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。
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.
因此，该股利是对股东缴入资本的全部或部分偿还。
Thus, the dividend returns to Stockholders all OR part of their paid-in capital investment.
它检验了一个公司资本整合和股利策略是否最优化的模型与建议。
It examines models and suggestion relating to a firm's optimum capital assembly and appropriate dividend strategy.
资产结构问题与资本结构、股利政策及公司控制权理论这些财务经典理论之间都存在天然的联系。
Asset structure has close correlation with many classical financial theories, for example capital structure, dividend policy and corporate control theory.
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.
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.
当投资者购买股票时，他们通常期望收到股利，但是他们也希望取得资本利得。
When investors buy stocks, they usually expect to receive a dividend, but they also hope to make a capital gain.
西方的财务学者将信息不对称理论用于资本结构、股利政策及代理成本，业已取得了一些成果。
Western financial scholars introduced information asymmetry into capital structure, dividends policy and agency cost, and obtained some achievements.
并且股利贴现模型、市盈率贴现模型、公司净值大小以及资本结构理论对于公司股票价格都具有解释作用。
We can anticipate the price of one stock by dividend discount model, P/E model, and capital structure theory.
我国国有上市公司，由于股权结构上的特殊性，其资本成本和股利政策上更具特殊性。
Due to the special in equity structure, Chinese state-owned listed companies have theirs own particularity in cost of capital and dividend policy.
实收资本占股东权益的比例趋势小幅下降，应付股利占可供股东分配的比率很稳定，在20%左右；
Ratio of issued capital to equity decrease in a narrow range. Share interest due to pay account 20% stable to asset which could be distribute.
资本结构和股利政策作为上市公司财务管理的核心内容受到了众多专家、学者及股东的关注。
As the core of financial management of the public company, capital structure and stock bonus policy is attracting the attention of number of experts, scholars and Stockholders.
并从管理层非理性的角度对我国上市公司的资本结构选择、股利行为和机构投资者行为提出了基于行为公司金融的解释。
And we present an explanation of the capital-structure choice, dividend policy and institution investor behavior from the respect of behavioral corporate finance.
企业未来资本收益可用股利、净利润、息税前利润和净现金流量等表示。
And the future capital gains can be expressed in terms of dividend, net profit, profit before interest and tax, and net cash flow, etc.
股份回购作为一种股本收缩方式涉及上市公司的资本结构与股利分配政策，因此是上市公司用以提高股票内在价值的重要手段之一。
As a way of equity contraction, share repurchase involves capital structure and dividend policies of listed corporations, thus it can improve their internal stock value.
本文实证部分主要分为二个部分：第一部分，对资本成本、资本结构与股利政策的关系进行实证研究。
Empirical part of this paper is divided into two main parts: the first part is the empirical research on the relationship between capital cost, capital structure and dividend policy.
该模型的提出为第三、第四章研究公司资本结构和股利政策的税收效应提供了理论基础。
A general equilibrium model about tax effect on the corporate dividend policy is constructed at the end of this section.
股票股利与资本金转增股本形式存在明显的替代性。
The stock dividends and the capital in cash extension increases the capital stock form existence obvious vicariousness.
按企业会计制度规定，资本公积可转增资本，盈余公积也可转增资本，利润分配还可以发放股票股利，这三者既有一致的地方，又有区别。
According to the enterprise system, capital surplus can be turned to increase capital, reserve surplus also can be turned to increase capital, and profits distribution can distribute stock dividends.
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.
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.
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