, paying more attention to remold with commercial state banks board of supervisors by enlarging its authority, and perfecting its financial supervising and strengthen promoting system etc
通過對產生問題的原因和對兩大法系商業銀行治理結構的分析，本文提出：確立董事會對公司事務廣泛的管理權，防止國有控制股東干預銀行經營決策；加強對股東及利益相關者的利益保護；採取擴大監事會職權，完善監事會的財務監督和加強激勵機制等手段著重改造國有商業銀行的監事會。It doesn ’ t only meet the need of the shareholders who are controlling the corporation indeed, but also protect the dissentient shareholders, who are helpless in self - protection and want to get their money back legally, the system of the appraisal right of dissentient shareholders is the final protection
為了適應經濟發展，追求決策效率， 「資本多數決原則」成為公司法的普遍原則。然而在缺乏有效的監督和制衡機制的情況下，多數股東往往濫用控制地位，侵害中小股東利益。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。Further more, the article will describe the differences of corporate governance between our country and abroad. according to my research, it will utilise the steps to consummate the corporate governance. the property right among director board, supervisor board and management will be allocated clearly ; consolidate the function of independent directors and supervise system ; protect the share holders and launch outside supervise mechanism ; manager system ; set up a stimulating system to guarantee these three parts can operate appropriately
本文認為，不斷完善法人治理結構可以通過下列途徑來實現，首先，通過明晰產權，強化獨立董事制度，強化董事會、監事會的監督、制衡和決策作用來確保三會之間權責明確、互相制約；其次，通過確保股東利益，建立完善外部治理環境，經理人制度，有效的激勵約束機制來確保企業管理中法人治理結構能夠有效的運行。Faced with this situation, in the corporate governance structure of the west introduced the system of independent directors china ' s listed companies since august 21, 2001, the china securities regulatory commission promulgated the " on the establishment of independent directors of listed companies in the guidance system ", marks the beginning of our independent directors in listed companies to implement the system. 。 introduction of the system of independent directors of listed companies, mainly in view of the existence of our company ' s management structure is too centralized, decentralized and public shareholders too weak force ; control of the controlling shareholders, led to the independence is not strong, decision - making, oversight functions properly ; the board of supervisors fail to controlling shareholders, supervision of the board of serious adverse internal control phenomenon
獨立董事是英美公司治理模式的特色制度，其在制衡控股股東或內部人的控制權濫用，捍衛董事會的獨立性，促進公司可持續發展以及保障股東整體利益等方面卓有成效。獨立董事制度已經實施多年，獨立董事已經擺脫當年設立時勢單力薄的劣勢，在現階段能對上市公司進行有力的決策干預，其干預的成效如何，本文用實證的觀點去看待獨立董事制度對中國上市公司盈餘方面的影響，從而揭示獨立董事制度發展多年以來的成效，並根據時代發展，提出需要改進的地方No allotment subjects that are of shareholding relationship with the issuer or its co - sponsors ( lead underwriters ) or other material interest relationship that may influence their independent investment decision - makings and no member of the underwriting syndicate of this offering may participate in the offline subscription
與發行人或聯席保薦人（主承銷商）之間存在控股關系，或存在影響其做出獨立投資決策的其他重大利害關系的配售對象以及本次發行的承銷團成員不得參與本次網下申購。The paper point out that the most important risk is the redeem risk in the management of the open - ended fund, so the fund manager can reply on the management of redeem risk to the liquidity risk. according to the specialty management in the liquidity risk of the open - ended fund, there are three aspects : the first is that the fund holder structure problem ; the second is the restriction of the fund investment object and the problem assets assignment
然後利用我國開放式基金的數據，通過granger因果關系檢驗得出了股票指數對開放式基金贖回風險有顯著影響的結論;由此構建出開放式基金的贖回資金量函數和流入資金量函數，並且得出相應的留存現金的決策模型和應對贖回風險的策略，並指出基金經理可以通過資產和負債兩個角度來對開放式基金進行流動性風險的管理。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。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。But from the birth of the share market, the distributions of the dividends in public corporations have its special features. these features determine that the research of the dividends policies in china cannot follow the western theory of the dividends policies
