股利

Differenced from the previous studies,the new features in this paper are :to control for the impact on stock price of dividend policy that is issued with audit opinion at the same time;to seperate samples by each year and type of audit opinion;set the normal study windows and abnormal study windows.

与以前的研究工作相比，本文的研究特色为：考虑剔除与审计意见一同发布的股利分配预案对股价的影响；对研究样本数据进行分年度、分审计意见类型研究；采用常规研究窗口和非常规研究窗口相结合的方法。

Large shareholder expropriates through equity financing,cash dividends,assets transactions and mortgages.

大股东通过股权融资、占用资金、现金股利、资产交易、担保等多种方式攫取利益。

This paper testified theoretically and checked the characteristic that the cash dividend has the expropriating benefits.

从理论上证明并检验了我国现金股利政策带有大股东侵占小股东利益的性质。

About $10 million. Our holding now garners $7 million a year individends and is worth over $400 million. At the time of our

元的股利，而持有股票的市值已超过4亿美元，当初在决定买进该公司的股份

Also the conclusion of this paper will give some help to the investors and monitors.

本研究的结论将会有助于对上市公司的股利政策的进一步认识，同时也有助于监管法制体系措施的健全和完善。

Reason 1 Over the past 75 years stock prices in the United States have outpaced dividend payments.

理由1过去的75年间美国股票的价格超过了股利的支付额。

For many firms dividend cuts are an unpleasant task that should not be shirked.

对公司来说，削减股利是不可为而为之的事情。

For many firms dividend cuts are an unpleasant task that should not be shirked.

对于很多公司来说，削减股利都是个难以接受但又不得不做的工作。

Article X, listed companies may not be implemented within 30 days to buy back in cash dividends during the repurchase financing shall not be issued shares.

第十条，上市公司可能无法实现30天内购买回现金股利，在回购资金不得发行股份。

Research indicates that the proportion of stock which the third big shareholder holds have positive relevance to ultra ability paying cash dividends of the listed companies,negative relevance to scale of the board of supervisors,asset debt ration and net asset income rate.

伍丽娜(2003)[1]通过logistic回归模型进行实证研究表明：公司股本规模越小、流通股所占比例越高、大股东中证券投资基金越多、上市公司净资产收益率越接近配股达标线区间(6%，7%)，上市公司的上市年限越短、上市公司当年如果没有发放股票股利或进行股票转增，越容易发生&异常高派现&。

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。