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stock dividend

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stock dividend 以增資股票形式發放的紅利；股票息。

以增資股票形式發放的紅利；股票息。 “stock“ 中文翻譯：   n. 1.(樹等的)干，根株，根莖。 2.【園藝】砧木； ...“dividend“ 中文翻譯：   n. 1.【數學】被除數 opp. divisor。 2 ...“dividend stock“ 中文翻譯：   股利股份, 股利股票; 股利股份；股利股票; 股利股票“dividend-on stock“ 中文翻譯：   附息股“common stock dividend“ 中文翻譯：   普通股股息“dividend on preferred stock“ 中文翻譯：   優先股股利; 優先股利“dividend payable in capital stock“ 中文翻譯：   以股票支付的股息; 應付股票股利“dividend paying stock“ 中文翻譯：   付紅利股票“dividend，bonus stock“ 中文翻譯：   股息，紅利“ex-dividend stock“ 中文翻譯：   除息股票“low dividend stock“ 中文翻譯：   低股利股票“ordinary stock dividend“ 中文翻譯：   普通股股利“preferred stock dividend“ 中文翻譯：   優先股股利; 優先股股息“preferred stock dividend coverage“ 中文翻譯：   優先股股息保償率“stock dividend to be issued“ 中文翻譯：   待發股票股利“stock split in the form of a dividend“ 中文翻譯：   股票股利的股票拆分“dividend“ 中文翻譯：   n. 1.【數學】被除數 opp. divisor。 2.紅利，股息；利息；(破產時清算的)分配金。 3.(一般的)份兒；報酬。 cum [ex] dividend 〔英國〕 ＝dividend on [off] 〔美國〕有[無]股息。 stock dividend 股息。 non-dividend payer 無紅股戶。 Swimming is a fun, and gives you the dividend of better health. 游泳既是娛樂，又有增進健康的好處。 declare a dividend 通告分紅。 “dividend on“ 中文翻譯：   帶息; 有股利“it dividend“ 中文翻譯：   信息技術的好處“no dividend“ 中文翻譯：   不付股息的“with dividend“ 中文翻譯：   附有紅利“cum dividend and ex dividend“ 中文翻譯：   帶股息和不帶股息“be in stock“ 中文翻譯：   他有什么說什么肚子里存不住話; 有貨供應“in stock“ 中文翻譯：   現成的; 有存貨; 有現貨的，有庫存的; 在庫存里, 備有現貨, 有現貨可賣; 在貯存中；現有,備有; 貯存“no stock“ 中文翻譯：   沒有貨

stock exchange

Such as too much attention was paid to stock dividend while little was paid to that of cash ; few companies pay cash dividend and the sum paid is pretty small ; even worse , some companies do not distribute at all , need to be attached importance to ; on the other hand , there is no strict authoritative norm to be observed when distributing dividend 目前我國上市公司股利分配形式呈現多樣化的特征，但在具體發放中還存在許多不盡人意的地方，主要表現在一方面典型的重股票股利、輕現金股利，分配現金股利的公司所占比例不高，現金股利支付水平較低，并且不分配現象越演越烈。

The two categories have different directions . the dividend based on traditional finance is based on efficient market hypothesis . the dividend based on behavioral finance lead the psychology into the theory to explain the dividend policy 。 the dividend policy based on emh ( the efficient markets hypothesis ) face puzzle : 1 dollar cash dividend has no difference with 1dollar capital gain , in fact the investor pay no attention to the listed firms which do not distribute dividend . why so many listed firms make the decision to distribute dividend even cash dividend is taxed by 20 % and stock dividend is exemption from tax . why the price of the stock rise when the company make the decision to distribute dividend . the dividend policy based on emh do not rationally explain the puzzle of dividend 通過尋求西方傳統和現代股利理論的研究軌跡,本文認為公司股利理論體系可以劃分為基于標準金融學的股利理論和基于行為金融學的股利理論兩大類。兩者的研究出發點和研究角度各有不同。標準金融學的股利政策理論是建立在有效市場假說和理性經濟人基礎之上的,而股利行為理論則引入社會學和心理學等學科的研究成果來闡釋和論證股利政策,從微觀個體的行為以及產生該行為的更深層次心理、社會動機來解釋、研究和預測個體心理決策程序對股利政策的影響以及如何運用心理學和金融原理來改善決策行為。

The second chapter analyzes the history the present situation of the list companies ’ dividend distribution . the author collects and analyzes the dividend data of all list companies from 1992 to 2003 ; discuss the characteristic of dividend distribution form , stock dividend , non - distribution and analyzes substandard dividend distribution in china 隨著我國證券市場的迅速發展,上市公司的財務決策與股利分配政策的相關性日益增強,加強股利政策的研究對于促進上市公司的科學管理和證券市場的健康發展、保護廣大中小投資者利益有著重大的理論價值和現實意義。

