BP will also suspend dividend payments to shareholders temporarily.
VOA: special.2010.06.19
So, the more enlightened view is, corporations only pay a stock dividend when they have some good news to announce.
所以更有说服力的观点是,公司发放股票股利的唯一原因是,他们有利好消息要公布了
Now incidentally, that's an interesting question that you bring up, because--should I pay any attention to dividend dates as an investor?
你提出了一个很有趣的问题,投资者应该注意除息日吗
Then we start paying a dividend and then if we ever have to cut it, we're in big trouble.
然后我们开始分红,如果暂停分红,大麻烦就来了
How excited should you be to get the letter saying your company has paid you a stock dividend?
你该做何反应呢,如果收到公司派发股票股利的通知
They say things like this: if we pay a dividend, then they're going to start expecting that.
他们会这么说,如果分红,他们就会开始期待分红
As a company matures, then they typically feel that it's time to pay a dividend.
当公司进入成熟期,他们就会觉得,到了发股利的时间了
If they don't have money to pay dividend they can always do a stock dividend.
如果没钱付股利,那就发股票股利
And if we don't pay a dividend once, then they're going to say, what's wrong?
如果我们少分了一次红,他们就会问,怎么回事
We approve a letter--the letter's going to say, we're making money here's your dividend check.
我们批准了,信上说,公司盈利了,这是您的股利支票
I was going to talk about a stock dividend and I started to do that.
现在继续探讨股票股利的问题
In terms of just general investing culture-- and we're behavioral in our attitude-- it was clearer that you bought a stock to get a dividend.
在一个投资性文化中,我们更偏向于行动派,人们为了得到分红而购买股票的意图愈加明显
They'll tell someone, hurry up and buy this stock because it's going to go ex-dividend.
他们告诉买家,迅速买入这支股票,因为它马上要除息了
The S&P 500 is 500 companies, who are major companies, so these tend to be mature companies and they tend to be in the dividend-paying stage.
标准普尔500指数包括500家大公司,这些一般都是成熟期的公司,他们一般都处于需要支付股利的阶段
They have to do it equally to all shareholders; that's called paying a dividend.
每个股东都应得到同等的待遇,这就是发放股利
I think the simplest way to understand Modigliani-Miller proposition is the following: imagine that we, as a board, decided to pay a dividend of $5 a share.
理解莫迪利阿尼和米勒命题,最简单的方式是,假设我们构成了一个董事会,决定以每股5美元的比例发放股利
He went there and he made a plea that General Motors should cut its dividend that it pays to stockholders, which is a reasonable thing to do.
他向管理层提出请求,希望通用汽车公司减少,支付给股东们的红利,这是一种很合理的做法
Now the other thing is, there are other ways to get money out of a company without paying a dividend and one of them is stock repurchase.
另一件方面是,除了股利,还有其他收回投资的方法,比如股票回购
I'll talk about this-- the company doesn't ever have to pay a dividend.
我来讲讲这个,公司不愿意支付股利
You said, you didn't call us up when we weren't paying any dividend and now we're still paying more than we used to, why all this alarm?
过去不分红的时候,你们什么都没说,而现在我们的分红比过去还多,你们紧张什么
If they're failing they should cut their dividend, but companies are reluctant to do that because it looks bad, so they hold off for a long time, not cutting.
如果效益不好他们应该减少红利,但是公司不愿意这样做,是因为这样显得很糟糕,所以他们一直拖延着不去减少红利
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.
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
This gets back--People are accustomed to getting dividend checks in the mail.
回到这里,人们习惯于,通过挂号信取得股利支票
The answer is generally not because if you buy the stock before it goes ex-dividend, you get--you have to pay a higher price, but you get the dividend.
答案一般来说是不用,如果你买了股票,是在除息之前买的,你的买入价高,但能分到红
The last thing, I just wanted to say-- I wanted to mention the theory of dividend payout given by John Lintner; it's called the Lintner Model of Dividends.
最后一点,我想讲,我想讲讲约翰·林特纳的分红理论,叫做林特纳股利模型
It's changing the number of shares outstanding, so the value of the company declines by the same amount; it has to, as if they had just paid a dividend.
它改变了发行股数,所以公司价值减少了相同的数量,必须如此,就好像支出了股利一样
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.
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
We're going to send a letter to all our shareholders and say, we have decided to pay a $5 dividend and so you're about to approve this at the meeting.
我们将给所有的股东寄出一封信,写着,公司决定发放每股5美元的股利,所以你们在股东大会上要通过这个提议
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.
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
This is the dividend-price ratio back to 1871.
这是1871年的股利价格比
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