股利

It not only is an allocation of corporate profits, but also relates to corporate investment decision, capital structure and the price of a stock .So, it is important to make an advisable dividend policy. But dividend policy is viewed as "dividend puzzle".

这就使得制定一个合理有效的股利分配政策对公司而言十分重要，尤其是象在中国这样一个处于转型期经济的国家，股市还是个不十分成熟的市场，市场效率性较弱，投资者不会特意地分析公司的股利政策，股利政策没有发挥应有的传递功能。

In our country, cash dividend and stock dividend are the most main dividend payment form.

在我国，最主要的股利支付形式式现金股利和股票股利。

With the development of the stock market and the growth of listed companies in China, it is becoming increasingly important to research on the listed company, including dividend policy, and cash dividend is one of the very important styles.

随着中国证券市场的发展和上市公司的壮大，对上市公司的研究日显重要，其中包括对股利政策的研究，而现金股利分配又是股利政策非常重要的一种形式。

This research sums up occidental dividend policy theories and uses them for reference, makes positive study from the angle of listed company, aims at providing beneficial reference for the consummating of dividend policy theories and the developing of dividend policy practice and capital market in our country.

本文研究归纳和借鉴西方股利政策理论，从上市公司的角度展开实证研究，旨在为股利政策理论的完善和我国股利政策实务及资本市场的发展提供有益指导。

It chooses the logit probability unit of allocation cash dividend as the substitute variable of allocation inclination, the ratio of ownership to control rights, the properties of the controlling shareholders and the character of group controlling as the substitute variables of the controlling shareholders' characteristics. Based on these variables, the regression model is established.

在股利分配倾向研究中，本文采用Logistic回归分析方法，以是否分配现金股利的logit概率单位作为股利分配倾向的替代变量，以所有权／控制权比例、控股股东性质和集团控制性质作为控股股东特征的替代变量，并加入其他影响因素构建回归模型进行分析。

Dividend signaling effects do not have more significant impact on earlier issues. And later issues conducted by issuing firms with unchanged dividends outperform other subsample.

对较先发生的现金增资而言，股利的信号效果并没有明显效果，对於进行多次现增的公司来说，同时维持股利的公司股价表现反而明显高於未发放股利的公司。

We hold most of existing research literature orientates their angle to announcement effect of dividend, which determine its existence of signaling effect through computing CAR around the day of dividend announcement.

我们认为，我国现有的研究股利信号传递效应的文献，大多将研究视角局限于股利的宣告效应上，通过计算股利公告日前后股票的超额收益，以超额收益率是否显著来判断信号传递效应是否存在。

The article will appear on the market through simultaneous equations model policy of company cash dividend and capital embezzlement union rise consideration, discovery is state-owned accuse the cash dividend level that the company grants is advanced and first-order state-owned legal person accuses paragraph of highest; company, the level that cash dividend extends is in hind two level are top, but capital is accused by the legal person of society of degree lowest; of embezzlement a partner is manual operated to the preference of cash dividend and state-owned law a partner as good as, but its accuse company capital by the degree of embezzlement most serious; is state-owned accuse company, its capital is uprighted by the degree of embezzlement between both.

本文通过联立方程模型将上市公司现金股利政策与资金侵占结合起来考虑，发现国有控股的公司发放的现金股利水平在前一阶段最高；国有法人控股的公司，现金股利发放的水平在后两阶段最高，但资金被侵占的程度最低；社会法人控股股东对现金股利的偏好与国有法人控股股东无异，但其控股的公司资金被侵占的程度最为严重；国有股控股的公司，其资金被侵占的程度介于二者之间。

In this research, we find dividend policy is indeed influenced by the change of the decree. That means the law has the direct effects on the companies, which means a sturdy financial system is urgency right now.

本研究中发现股利政策，的确受到政策法令更动的影响，因此在2001年之后政府强制规定股利的发放，淢少公积配股之后，股利政策也就更能带来公司未来营运绩效的讯息效果。

All these have resulted in the structural weaknesses of China's securities market since its inception. The same structural problems can also be found in a company's dividends policy, which range from substandard distribution practices to a lack of consistency in the timing and levels of dividends payment. In 2005, the stock market regulator started to tackle the structural ills of China's securities market and an increasing number of non-tradable shares have been made tradable.

这种同股不同权的问题，是导致我国股票市场发展不完全的关键，反映在上市公司的股利分配上就出现了分配政策不规范、股利支付水平和支付时间随意性较大、股利分配形式繁多、股利政策不稳定等问题。2005年我国证券市场具有划时代意义的股权分置改革全面进行，困扰我国证券市场发展的股权分置问题将得到解决，整个证券市场也将逐步踏上市场化的轨道。

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。