股利支付率

另外，股权结构和股利支付率的变动关系取决于第一大股东是否绝对持股，而上市公司管理者在制定股利政策的过程中并未有迎合流通股股东的现金股利需求。

Besides , the relationship between the ownership structure and dividend payout ratio depends on whether the primary stockholder could control the listed firm or not .

对股利支付率水平划分了高中低三类，测试处于不同水平的公司与盈余持续性的关系，更具有针对性。

On the level of dividend payout ratio has been divided into three categories of high , medium and low , testing at different levels of continuity with the relationship between earnings , more focused .

将股利支付率确定为何种水平为宜；

Which level the dividend payment rate should be fixed ;

项目投资额、现金股利支付率与债务水平的关系不明确。

But the effect of the investment and cash dividend is not definite .

股利支付率表达的是某一特定时期股利与收益之间的关系。

The rate of dividend payout expresses the relationship of dividends and earnings during a certain period .

进而得出影响股利支付率的因素及相应的影响程度。

Conclusion the influence of the factors and dividend payment rate the influence degree of the corresponding .

这三个财务指标分别为：利息支出率、经营性现金流入变异系数、超额股利支付率。

These three financial indicators are interest expense ratio , operating cash inflows variation coefficient and extra dividend pay rate .

债务支付拖欠对当前经济及企业行为的影响项目投资额、现金股利支付率与债务水平的关系不明确。

Non-repayment of Debts and Its Macroeconomic Impacts But the effect of the investment and cash dividend is not definite .

提出了合理股利支付率的概念，在上市公司融资、投资与股利政策关系范畴内，对合理股利支付率进行了定量研究。

Sixth , the dissertation proposes a new definition that is reasonable dividend rate and explores a measurable method for it .

根据公司内部影响因素对股利支付率的影响，构建了绩优上市公司股利支付率估算模型。

According to the internal factors of the influence of the dividend payment rate , to construct the optimal performance dividend payment rate estimation model .

同股利率相类似，股利支付率的数字取决于公司的股利政策，因而在不同的公司也是差别很大。

Similar to the dividend yield , the figure of dividends yield depends on the dividend policy , so it varies widely in different corporations .

即使分红的房地产企业，其股利支付率也往往很低，常常是象征意义大于实际意义。

Even if the dividends of real estate companies , the dividend payout rate is often very low , often more symbolic than practical significance .

其次，检验了我国交叉上市公司与无交叉上市公司现金股利支付率的差异，进一步证明了现金股利法律保护结果模型的适用性。

Secondly , by testing the cash dividends payout differences of the horizontal crossing-listed firms , the outcome of legal protection of shareholders is more appropriate .

股利支付率低，股利政策太过随意，缺乏稳定性，不分配的上市公司比例仍占较大比重。

Low dividend payments , unstable dividend policy are normal problems , and also the companies without paying dividend occupy a large proportion of listed companies .

同时，我们也发现一个有趣的问题，现金股利支付率与每股收益显著负相关，与增长机会不具有显著负相关性，说明公司的现金股利政策不是根据盈利状况和增长机会做出的。

We find that there is a significant negative relation between the cash dividends payout and per share earning , but insignificant negative relation with growth opportunities .

然后对于所得税对股利支付率的影响，采用实证分析方法，用相关性分析和回归分析对所得税率与股利支付率之间的关系进行一个量化分析，进而得出相关结论。

And then , use the method of empirical research to measure the relation of the income tax for company and the dividend payment rate to make a conclusion .

实证的最后部分探讨了上市公司行业间现金股利支付率的差异现象。5、最后提出了构建我国健康良好上市公司股利政策的合理化建议。

At the last part of this chapter has discussed the different phenomenon between different professions in depth . 5th , proposed rationalization proposal to construct good and health dividend policy in our country .

另一方面，短期负债比率与企业的盈利能力及股利支付率有更为显著的相关性，而长期负债比率则与企业规模及增长机会变量的相关性更为显著。

On the other hand , the relationship between the short debt ratio and profitability , rate of dividend is more remarkable ; while the relationship between the long debt ratio and firm size , growth opportunity is more remarkable .

上市公司盈利能力分析指标主要有总资产报酬率、每股收益、普通股权益报酬率、股利支付率、市盈率等。

The listed company 's profitability analysis index mainly includes the total property return rate , each income , the common share rights and interests return rate , the dividend payment rate , and Price-earning ratio , and so on .

结果发现：（1）以股利支付率度量公司所受融资约束程度，融资约束程度加大了不确定性对公司投资行为的影响；

The results are as follow : 1 . With dividend payout ratio to measure company 's financing constraints degree , when we compare dividend payout ratio low group and dividend payout ratio high groups , their coefficient is much larger .

在美国等成熟证券市场上，现金分红是其主要分红方式，股利支付率较为稳定，能客观地反映公司的价值。

In the mature capital markets , for example , the market in the United States , the cash dividend is the main way of dividend distribution . The dividend payout ratio is relatively stable , which can objectively reflect the value of the company .

文章的创新点在于提出了股东权益风险的概念，并将信息披露质量和现金股利支付率作为衡量股东权益风险的代理变量，对董事会治理与股东权益风险的关系进行实证分析。

The innovation of the paper is to raise the definition of risk of SRI , and use the quality of information disclosure and cash dividend payout ratio to measure the risk of SRI , and conduct an empirical research on the relationship between board governance and risk of SRI .

本文基于盈余持续性的概念，实证检验了上市公司的股利类型、股利支付率与企业未来盈利能力的关系，并进一步考察了大股东派发现金股利对盈余持续性的影响。

We examine the relationship between dividend type / dividend payment ratio and earnings persistence , and further investi - gate the impact of the big shareholder 's dividend policy on earnings persistence .

将股利政策按股利支付率分三种类型，并进行仿真验证，结果表明，模型在三种状况的识别中正确率非常高，达97.06%。

We divides three types dividend policy according to the dividend payment rate . Then , simulating the model . finally results indicated that the accuracy of the model is quite high , reaches 97.06 % .

大股东控制与股利收益率和股利支付率成正相关关系，说明随着大股东控制能力的增强，上市公司倾向于支付现金股利，而且股利支付率也会随着大股东持股比率的增加而增加。

There was a positive relations between substantial shareholder control and dividend yield and dividend payout ratio , which indicate that along with the controlling enhancement , the listed company favors more cash dividends . Moreover , payment rate will also increase along with the controlling ability of substantial shareholder .

我国上市公司的股利政策存在严重不分配现象，股利支付率偏低，缺乏连续性等问题。

There is phenomenon that the listed companies do not allocate the dividend on shares or the payout ratio is low in China .

就变量间的短期关系来说，债务治理和公司规模对股利收益率短期影响不明显，投资者权益保护对股利支付率的短期影响很微弱。

On the short term relations , the debt government and company size have unremark influence to dividend yield . Investor protection have week influence to dividend payout ratio .

股利是否支付是股利支付倾向问题，股利支付多少也即股利支付率和股利支付金额的问题。

Whether the dividend pay is the dividend payment tendency question . The dividend pays how many is also the dividend payment rate and the dividend remittance question .