股息支付率

大概从1980年开始当时企业的股息支付率约为40%美国企业从股票净发行者，逐渐转变为净回购者。

From about 1980 , when the payout ratio stood at about 40 per cent , US companies moved from being net issuers to net buyers of shares .

这进而有助于缩小俄罗斯和其他新兴市场国家之间在股息支付率上的差异，提振该国疲弱的股市。

That , in turn , could help close the gap in dividend payout rates between Russia and other emerging markets and give a boost to its flagging stock market .

如果是这样，公司就应该降低股息支付率，进一步提高杠杆率或发行股票。

If so , companies need to reduce payout ratios , increase leverage further or issue stock .

我们发现企业的经营风险和破产成本可能对杠杆率有正面影响，而股息支付率则与杠杆率负相关。

We found that operation risks and bankrupt costs of enterprises could have positive impacts on leverage ratio , while pay-out ratio of dividends may have negative impact on leverage ratio .

一定程度上，这要归功于利润相对于经济产出的上升，但也由于股息支付率自上世纪40年代当时还是令人兴奋的90%以来一直稳步下降。

That was partly thanks to a rise in profits , relative to economic output , but also because payout ratios had been steadily falling since the 1940s when they had been a heady 90 per cent .