股息支付率又称股利分配率、现金流动测量公式（Cash Flow Measurement Formula），是向股东分派的股息占公司盈利的百分比。与自留额比率（Retention Ratio）相反。股利发放率指标反映普通股股东从每股的全部净收益中分得多少，就单独的普通股投资者来讲，这一指标比每股净收益更直接体现当前利益。
我们发现企业的经营风险和破产成本可能对杠杆率有正面影响，而股息支付率则与杠杆率负相关。
We found that operation risks and bankrupt costs of enterprises could have positive impacts on leverage ratio, while pay-out ratio of dividends may have negative impact on leverage ratio.
实证结果显示管理层持股较多的MBO公司2005年的平均每股分红和平均股息支付率也都有一个明显的提升。
The empirical results show that the dividend per share and the average dividend payout ratio of those MBO companies whose managers hold plenty of shares also have an obvious upgrade in 2005.
对于股东来说，高股息支付已成为一道曙光：平均来看，四大国有银行将收入的近三分之一用于派发股息，平均股息收益率约为4.7%。
High dividend payments have been a ray of light for shareholders: On average, the big Banks pay out almost a third of their earnings, for an average dividend yield of about 4.7%.
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