实证研究发现：分配股利股票相对于不分配股利股票存在超额收益，高股利股票较低股利股票有较高的超额收益。
The study found that the dividend stocks compared with the non-dividend stocks exists abnormal returns, and abnormal returns of the high dividend stock exceeds the low.
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.
我买股票是为了股利吗。
有些人甚至都不知道股利是什么，他们仅仅把股票想象为一种会升值的玩意？
Some people don't even know what a dividend is, they just think of stock as something whose price goes up.
投资者普遍不看好这笔交易，但人们对其财务部门的担心开始减少，转而开始热议其股利的增加——通用电气的股票最近一直在猛涨。
Investors largely shrugged off the deal, but as concerns over its finance unit begin to fade - and talk of a dividend increase start to heat up - ge stock lately has been on a tear.
位于荷兰的一个咨询委员会已提出忠诚度措施来奖励长期持有的股东，如：增加股利或持有股票四年就可获得额外的投票权。
An advisory committee in the Netherlands has proposed loyalty bonuses for long-term shareholders, such as increased dividends or additional voting rights after holding a share for four years.
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?
股票收益包含股息生息率，加上现金股利成长率，加上或减去评定等级的变化(价格股利比率)。
That looks improbable. The return from equities comprises the dividend yield, plus dividend growth, plus or minus any change in the rating (the price-dividend ratio).
一般来说,他们会写封信说,恭喜,有好消息了,业绩有所突破,为表示庆祝,我们将,给每人增发5%的股票股利
Typically, they'll write a letter saying, congratulations we have great news! We have some new breakthrough and in celebration of this we're going to pay everyone a 5% stock dividend.
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.
他们希望股价不会下跌,因为他们是带着利好宣布的,换言之,发行股票股利只是想引人注目
Now, they are hoping that the price doesn't fall because they're announcing it with news and,in a sense, issuing the stock dividend is just a way to make it dramatic.
传统上，购买股票就是为了股利。
Traditionally, you buy stocks to get dividends; that's the reason.
尽管股票价格和公司盈利剧烈震荡，股利却更加稳定，通常落差也就实际值的十分之一而已。
Althoughstock prices and earnings move up and down violently, dividends have been more reliable, typically fallingfrom the peak of a cycle to its trough by only one-tenth in real terms.
有时公司会宣布，他们不发放现金股利，取而代之的是股票股利。
Sometimes companies will announce that they are paying not a cash dividend, but they're paying a stock dividend.
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.
还有一个常用词是“股票股利”。
比如，Research Affiliates开发了一系列指数，这些指数使用销售额、现金流量、股利以及资产价值等基础因素对股票进行加权。
Research Affiliates, for example, has developed a range of indices that use fundamental factors such as sales, cashflow, dividends and asset value to weight stocks.
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.
我们几乎将所有股票都发给了员工，作为他们的薪酬，希望能这样激励他们，让他们感到，自己是公司的一份子，但是我们从不发放股利。
We gave shares to almost all of our employees as part of their compensation and we hoped that would motivate them and make them feel a part of the company but we never paid them a dividend.
不管你是否支付股利,你公司的运转都不会发生变化,如果不发放股利,那就意味着,以股票回购代替股利分配
You see, you can keep the operations the same whether or not you pay a dividend, if choosing not to pay a dividend means substituting stock repurchase for dividend.
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.
首先，很多人不明确这一基本点，买股票就是为了股利。
First of all, a lot of people don't seem to even grasp that basic point that you buy stocks for the dividends.
个别股票没有任何保证的概念必须被强调。一些公司支付股利，但很多公司并没有。
It must be emphasized that there are no guarantees when it comes to individual stocks. Some companies pay out dividends, but many others do not.
没有股利，投资者只能透过股票在公开市场增值来赚钱。
Without dividends an investor can make money on a stock only through its appreciation in the open market.
股票股利是公司将其股票按比例分配给股东的一种股利方式。
A stock dividend is a proportional distribution by a corporation of its own stock to its Stockholders.
与资本利得和股票股利相比，现金股利具有稳定和低风险的特点。
Compared with capital gain and stock dividend, cash dividend has the characters of low-risk and steady.
然而，股票的股利不是自然增长的。
理由1过去的75年间美国股票的价格超过了股利的支付额。
Reason 1 Over the past 75 years stock prices in the United States have outpaced dividend payments.
所以某种意义上，对股东来说是一样的，不管是支付股利还是回购股票。
So in a sense, it's all the same to me as a shareholder whether they pay dividends or they repurchase shares.
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