When studying stock dividends , the methods similar to cash dividends are adopted . the result indicates that the influencing factors are dissimilar for different years and different professions . by and large , profit ability , liabilities level and growth capacity are the chief factors and th ^ y have positively related relation each other as well 在研究于配股票股利大小的影響因素時，筆者采用了與分析現金股利類似的方法，研究結果表明:不同年度、不同行業股票股利的影響因素也有所不同，但總的來說，公司的盈利能力、負債情況和成長能力是影響上市公司股票股利的分配的最主要的因素，并且它們之間都是正相關關系。

The paper also argues that the government should protect shareholders “ interests by rights offering or stock dividend method , and also suggest that strategic investors should be introduced into the reduction process in order to keep the market stable . in chapter 4 , the paper use an econometric model to estimate the relationship between reduction plan and stock prices . the conclusion is that relationship is not very obvious 第四章主要針對2001年提出的《減持國有股籌資社會保障資金管理暫行辦法》實施過程中市場的反應來進行實證分析，采用具體的股價和公司業績等數據進行計量模型檢驗，發現股市的下跌與國有股減持不存在明顯的因果關系。

The result of this paper were : 1 ) the market mircrostructure of chinese stock is ' nt market maker , two - part stock can n ' t circulate and the scale of current stock is small , so , filling right effect make dividend event do n ' t diluate the price , the stock price could n ' t reach optimal price ; 2 ) the meanings of bid - ask speed in chinese has been changed , did n ' t reflect the real trade cost , only reflect the possible trade cost , contained desire of price popple , din n ' t belong absolute liquidity again ; 3 ) turnover rate is a liquidity ' s index , speculation ' s index too , which can explain one side of liquidity , but this index is defective in chinese stock market ; 4 ) martin index was decrescent when dividend event occurred , display the liquidity of stock was improved , so , the martin index is compatible index to measure chinese stock liquidity ; 5 ) stock dividend event affect the liquidity in the stock dividend day , stock dividend event can n ' t dividend event in the bulletin day ; 6 ) the quantity stock dividend and trend of stock market was significant factors that affect the liquidity 本研究的結論是： 1 )中國股票市場的微觀交易結構并不是采取做市商制度，且2 3的股票不能流通，流通股規模很小，存在著股票股利事件后的快速“填權”效應，使股票價格快速回升，股票股利發放事件的稀釋價格作用無法發揮，也就無法達到“最適價格” ； 2 )中國股市的買賣價差的含義發生了變化，不再是實際交易成本的反映，只是可能交易成本的反映，因而很大程度上代表了股價的波動意愿，并不具有完全意義上的流動性含義。 3 )就換手率而言，它既是流動性的衡量指標，也是最常用的衡量投機性的指標。換手率指標只能說明流動性的一個側面，在中國衡量流動性是有缺陷的。

Notwithstanding condition 5 . 4 , unless and until the bank receives any instructions to the contrary , the bank shall be authorised to present to the extent that the bank has actual notice thereof for payment all securities which are called , redeemed or retired or otherwise become payable and all coupons and other income items held by it for the account of the customer which call for payment upon presentation and shall hold such cash as is received by it upon such payment for the account of the customer ; hold for the account of the customer hereunder all stock dividends , rights and similar securities issued with respect to any securities held by it hereunder ; exchange interim receipts or temporary securities for definitive securities and hold such definitive securities for the account of the customer ; and deduct or withhold any sum on account of any tax required , or which in its view is required to be deducted or withheld or for which it is in its view , liable or accountable , by law or practice of any relevant revenue authority of any jurisdiction 盡管有第5 . 4 a條之規定，除非及直至本行收到任何相反之指示，本行將被授權i只限于本行有實際通知之范圍內把所有被催交贖回或收回或其他成為應支付之證券及所有息票及由本行代客戶之賬戶而持有并在出示時成為應付的其他收入項目出示以取得付款，及在取得該付款后代客戶之賬戶持有該些現金ii在此等條件下代客戶之賬戶持有一切就本行在此等條件下所持有的任何證券而發行之股票股息優惠認股權證及類似證券iii以中期收據或臨時證券兌換正式證券及為客戶之賬戶持有該正式證券及iv扣減或預扣任何稅務規定之款項或本行認為須扣減或預扣之款項或本行認為根據任何司法管轄權區之任何有關稅務機構之法律或慣例須支付或負責之款項。

An appropriate dividend rate is of vital significance to both the stockholders and the companies . how to meet the need of both sides is arousing increasing attention . this paper collects related statistics on the distribution of the listed company from 1992 to 2001 , analyses its present situation and seeks to perfect the policy of the distribution of the stock dividend 如何確定一個適度的股利支付率，使其既能滿足投資者對股利的需求，從而吸引更多的投資者，又能最大限度的滿足公司投資發展對資金的需求，優化公司資本結構，從而實現公司價值最大化，顯得尤為重要。

