From our reasech, we notice the ownership structure has great impact on dividends policy of listed companies. The dividend payout ratio is lower in state-owned-enterprise than non-SOEs.

分析发现，上市公司的股权结构与公司的分红政策制定有着密切关系，国有控股的上市公司分配比例明显低于非国有控股上司公司。

In fact, the Gates Foundation says it has increased its payout ratio from 5% to 7% in response to the downturn.

事实上，比尔?盖茨基金称，在经济下滑期，他们增加了5%——7%的慈善支出。

The conclusion shows that either the proportion of payer of Chinese listed companies is higher than that of U. S., or the payout ratio is also higher than the average level of global market.

结论发现：中国进行派现的上市公司比例高于美国，而股利支付率也高于国际市场的平均水平。

Firstly, the payout ratio is not guaranteed.

首先，派息率是无保证的。

Higher payout ratio and more bonus stocks will make the price of the shares higher and will bring considerable capital gain.

派息率越高、送红股越多，就会使普通的股票股的股价越高，带来客观的资本增值。

Thus, even a 「stopped clock」 can look like a growth stock if the dividend payout ratio is low.

所以，如果分红率足够低，一个「不走的钟表」也能看起来像一个成长股。

Since 2006, China Mobile's dividend payout ratio has risen by just one percentage point, to 43% of earnings.

自2006年以来，中国移动的股利支付比率只上升了一个百分点，至收益的43%。

Its returns for the investment depend on the payout ratio of the corporation.

普通股的投资回报取决于发行股票的公司的派息率。

This link between the payout ratio and the reason for default has intuitive appeal and is one of the strengths of this approach.

派息比率与默认派息比率的原因之间的这种联系具有直观的诉求，也是这种方法的长处之一。

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.

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。

There is phenomenon that the listed companies do not allocate the dividend on shares or the payout ratio is low in China.

我国上市公司的股利政策存在严重不分配现象，股利支付率偏低，缺乏连续性等问题。