股利

This article places emphasis on the following issue: What effect the diversity of organization forms with the background of 'one holding shareholder being Dominative' has brought to the cash dividend polices of listed companies.

这种&一股独大&背景下的大股东组织形式的多样性会对上市公司的现金股利政策产生什么样的影响，是本文主要关注的问题，对它的研究可以剖析公司治理机制中的深层次问题。

Moreover, we examine how the agency cost between managers and liquid shareholders is affected by nonliquid shares and stateowned shares, which we believed to exist only in Chinese Market. Through the same method of event study, we find a symmetric effect regardless of the proportion of nonliquid shares, and this shows that the proportion of nonliquid shares is not a factor of conflicts between managers and liquid shareholders. As for the sub-sample with stateowned shares, there is a larger positive price impact for firms with high proportion of stateowned shares, which tells us that the stateowned shares do raise the problem of "absence of the owner", and it is a part of agency cost in China.

我们进一步检验了国内特殊存在的非流通股以及国有股对于管理层与流通股东之间代理成本的影响，通过同样的事件研究方法对上述样本进行市场宣告反应检验，结果发现非流通股比例不同的公司其市场反应并无显著差异，说明非流通股的存在对管理层与流通股东之间的代理问题没有影响；而国有股比例不同的公司其市场宣告反应存在显著差异，这说明国有股产生的&所有者缺位&问题成为国内代理成本的一部分，并确实影响了现金股利的发放。

Participation: After the payment of the Liquidation Preference to the holders of the Series A Preferred, the remaining assets shall be distributed ratably to the holders of the Common Stock and the Series A Preferred on a common equivalent basis; provided that the holders of Series A Preferred will stop participating once they have received a total liquidation amount per share equal to times the Original Purchase Price, plus any declared but unpaid dividends.

参与权：在支付给A系列优先股股东清算优先权回报之后，剩余资产由普通股股东与A系列优先股股东按相当于转换后股份比例进行分配；但A系列优先股股东一旦其获得的回报达到倍于原始购买价格以及宣布但尚未发放的股利，将停止参与分配。

The main cash outflows included in this category are cash payments to stockholders as dividends, to redeem borrowing and reacquire capital stock.

筹资活动产生的现金流出主要包括作为股利向股东支付的现金、偿还借款和赎回股票所支付的现金。

The main cash outflows included in this category are cash payments to stock holders as dividends, to redeem borrowing and reacquire capital stock .

筹资活动产生的现金流出主要包括作为股利向股东支付的现金、偿还借款和赎回股票所支付的现金。

The ma in cash outflows in cluded in this category are cash payments to stockholders as dividends, to redeem borrow in g and reacquire capital stock.

筹资活动产生的现金流出主要包括作为股利向股东支付的现金、偿还借款和赎回股票所支付的现金。

The cause is that is very difficult to predict the stock market future cash dividends and to choice the riskless interest rate reasonably.

这是因为在合理预报股市未来现金股利大小和选择无风险利率时遇到了困难。

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

Article 8After the balance sheet date, the profits or dividends to be distributed and declared to be distributed upon deliberation and approval under the profit distribution plan of an enterprise shall not be recognized as a liability on the balance sheet date, but shall be separately disclosed in the notes.

第八条资产负债表日后，企业利润分配方案中拟分配的以及经审议批准宣告发放的股利或利润，不确认为资产负债表日负债，但应当在附注中单独披露。

Are there any significant bond covenants that you know of on the firm's dividend policy?

是否有任何显著的债券公约，您知道的关於该公司的股利政策呢？

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。