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摘要:我国上市公司未分配股利和未分配现金股利的情况进行了统计。从表中可以看出,自1993年以来,不分配股利的上市公司比例逐年攀升,1996年至1999年达到最高,接近2/3的上市公司选择了不分配现金股利的政策。1996 年为64.83%、1997年为68.81%、1998年为67.97%、1999年为66.56%。2000 年以来,由于派现公司的大幅增加,不分配股利的公司呈下降的趋势,2000年不分配现金股利的公司比例为39.25%。
In addition, 33 countries from the global listed companies 1995 4000 dividend payout rate, the dividend payout ratio of profit after tax attributable to an average of about 30%.
Second, cash dividends and capital gains tax difference between the company's dividend payment chosen degree of influence varies by country . From a global perspective , in most countries , cash dividends and capital gains tax on the existence of certain differences, but this difference on the impact of dividend payment in the country there is a great difference. Looking at the situation from the United States in 1986 , " Tax Reform Act " before the introduction of cash dividends are taxed as ordinary income , and cash dividends at the time of imposition of taxes , the average marginal tax rate of around 40%. Repurchase shares from the shareholders in the acquired company 's revenue , it is to be treated as capital gains and taxable , the average marginal tax rate is relatively low. Although the 1986 tax reform, capital gains tax and the cash dividend tax rate leveled , but the highest marginal tax rate of capital gains does not exceed 28 %, while the cash dividend income still reached the maximum marginal tax rate of 39.6% . However , despite this, cash dividends paid dividends in the United States remains one of the main . Although since since the mid- 1980s , some companies employ a large number of ways to share repurchases for dividends, but these companies buy back shares intended to implement a major senior management share option scheme , and not because of tax considerations. On the contrary, from the British and German situation, the dividend distribution tax effect seems more obvious . For example , the United Kingdom of personal dividend income and capital gains tax rate is 40 %, while Germany's personal dividend income and capital gains tax rates were 53% and 0% . Because there is a huge difference in taxes , so the British company cash dividend to shareholders much more than the German company , its dividend payout ratio averaged about twice that of German companies .
Third, companies usually balanced distribution of dividends. Dividends from abroad, the practice , the company decided to dividend policy , mostly very cautious . Most companies generally have a pre-determined target dividend rate , even if the current earnings unexpectedly sharp growth, the company is not immediately significant additional dividend , which is often the rate gradually increased cash dividends , slowly adjust the dividend payment to a predetermined target bonus rate level. This is so because the company managers believe the market for a stable dividend policy will give a better expectations, they are worried about the sudden increase in shareholders cash dividends as a " permanent" dividend distribution policy . If so, once the company performance decline , managers were forced to cut dividends , it could lead to enormous pressure 本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。