dividend policy 中文意思是什麼
dividend policy
解釋
分紅政策-
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。 -
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。 -
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。 -
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。 -
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。 -
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。 -
The dividend policy helps to improve the governance
股利政策在改進過程中具有其推進作用。 -
The last section is concerned with tax effect on dividend policy
論文的最後一章探討公司股利抉策的稅收效應。 -
These are clues to the firm's ability to pay dividends and subsequent dividend policy.
這些是有關企業支付股利的能力及嗣後的股利政策的線索。 -
Dividend policy reflect interests relationship among the company, shareholders, creditors, senior managers, employee, etc. the company, regarding as the ties of interest relation in the interest subject, need to keep reserves high to meet the demands of reproduction enlarged. to the creditor, the company must keep reserves to increase the enterprise profit ability to promise the repayment
公司股利分配政策反映了公司、股東、債權人、公司管理者等各利益相關主體之間的利益分配關系。對于作為聯結各利益主體之間利益關系的紐帶? ?公司來說，公司既需要收益留存、增加積累、滿足擴大再生產的需要；又要滿足投資者的需求，為其未來資金籌集提供來源。相對于債權人而言，需要公司將收益留存、增加企業盈利能力，滿足其本金償還的需要。 -
Since the listing of the group, market practitioners have already accepted and recognized the group s unique business model. in addition, the company s performances and dividend policy in 2004 and the first half of 2005, plus analysts reports on the group s business, have strengthened investors confidence in the group.
且集團上市以來，市場人士對集團之獨特經營模式已逐漸認識及接受，集團二零零四年全年及二零零年上半年之業績及派息政策，加上若干專業投資分析報告對集團業務之介紹及分析都有助於加強投資者對集團業務發展之信心。 -
Dividend policy is the strategy adopted by the company on market to dispose rationally from the post - taxation interests into the ptofrts given to the stockholders and the retained earnings. it ' s an extension of the activities of the company to raise and invest money. what more, viewing form its effect on market and economy, dividend policy which is acting as a mirror of the operations and achievements of the company, may not only influence the image of the company, but also cause the fluctuation of its stock price
股利政策是上市公司將稅后收益在股東所得股利和留存盈利之間合理配置的策略，它不僅是上市公司籌資、投資等活動的延續，而且從股利政策的市場效應和經濟影響來看，股利政策作為公司經營行為和經營業績的反映與折射，不僅會影響公司的形象，還會引起公司股票價格的異常波動。
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