When it comes to the means of paying , after stating the differences between general dividend paying methods and the special dividend paying methods to human capital owners , stock dividend is preferred for hi - tech enterprises , hi order to meet the needs of meeting requirements of all the stake - holders . specifically , the dividend policy to human capital owners in hi - tech enterprises is up to the way the property rights are obtained , namely , the stock options and esop 本文提出了高新技術企業在一般股利分紅時應采用股票股利形式，以實現增強資本吸引力、增加企業資金來源、保持企業財務實力、增強企業舉債能力、降低企業財務風險、滿足投資者和經營者利益要求的財務目的，從而滿足企業不同利益相關者的要求；對高新技術企業人力資本所有者的股利分配形式則取決于其產權取得形式，即可使用股票期權和員工持股計劃兩種特殊方式。

The result of our empirical study shows that the basic reason why a lot of earnings management and financial frauds have appeared in security market is that the companies are eager to meet relevant supervision needs such as to gain the qualifications for seeking financing by listing on the stock market , get stock dividend right and avoid being forced to withdraw from the market or receive special treatment 實證研究結果表明，證券市場上大量的盈馀管理乃至財務舞弊行為，其根本動因在于達到有關監管要求，如獲取上市融資資格、取得配股資格、避免退市或特別處理等。

And the distribution of stock dividend in a high percentage can devalue the future market achievement of the company . other companies developed their policy of dividend distribution purely for the purpose of meeting the developing tendency of the price of the secondary stock market . this greatly twisted the stock price and does even serious harm to the long - term holders who are keen on the stock dividend 武漢理工大學碩士學位論文這種不分紅或過度的以送紅股的方式分配，不利于真正實現股東價值的最大化，而且高比例送股不僅會使原有股東的股權稀釋，也會給企業未來業績造成巨大壓力;或純粹為了配合二級市場走勢而制定分紅政策，使股票價格扭曲，更不利于培養具有股利偏好的長期投資者。

The rather loosen , unauthoritative norm , which alter frequently , often result in the fluctuation of the price of the stock market . both the defects : no dividend distribution or an excessive distribution of stock dividend , are disadvantageous to the maximization of the stockholders “ interest 另一方面我國上市公司股利分配行為極不規范，方案的制定嚴肅性不夠，經常隨意更改方案，造成二級市場股價的異常波動同股不同權，同股不同利的現象時有發生。

So , the impact of stock dividend should inexistence in theory , although the impact was existence in fact . some scholars considered that stock dividend make stock price drop to a rational section , increase the liquidity of stock by attract more investors or increase stock number 有部分學者認為股票股利的發放會使得股價下降至一合理區間，吸引更多的投資人來購買以增加股票的流動性；或股票股利的發放將使流通在外的股數增加，交易量增大而流動性增加。

This essay gives a short review with those well - known dividend distribution theories , and then puts forward three approaches that will be helpful to achieve the goal of maximization of shareholder wealth , which is more - retained dividend , stock dividend and stock split 本文在闡述股利分配的幾個著名的理論之后，給出了多提留的股利政策、股票股利、股票回購三個在考慮所得稅存在的情況下可選擇的股利分配方式，以實現股東財富最大化的財務管理目標。

Conversion : the series a preferred initially converts 1 : 1 to common stock at any time at option of holder , subject to adjustments for stock dividends , splits , combinations and similar events and as described below under “ anti - dilution provisions 轉換權： a系列優先股股東可以在任何時候將其股份轉換成普通股，初始轉換比例為1 : 1 ，此比例在發生股份紅利、股份分拆、股份合并及類似事件以及“防稀釋條款”中規定的情況時做相應調整。

Except for the legally exempted income tax , foreign investors with no agencies in chinese mainland may enjoy a 10 % off tax rate of withholding income tax on the income sourcing from domestic stock dividends , interests , rentals , license fees and other aspects 外國投資者在中國境內未設立機構而來源于中國境內的股息、利息、租金、特許權使用費和其他所得，除依法免征所得稅的以外，都將按10 %的稅率征收預提所得稅。

The empirical result indicates that what cash dividend transmitting is the information about company ' s earnings in the past . what stock dividend transmitting is the information regards the earnings in the current year , and the amount of information of stock dividend is limited 檢驗結果表明，現金股利傳遞的是和過去盈利有關的信息，股票股利傳遞的是和當年利潤有關的信息，且股票股利信息量有限。

The settlement of the capital raised by the company in foreign currencies and the foreign exchange needed by a company to pay the stock dividends and make other payments to shareholders shall be handled according to the provisions concerning the foreign exchange control of the state 公司所籌集的外幣資本金的結匯和公司向股東支付股利以及其他款項所需的外幣，按照國家有關外匯管理的規定辦理。

Even some companies the continuous dole out cash dividends make and ordinary show on stock price . on the other hand , companies that dole out stock dividend give a good manifestation on stock markets before and after their announcement on the stage 一些連續派發現金紅利且支付率較高的上市公司，其股票價格長時間表現平平，而一些派發股票股利的上市公司，在送股消息出臺前后股價大幅攀升。