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The earnings, you understand, are kind of a theoretical concept but dividend is the money that we send out.
你们都知道,收益是个理论概念,但股利是我们分发出去的钱
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But the accountants thought we did. So that's earnings Dividends is very concrete, it's what they send out.
会计明明显示赔了,这就是收益,股利则更具体,公司发多少是多少
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Earnings and dividends are different; earnings is the money that the company made in a given year.
收益和股利是不同的,收益是公司在某年赚到的钱
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They used to pay out typically like 80% of their earnings but it's been gradually going downward and now it's down to like 40%.
过去他们将收益的80%作为股利,但现在正慢慢减少,目前降到了40%
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When Modigliani and Miller wrote, there was a differential tax rate between dividends and capital gains.
莫迪利阿尼和米勒写到,如果在股利和资本收益间,有一个随其他因素变化的税率
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Also, if the earnings drop, they don't want to suddenly do a crash cut in their dividends either, so they're always sluggishly adjusting toward the target payout rate.
同样,如果收益下降,他们不想匆忙的把股利降下来,所以他们总是慢慢的,朝着目标股利发放率靠近
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There are some spikes up like, for example, in--what year--that was 1921 maybe--this year, this is 1932 or 1933--the companies were paying out 160% of their earnings as dividends.
这里几处激增,例如,这是哪年,1921,那年,1932或者1933,公司付出了,收益的160倍作为股利
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When we were taking 90% of dividends that was 90% of the stock market being taken by the government; but that's not all because we were also taxing the corporations.
当我们从股利中征收90%的税,也就是股票市场收益中的90%都被政府拿走,这还不算完,因为公司获得利润后也要交税
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That means there's a gradual adjustment of dividends to earnings.
股利与收益间存在一个逐渐变化的过程
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If you set up a company, you don't want to pay a dividend for a while because you need the money and you're reinvesting it in the company and people will understand.
如果开办一家公司的话,短期内你不会想发放股利,因为你需要将收益用来投资,人们会理解这一点
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It was--Modigliani and Miller said back then-- this was thirty or forty years ago-- that companies should really not pay dividends because dividends were then taxed at a higher rate than capital gains.
莫迪利阿尼和米勒说在那时候,大概30或40年前,公司不应分配股利,因为对股利征税的税率比对资本收益高
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However, that all changed in 2003 with the Jobs and Growth Tax Reconciliation Act of 2003, which cut the rate of taxation of dividends to 15%-- the same rate that capital gains are taxed.
但在2003年这些都变了,2003年颁布的《就业与进一步减税协调法案》,将股利的税率减至15%,与资本收益的征税率相同
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It may have to do with the fact that people today don't seem to be as focused on dividends and so that means that companies are more able to reinvest earnings and not pay.
这跟当下人们不再那么,关注股利有关,这意味着公司,可以更多地将收益再投资,而不是支付股利
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He said all this--this thing that I have up here-- well the previous slide, showing the dividend earnings ratio--it's just cultural; it means nothing because, to some extent, what's not shown in that diagram was the stock repurchase.
他是这么描述的,在这里,在上一张幻灯片中,展示了股利收益比,这跟文化相关,但却无意义,在某种意义上,在图表中没有展示出股票回购
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As you can see, part of the reason why the dividend-earnings ratio-- especially in more recent years, since 1990-- has been declining is that corporations were trying to somewhat ease the tax burden on their shareholders by doing repurchase instead of dividend.
可以看出,股利收益比降低的部分原因,尤其是在近些年,从1990年起,有所降低的原因是,公司想通过将分红,改为股票回购的方法,多少减轻股东的税负
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They told him that if earnings go up-- we try to keep a target payout ratio-- but if earnings suddenly shoot up, we're not going to increase our dividends right away because that would set too high an expectation and we don't want to have to cut it.
他们告诉他,如果收益提高,我们会努力维持既定的股利发放率,但如果收益大涨,我们不会马上提高股利,因为这样会导致过高的期望,我们也不想降低股利
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You will be--you are entitled to receiving the dividends that are paid out of earnings for the rest of your life and you can give it to your children and maybe in two hundred years from now it'll be worth a lot; probably not, but it might be.
你此后会一直收到,从收益中分出来的股利,你可以把它给你的孩子,也许200年后会变得非常值钱,也可能不值钱,但还是可能值钱的
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