The 9 per cent interest rate, which is line with that paid by UBS in its recent issue, represents a 5 percentage point after tax premium to its dividend.
摩根士丹利支付给中投公司的年利率为9%（与瑞银近期发行的证券利率一致），与其税后股息相比有5个百分点的溢价。
In this problem, it id optimal to issue minimal new equity so as to reflect the reserves process at 0 and make minimal dividend payments so as to reflect the reserves process at a certain level .
在这个问题中，最优策略就是发行尽可能少的新资产使得资产储量大于零，并分发尽可能少的红利使得资产储量小于某一个数值 。
In this problem, it id optimal to issue minimal new equity so as to reflect the reserves process at 0 and make minimal dividend payments so as to reflect the reserves process at a certain level .
在这个问题中，最优策略就是发行尽可能少的新资产使得资产储量大于零，并分发尽可能少的红利使得资产储量小于某一个数值 。
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