股利

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)的经典论文指出公司的资本结构政策和股利政策均与公司的价值无关。

Income from securities and other nonbusiness invest－ ments﹔such as DIVIDENDS, OPTION PREMIUNS, income from a ROYALTY or ANNU－ ITY,and CAPITAL GAINS on stocks,bonds,options,futures, and precious metals.

来自证券和其它非营业性投资的收入，诸如股利、利息、期权溢价、版税或年金收入，以及股票、债券、期权、期货和贵金属的资本增值。

Liabilities: short-term loan, tradable financial liability, employ compensation payable, taxes and dues payable, interest payable, dividend payable, non-current liabilities due within one year/current portion of non-current debt, accounts payable, note payable, unearned revenue/advances from customers, long-term loan, long-term payables, bonds payable, etc.

负债：短期贷款，交易性金融负债，应付职工薪酬，应付税费，应付利息，应付股利，一年内到期的非流其他应收款包括动性负债，应付账款，应付票据，预收账款，长期贷款，长期应付款，应付债券，等

Assets: cash, tradable financial assets, note receivable, accounts receivable （provision for bad/doubtful debts）, prepaid accounts/prepayments/advances to suppliers, dividend receivable, interest receivable, other receivables, inventory; available-for-sale financial assets, hold-to-maturity investment, long-term accounts/note receivable, long-term equity investment, fixed assets （accumulated depreciation, impairment of fixed assets）, disposal of fixed assets, construction-in-process, intangible assets （accumulated amortization, impairment）, investment real estate, development expenditure, goodwill, deferred income tax assets, etc.

资产：货币资金，交易性金融资产，应收票据，应收账款，预付账款，应收股利，应收利息，其他应收款，存货，可供出售金融资产，持有至到期投资，长期应收账款/票据，长期权益投资，固定资产（累计折旧，固定资产减值），固定资产清理，在建工程，无形资产，投资性房地产，开发支出，商誉，递延所得税资产，等

Policy, and from the effects of the theory of objective research and analysis.

从这个意义上说，股利政策又理所当然地成为证券理论界研究的重要内容。

Declared a 10% stock dividend consisting of 10 shares of $5 par value common stock, market price $2 per share.

宣布10％的股票股利，即10股面值5美元的普通股，市价每股2美元，于7月l日分配，6月2日登记。

Assume that before declaration of a 10% stock dividend there are 2,000 shares of $50 par value common stock outstanding and the shares are being sold at a market price of $70 per share.

假设在宣布10％股票股利前，实发的面值为$50的普通股共2，000股，这些股票当时正按市场价格每股$70出售。

As far as stock dividend and paid-in capital in excess of par value transferring into capital stock is concerned, the stock dividend and paid-in capital in excess of par value transferring into capital stock of listed companies in China is usually welcomed by float shareholders, whereas non-float share is not preferred at all.

由于我国证监会对配股资格作出了严格规定，很多公司在正常经营业绩无法达到配股资格的情况下，往往通过支付现金股利这一捷径来达到配股及格线，不过，随着2003年《资产负债表日后事项》会计准则的完善，这一捷径已被切断。

From the taxpayer's point of view, itmight make sense to limit dividend payments to other shareholdersuntil the government's preference shares have been paid off.

在纳税人看来，只有在清偿了政府的优先股之后，将股利发放给其他股东也许才是合理的。

For example, the dividends on Citigroup's government preference shares can be deferred but not cancelled, unlike those on common stock.

比如说，对政府持有的花旗银行优先股股利的发放可以延迟，但是却不能取消发放。而普通股就不一样。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。