负债股利

股利一般包括现金股利、股票股利、负债股利、财产股利等形式及股份回购等替代形式。

Dividend involves in cash dividend , stock dividend , debt dividend , property dividend etc.

常见的股利分配方式主要有现金股利、财产股利、负债股利、股票股利。

The general forms of dividend distribution mainly include cash dividends , property dividends , debt dividends and stock dividends .

根据Jensen（1986）的自由现金流量假说，负债和股利可以成为抑制过度投资的治理机制。

According to the Jensen ( 1986 )' s hypothesis of free cashflow , debt and dividend could be to curb over investment .

股利的支付形式一般有现金股利、股票股利、负债式股利和股票回购。

There are cash dividend , stock dividend , debt type dividend and stock buy - back in fact in payment forms of the dividend .

负债与现金股利共存于激励契约的模型推演

The Ratiocination of the Incentive Contracts Including Debt and Dividend

负债与现金股利在解决自由现金流量代理问题上的相互替代性假设在低成长且大规模公司得到证实。

The hypothesis about the substitution between debt and cash dividend was supported only in low-growth & big-size companies .

第二，债券利息是公司的合同负债。而股利只有在董事会正式宣布分红派息之后，才成为公司的法定债务。

Dividends , on the other hand , do not become legal obligations of the corporation until they have been formally declared by the board of directors .

信息传递理论和代理成本理论认为，在激励契约中，负债和现金股利可以相互替代，但是现实中负债与现金股利却共存于激励契约。

The theory of information transition and agency cost argues that debt and dividend in incentive contract can mitigate adverse selection and moral hazard , and can be replaced by each other .

董事会监督、大股东和机构投资者、敌意接管、经理市场、经理持股、经理报酬计划、负债杠杆和股利政策、利益相关者共同治理组成了公司治理机制。

The corporate mechanism includes the supervision of the board of director , large shareholders and institution investors , hostile take-over , the market of managers , managers as shareholder , reward plan , debt lever and dividend policy , and the stakeholders .

论文通过实证研究检验了在预算软约束情况下负债融资及现金股利对上市公司过度投资的约束功能及效果。（5）上市公司非效率投资尤其是过度投资行为的预防和治理。

The paper examines the effect of debt and dividend policy of restraining over-investment of listed company in China under the soft stipulation in budget through empirical study . ( 5 ) The prevention and governance of over-investment behavior of Chinese listed company .