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There's no price per share that you can observe and the banks can't do anything except passively receive the dividend.
这里没有可以观察到的每股价格,这些银行也不能做任何事,除了被动地接受股利。
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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
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When I set up a company--Case Shiller Weiss, Inc.-- typical of young start up companies,we didn't pay a dividend.
当我开公司时,卡魏施有限公司,并没发放股利,这是年轻公司的通常做法
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Some people don't even know what a dividend is, they just think of stock as something whose price goes up.
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
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So in a sense, it's all the same to me as a shareholder whether they pay dividends or they repurchase shares.
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
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The earnings, you understand, are kind of a theoretical concept but dividend is the money that we send out.
你们都知道,收益是个理论概念,但股利是我们分发出去的钱
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And if someone said, it's 4%, you'd say, well that's kind of meager, I want a better dividend than that.
如果他说,是4%,你会觉得少,我想要更高的股利
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That's misleading because it really doesn't matter when you buy the stock, so you're not supposed to, as a broker, sell dividends.
这是误导,什么时候买股票都没区别,所以作为券商,不应以股利为卖点
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The dividends were down here at half the earnings and then you would gradually adjust them up to half the earnings again.
股利在下面,收入的一半,然后慢慢的调高,再到收益的一半
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Sometimes companies will announce that they are paying not a cash dividend, but they're paying a stock dividend.
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
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But the accountants thought we did. So that's earnings Dividends is very concrete, it's what they send out.
会计明明显示赔了,这就是收益,股利则更具体,公司发多少是多少
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Now ultimately, the purpose of investing in a share is to get the dividends; that's the whole named purpose of the corporation.
股票投资是为了取得股利,这也是公司明确的目标
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First of all, a lot of people don't seem to even grasp that basic point that you buy stocks for the dividends.
首先,很多人不明确这一基本点,买股票就是为了股利
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Why don't we say the same $5 check is included but, in the letter, let's say something different?
同样是5美元股利的支票,但在信中,我们换种方式来说
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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
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So they want to payout something like 40% of their earnings as dividends and plow the rest back into investing inside the company.
如果他们将收入的40%作为股利,然后在内部把剩余部分拿回来用作投资
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Maybe Merton Miller is right-- these things are "neutral mutations" and changes in dividend policy are meaningless.
也许莫顿·米勒是对的,这些都是"中性突变",变更股利政策是无意义的
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The stock market--I was going to talk about stock dividends, but I better talk about dividends first.
股票市场...我想讲下股票股利,但最好还是先解释下什么是股利
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It's a little different if they buy-- suppose you own a hundred shares and they declare a 5% cash dividend,then you get $5.
但又有些不同,如果他们买进...,假设你有一百股股票,他们宣布发放5%股利,你拿到五美元
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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.
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
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Then you might ask, why in the world do companies issue stock dividends anyway, what's the point?
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
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Earnings and dividends are different; earnings is the money that the company made in a given year.
收益和股利是不同的,收益是公司在某年赚到的钱
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So banks that become a member of the Federal Reserve System get shares and they become stockholders in the Federal Reserve Bank.
所以，联邦储备银行的会员银行,得到股份并且在联邦储备银行成为股东,它们分得股利。
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They used to pay out typically like 80% of their earnings but it's been gradually going downward and now it's down to like 40%.
过去他们将收益的80%作为股利,但现在正慢慢减少,目前降到了40%
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When Modigliani and Miller wrote, there was a differential tax rate between dividends and capital gains.
莫迪利阿尼和米勒写到,如果在股利和资本收益间,有一个随其他因素变化的税率
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If they're going to pay stock dividends and try to fool us, what's going to happen?
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
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There is now no preference--well it could be-- there are lots of complexities in the tax law but, basically, dividend policy really is irrelevant now.
这就没有偏好差别了,税法中仍有很多复杂条款,但基本说来,是否推行股利政策与此无关
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In another sense, they're more willing to entrust the money back to the board of directors to decide on when and whether to pay dividends.
换句话说,他们更放心,把钱交给董事们管,让他们来决定什么时候或发不发股利
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I'm saying that, unless tax considerations intervene, dividend policy is really irrelevant for a firm.
除去税收的干扰,股利政策对公司是无相关性的
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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
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