低股利 meaning in English
low dividend
Examples
- Early in the thirties of the last century , the western economists began the study on dividend policy . there were three groups , the left , the right and the center . le ftist advocated low dividend , rightist maintained high dividend and center did not think dividend policy is relevant to enterprise valuation , they were called classical theory , later on , they have developed into modern dividend theory , including residual dividend theory , clientele effect theory , ownership structure theory , agency theory , signaling theory and transaction cost theory , etc .
早在上世纪三十年代，西方经济学家就开始了对股利政策的研究，形成了主张低股利的“左派” 、主张高股利的“右派”及认为股利高低与企业价值无关的“中间派” ，其中前二者称为股利相关论，后者称为股利无关论，三者共同构成古典股利理论。 - The bird - in - the - hand theory recommends high dividend , mm theory believes that it doesn ’ t matter whether the dividend is paid or not , and tax differentials - theory recommends low dividend . and the modern theories include clientele effect - theory , signaling hypothesis , and agency cost hypothesis . clientele effect - theory believes that corporation should adjust dividend according to the shareholders ’ preference
“一鸟在手”理论主张公司支付高股利,认为股利支付越多,公司价值越高;股利无关论也即mm理论认为公司支不支付股利无所谓,不会影响公司的价值;税差理论则认为在资本利得与股利之间存在税收差异时,少发股利或不发股利对投资者有利,而且这样可以有延迟纳税的好处,所以税差理论主张低股利政策。 - Secondly , in the current structure of soes , the state equity and other stakeholders " equities cannot be protected and efficiency is very bad . if stakeholder structure is used , all these problems may be solved . thirdly , these problems may be solved by right finance policy
第三，国有企业的高负债融资结构、低股利政策、资本市场及各项市场法规不健全既是国有企业本身结构缺陷造成的结果，又是其原因，因此，制定适宜的财务政策、加强财务监管既能敝利益相关者的利益，又能确保企业价值最大化的实现。