股利

Where cash dividend that is declared to be distributed but not received or interest on bonds due but not received is include, the amount should be determined according to the book value of the debt, less the dividend or interest receivable and plus any tax payments.

如果所接受的短期投资中含有已宣告但尚未领取的现金股利，或已到付息期但尚未领取的债券利息，按应收债权的账面价值减去应收股利或应收利息，加上应支付的相关税费后的余额，作为短期投资成本。

The entry to record receipt of a cash dividend consists of a debit to cash and a credit to Dividend Revenue.

收到现金股利时所作的分录是：借记现金，贷记股利收入。

Based on this, the author does a quantitative analysis on the distribution of cash dividend in current Chinese public companies.

本部分首先对西方股利政策理论进行回顾，对中西方现金股利支付相关研究进行总结。

In line with theory on agency cost of dividend, a high rate of dividend payment could make the manager disgorge extra free cash flow, thus reducing the agency cost of free cash flow.

股利代理成本理论认为，较高的股利支付水平可以迫使经理人"吐出"自由现金流，从而降低企业自由现金流代理成本。

"Securities and Futures Commission to further improve the listed companies to apply for the refinancing of listed companies when the cash dividend of standards, from less than in the past three years to achieve average annual distributable profits of 20% to 30%, and the limit on cash dividends Way."

"证券及期货事务监察委员会，以进一步提高上市公司申请再融资的上市公司的标准时，现金股利，从低于过去3年内达到每年平均20％的可分配利润的30％，而限制说，现金股利之路。"

Security, and ignoring any tax, franking or imputation credit that may attach to the dividend or distribution.

持有人应当收到的每股证券的股利或分配的数额，并且不包括任何附之于股利或分配的税款、免税

Any Franking Credits attached to the Cash Dividend.

股利加上现金股利所附带的任何抵税额度。

This study deals with the prices of American option on dividend-paying. Because American call option can early exercise, in my master thesis, with Black-Scholes Option Pricing Model, I design integral representation to obtain the optimum early exercise boundary, this can evaluate the price of American call option on dividend-paying assets and compare with Europe call option.

中文摘要本研究报告主要在探讨发放股利之美式买权定价之问题，由於美式买权可以提前履约，本文以Black-Scholes Option Pricing Model为其数学模型，再设计一积分表现式，用叠代法来求得最佳履约价格，进而求得标的资产发放股利之美式买权价格，其结果再与欧式买权价格比较。

Special stock share structure, insufficient market supervision, low proportion of managers holding shares and the weak restriction from outside are deep causes of unstable dividend distribution. Unreasonable finance agency conducts and preference for stock share collection money result in unstable dividend policy.

特殊的股权结构，市场监管力度不够，经营管理者持股比例低，外部制约因素薄弱四个方面是股利分配不稳定的深层次原因，财务代理行为不规范，股权融资偏好也导致了不稳定的股利政策。

In terms of dividends, you get into an expectational problem. Most public companies don't bounce around their dividend from year to year (although this is very common in private companies and Berkshire subsidiaries) because investors come to rely on it. So once you establish a dividend policy at a public company, think a long time before changing it.

就股利而言，你可能会陷入一个预期的迷思，大部份的上市公司的股利发放不太会跳来跳去(虽然这在私人公司以及Berkshire的子公司来说非常普遍)，因为投资人有依赖的倾向，所以一旦上市公司有意建立一股利政策的话，要改变请三思而为。

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。