A share discount to par value can be significant for preference shares, which pay fixed dividends based on par value.

股票贴水对优先股很重要，因为优先股是根据面值来支付固定股息的。

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These are a special type of share that pay a regular flat dividend in perpetuity, and which receive their payment in preference to the dividends paid out on ordinary shares.

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If past experience is a guide, a sustainable rally will ultimately be accompanied by a renewed preference for growth versus dividends and less aversion to financial leverage.

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But Congress has already raised rates on capital gains and dividends since the TPC estimate, reducing the value of the preference.

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