股利

If the cash dividend remittance fails, we will mail the check to shareholders instead.

若现金股利汇款无法入帐，本公司将改以邮寄支票方式发放。

In this paper, Iadopt statistics test, such as Wilcoxon, Sign and Paired-Samples T Test, to prove hypothesis : companies whose ROE are at the edge of collecting money demand will dispatch cash dividend in order to adjust ROE, making it meet collecting money demand, point out the nature of dividend policy in China is collecting money as well.

用实证研究方法，Wilcoxon、Sign和Paired Samples Test检验证明了假设&在融资要求边缘公司会利用派现，调整净资产收益率，达到融资要求&，指出我国属于融资式的股利政策。

Property rights sometimes refer to an integrated property system, which is composed of a bunch of droits; sometimes to a single property right.

如股份有限公司股东的所有权就体现为股权，股权又可派生出股票转让权、股利分配权、剩余资产索取权等，这些都是股东的产权。

A stock price ex dividend .

固定股息之外另发的股利。

Futian Automobile implement interim dividend payable in 2008: for every 10 shares for the delivery of cash dividends of 1.8 yuan.

600166福田汽车实施2008年中期股息支付：为的1.8元（含税交货的现金股利每10股在内）。

The so-called "days", referring to the Securities and Futures Commission announced "a listed company on amending certain provisions of the cash dividend provision" to require the listed companies,"the last three years, the cumulative distribution of cash profits of not less than last three year could be allocated an annual average of 30 percent profit "and" a listed company can conduct an interim cash dividend."

所谓的&天&，指的是证券及期货事务监察委员会宣布，&关于修改的现金股利规定&的部分条款，要求上市公司的上市公司，&在过去3年来，累计在去年的不超过3年减现金利润分配的可分配百分之三十的年平均利润&和&上市公司可以进行中期现金分红。&

But there's also a powerful financial reason behind the preference, and that has to do with taxes. The tax code makes Berkshire's owning 80% or more of a business far more profitable for us, proportionately, than our owning a smaller share. When a company we own all of earns $1 million after tax, the entire amount inures to our benefit. If the $1 million is upstreamed to Berkshire, we owe no tax on the dividend. And, if the earnings are retained and we were to sell the subsidiary - not likely at Berkshire!- for $1 million more than we paid for it, we would owe no capital gains tax. That's because our "tax cost" upon sale would include both what we paid for the business and all earnings it subsequently retained.

当然除此之外还有一个重大的财务理由，而且是跟税负有关，根据税法规定，持有80%以上的股权比起拥有少数股权对Berkshire要有利的多，当一家完全由我们持有的公司税后赚了100万美元，这笔钱将全数纳到我们的口袋里，Berkshire不会因为收到股利而被课任何的税，而且如果我们将盈余全数保留，之后再把这家子公司出售-当然Berkshire是不可能做这样的事，那么就算之后的卖价超过100万美元，我们也不必为此支付任何的资本利得税，原因在于我们在税法上的成本包含我们先前买下该公司的成本以及以后年度保留的所有盈余。

Over the years, we've been Woody-like in our thinking, attempting to increase our marketable investments in wonderful businesses, while simultaneously trying to buy similar businesses in their entirety. The following table illustrates our progress on both fronts. In the tabulation, we show the marketable securities owned per share of Berkshire at ten-year intervals. A second column lists our per-share operating earnings (before taxes and purchase-price adjustments but after interest and corporate overhead) from all other activities. In other words, the second column shows what we earned excluding the dividends, interest and capital gains that we realized from investments. Purchase-price accounting adjustments are ignored for reasons we have explained at length in previous reports and which, as an act of mercy, we won't repeat. We'll be glad to send masochists the earlier explanations, however.

多年来，我们的看法一直与伍迪一致，在努力增加我们非凡企业的投资部位的同时，也试着买下一些同样优秀企业的全部所有权，下表充分显示了我们在这两方面的进展，表中列示出在十年间Berkshire每股所拥有的股票价值以及每股在扣除利息与营业费用之后来自其它活动的营业利益(但未扣除所得税与购买法会计调整数)，换言之，后者所代表的是在扣除我们从股票投资所得的股利、利息收入与资本利得之后的盈余收益，至于购买法会计调整数不列入的原因，在以前的年报中，我们已经花了相当的篇幅解释过了，在这个地方我们就不再重复了，当然如果你有被虐待的倾向的话，我们也不介意再复述一次。

The specters of saturation and competition rise before him. Yes, competition there was in 1938 and in 1993 as well. But it's worth noting that in 1938 The Coca-Cola Co.

的投资人(含将所收到的股利再投资)，到了 1938 年可获得 3，277 美元，但是若是在 1938 年重新以 40 美元投资可口可乐股票，时至 1993 年底，还是照样可以成长到 25，000 美元。

You become part owner in the corporation and receive a portion of the profits as dividends.

将你的钱投资到特别股或普通股票，你变成公司的股东并且会收到股利

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。