| 单词 | Dividend policy |
| 释义 | 股息政策 The policy adopted by a company in respect of the distribution of net earnings as dividend payment and the retention of earnings for the purposes of investment, or for the improvement of the debt to equity ratio. It has been argued that investors should be indifferent as between dividend pay outs and retained earnings. When earnings are retained the value of the company’s equity rises. Probably most investors prefer a mixture of dividends and capital gain, since dividends are something in hand whereas capital gain, even if theoretically equal to sacrificed dividends, may not be realised in a timely manner due to market influences. See also Dividend; Dividend reinvestment plan; Dividend right. 公司為了投資的目的或債務與資本比率／負債與權益比率的改善，而就有關分發淨收益作為派發股息及保留收益所採納的政策。曾有論點提出，認為投資者不應理會派發股息及留存收益之間的差異。如收益得以留存，則會產生公司權益的價值。大多數投資者很可能傾向作出混合股息和資本增益的選擇，因為股息可在手中持有，而即使理論上資本增益等同於損失的股息，資本增益可能由於市場的影響而無法及時實現。另見 Dividend; Dividend reinvestment plan; Dividend right。 |
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