该数字基于税后利润减去应收股利。
The figure is based on the profit after tax less the dividend receivable.
为了获得股票收益的安全性，投资者会关注股利保障倍数。
To glean the safety of the income offered by a stock, investors look at dividend cover.
那么公司如何决定股利的多少呢？
一般说来，新公司不发放股利。
传统上，购买股票就是为了股利。
Traditionally, you buy stocks to get dividends; that's the reason.
还有一个常用词是“股票股利”。
他们说，股利政策是无关的。
这是免税的，股利还要征税。
我来讲讲这个，公司不愿意支付股利。
I'll talk about this — the company doesn't ever have to pay a dividend.
股利与收益间存在一个逐渐变化的过程。
That means there's a gradual adjustment of dividends to earnings.
我买股票是为了股利吗。
这也意味着你不必因发放股利而减少利润。
This means you don't have to dilute profits by paying out dividends.
你应该避免分配股利，因此改为股票回购。
So, you would avoid paying dividends and, therefore, switch to share repurchase as your method.
现在人们对股利不是那么在意了。
然后就可以获得，收购方的股利了。
So, then you would be relying on getting dividends from the acquiring company.
如果没钱付股利，那就发股票股利。
If they don't have money to pay dividend they can always do a stock dividend.
每个股东都应得到同等的待遇,这就是发放股利
They have to do it equally to all shareholders; that's called paying a dividend.
自1926以来，股利占市场总收益的42%。
Solid dividend yields. Dividends have accounted for 42% of the total return of the market since 1926.
回到这里，人们习惯于，通过挂号信取得股利支票。
This gets back — People are accustomed to getting dividend checks in the mail.
收益和股利是不同的，收益是公司在某年赚到的钱。
Earnings and dividends are different; earnings is the money that the company made in a given year.
如果他说，是4%，你会觉得少，我想要更高的股利。
And if someone said, it's 4%, you'd say, well that's kind of meager, I want a better dividend than that.
当公司进入成熟期，他们就会觉得，到了发股利的时间了。
As a company matures, then they typically feel that it's time to pay a dividend.
这些工具股利cfc将重心从市场力转向暗中勾结。
These tools encouraged the CFC to shift its focus from abuse of market power to collusion.
如果发股票股利只是为了愚弄我们的话，接下来会发生什么呢？
If they're going to pay stock dividends and try to fool us, what's going to happen?
你可能要问，那公司发放股票股利到底是为了什么呢，意义何在？
Then you might ask, why in the world do companies issue stock dividends anyway, what's the point?
如果他们寄钱来，称之为股利，和称之为股票回购是没有区别的。
If they're paying me by sending money and calling it a dividend it's the same as if they say they're repurchasing my shares.
而实际上，这个指数的股利收益在从那以后的五年时间内几乎翻倍。
In fact, the dividend income on the index has almost doubled in the five years since.
同样是5美元股利的支票,但在信中,我们换种方式来说
Why don't we say the same $5 check is included but, in the letter, let's say something different?
偶尔遮羞布会被揭开—在1933年美国公司每股收益低于每股股利。
Occasionally this floor is breached-in 1933 American earnings per share dropped below dividends.
那个时候，一些评论家说这个信号无关紧要，因为股利很有可能会减少。
At the time some commentators said this signal did not matter, since dividends would probably be cut.
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