但是，我國上市公司的股利分配從一開始就具有股票股利多、轉增資本多、不分配現象多的特色，這就決定研究中國上市公司股利政策的研究不能照搬西方的股利理論。Following reasons lead to the improper cash dividend policy : the equity structure dominated by a shareholder makes the manager and dominating shareholder have incentives for controlling dividend policy ; the bank system which is in weak position in governance structure lacks of governing ability ; inefficiency stock market cannot provide ‘ hard constraints ’ for external governance
本文指出，導致現金股利政策的決定不科學的原因有以下:一股獨大的股權結構導致上市公司經理人和大股東具有操縱現金股利的動機;銀行處于相對弱勢的地位，其對上市公司缺乏治理能力;並非有效的證券市場無法提供外部治理的硬約束。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。This course introduces the theory of corporate finance and the application of this theory to realistic problems in corporate financial management
公司財務包括投資決策、籌資決策、股利決策和營運資本決策等內容，是關于資產配置、融資和資產管理決策的一門學科。Firstly, i probe into the nature of the corporate dividend policy. then, how the corporate income taxes, personal income tax and capital gains tax affect the corporate dividend policy are considered interactively in the study. a general equilibrium model about tax effect on the corporate dividend policy is constructed at the end of this section
首先在深入分析股利政策實質的基礎上，界定了股利政策的內涵，接著研究公司所得稅、個人所得稅和資本利得稅對公司股利政策的影響，最後建立了公司股利決策稅收效應的一般均衡模型。Consideration listed company ' s goal, governance, management behavior, distribution motivation ; it sets up a dividend model of making decision under the goal function and restriction condition
本文將上市公司目標、公司治理結構、管理主導模式、股利政策制訂的影響因素結合起來，研究上市公司股利決策的目標函數及約束條件，建立股利決策模型。The difference of ownership structure and the scale of capital stock form the differentia of dividend distribution. the above problems caused the following elements : the abnormal stock market, the immature market, the government interference and organization investors displacement, is the main reason to fluctuate running stock market. ownership centralized too excessively to shape the effective corporate governance structure
產生這些問題的原因主要是：股市運行不規范，市場不成熟，政府干預過多；機構投資者錯位，是造成股市波動的重要原因；股權過于集中，難以形成有效的公司治理結構；過分強調籌資功能，企業忽視轉機建制工作；股利政策不科學、不理性，股利決策帶有很大的隨意性、盲目性。This is the main part of the thesis, the optimizing process of capital structure is classifies into three steps : the financing scheme is feasible or not ; effect of financial lever profit and financial risk ; the realization of the greatest value of enterprise and lowest wacc, which provide an effective analytical instrument for studying our country ' s enterprise capital structure
這部分是本文的重點所在，通常，企業融資結構的優化分三個步驟，即融資方案是否有利、財務杠桿利益和財務風險的影響、實現企業價值最大化和wacc最低。這個優化分析的通用方法為研究我國企業融資結構問題提供了一個有效的實證分析工具。第四部分：企業融資結構的決定因素及股利政策對企業價值的影響。Last, the paper analyses that corporate governance influence the financial target, investment policy and dividend policy etc. and renders perfect corporate governance structure is the key to work out accurate financial decision - making
最後，分析了公司治理結構對企業財務目標、資本結構、投資政策、股利政策的影響，指出健全的公司治理結構是作出正確財務決策的關鍵。Meanwhile, on the basis of financial report, it analyses the situation and forecasts the possible financial results in the future. section four analyzes how vanke decide dividend policy, which is the emphasis of the thesis
對其股利政策與中國上市公司的共性與差異作研究分析，並提出自己的觀點，以期能在上市公司股利決策方面提出一些較具參考價值的建議。In the context of an efficient stock exchange, the adoption of a highly profitable investment would spur the stock surge. a scientific financial decision is mainly charaterized by the fact it can put into full play all the traits that helps maximize the enterprise value, and dispose of all the possible negatives to a maximum extent
如在融資決策中，採用有利的融資方式，選擇合理的融資時機，確定科學的融資組合等，在很大程度上都取決于投資決策的性質和特點；股利決策也應與企業投資決策以及融資決策相適應。分享友人