股利收益

上市公司股利收益率分析

Low Dividend Earning Ratio of listed companies and the Reason Analysis

假定你管理一个提供5%股利收益率（DIV1/P0）的1亿美元权益资产组合。

Suppose you manage a $ 100 million equity portfolio offering a dividend yield ( DIV1 / P0 ) of5 percent .

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 .

而股票投资面临着股利收益不确定风险和股票价格不确定风险。

Bonds investment faces interest rate risk , reinvesting risk , breaking contract risk , and inflation risk , while stock instruments face dividend indefinite risk and price indefinite risk .

对于不可逆和较为稳定的环境的投资，使用可分配股利收益法具有操作简单，能将复杂的现实环境变成线形假设，便于投资者进行投资决策的优点。

Can be allocated for the irreversible and a more stable environment for investment , the dividend yield method with simple operation can be complex reality into a linear assumption , to facilitate the advantages of the investors to make investment decisions .

首先说明了企业投资决策分析的方法，方法主要有可分配股利收益法和加入实物期权理论的净现值法，这两种的投资方法的比较将在后面的章节讨论。

First , the analysis of corporate investment decisions , the main distribution of dividends or rate of return method and by adding the net present value method of real options theory , the investment approach of the two will be discussed in later chapters .

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 .

现金股利和股票收益之间也没有明显的联系，这和股利不相关理论是一致的。

Unexpected cash dividends have little impact on the earnings signal , which is in consistent with the dividend irrelevance arguments .

投资者购买股票的基本目的是赚取以股利或资本收益形式体现出来的回报。

The basic purpose of investors to purchase stock is to earn a return in the form of dividends or capital gains .

相对来说，理性的内部人也会选择少支付或者不支付现金股利而将收益留存在企业内部。

Relatively , rational insider also can choose to pay or less pay cash dividend and retained earnings in the enterprise internal .

行为金融学理论认为，自我控制的需要、后悔厌恶心理以及心理账户的原因，使得投资者偏好现金股利而不是资本收益；

As behavior finance relaxes the assumption that investors , administrators are rational , it can make better explanation to the problem from self-control , regret aversion , mental account theory .

以上市公司佛山照明作为典型案例，通过计算其股利政策获得的收益，分析股利政策所传递的企业内部信息。

Now this dissertation considers the company Foshan Electrical and Lighting as typical case . From the case , I account yield from its cash dividend policy . And I analyze the information that the policy passes .

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 .

股票股利和股票分割的差别在于：股票股利将留存收益的金额转移到缴入资本之中，每股面值不变，而股票分割并不影响帐户余额。

Stock dividend and stock split differ in that stock dividend shifts an amount from retained earnings to paid-in capital , leaving the par value per share unchanged while a stock split affects no account balances whatsoever .

研究表明，分配现金股利使非流通股股东实现高回报率，流通股股东获得股票股利的较高短期收益率。

The result shows that non-circulated shareholders get high return rate by cash dividends , and circulated shareholders high return rate by stock dividends .

但是如果投资者更偏重于股利偿付的话，就会发现这支股票并非如此具有吸引力，因为它的股利和股息收益率明显地低于同行。

But funds requiring investments to pay dividends will not find this stock attractive as their dividends and yield are significantly lower than their peers in the industry .

基于信号传递理论，以及我国上市公司股利政策与未来盈利能力的关系，我国上市公司股利政策信息内涵包括：分配股利公司的未来收益要好于未分配股利公司；

Based on signaling theory , the paper explores the information that dividend policy conveys by studying the relationship between dividend policy and future earning level of China 's listed corporations .