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bout 5% of the company's net income, then after that, the amount of share repurchases is accounted for about 25% of the company will charge people a 47%. But at the same time, cash dividends of the company's net income ratio does not drop, therefore, in this period, the company the total dividend payment levels (including cash and stock repurchase is rising. However, from a global perspective, as the dividend payment of share repurchase is not universal. Relevant data show that in June 1997 - June 1998, in 1537 cases of stock repurchase in the whole world, theUnited Statesalone accounted for 1100. If by market capitalisation, the United States during this period of stock repurchase market value accounted for about 72% of global stock repurchase market, the United States, Britain, Canada, Australia, the four stock repurchase market value accounted for 83% of the world's stock repurchase market value. And in some countries 'civil law', because the stock repurchase or in law is regarded as illegal, or be imposed a heavy tax, therefore, in these countries, send more now become the sole or the main way of dividend payments. 
 
From 33 countries around the world, moreover, 4000 listed companies in 1995 the rate of dividend payment, dividend payments accounted for an average of about 30% of the profit after tax. 
 
Second, the difference between cash dividends and capital gains tax, dividend payments to the company to choose the impact of vary from country to country. Globally, in most countries, cash dividends and capital gains tax rate on there is a certain difference, but the difference between the impact on the company's dividend payment in national are quite different. From theUnited States, in the tax reform act of 1986, before the cash dividend is treated as ordinary income tax, and at that time, levy taxes on cash dividend, the average marginal tax rate is about 40%. And shareholders to buy back shares from the company's revenue, are treated as capital gains and to tax, the average marginal tax rate is relatively low. Although the 1986 tax reform will capital gains tax and the tax rate of cash dividends counterbalanced by a reduced, but the capital gains of marginal tax rate is highest do not exceed 28%, the highest marginal tax rates and cash dividend income was up 39.6%. However, in spite of this, now is still one of the main methods of American firms to pay dividends. Although since the mid - 1980 - s, some companies adopt the way of stock repurchase to distribute dividends, but the main purpose of these companies to buy back shares is the senior management of the stock options plan, not for tax reasons. On the contrary, from theUKandGermany, the tax effect of dividend distribution is likely to be obvious.Britain, for example, for individual dividend income and capital gains tax rate is 40%, andGermanyto individual dividend income and capital gains tax rate of 53% and 0% respectively. Because there are large differences in tax, as a result, British companies cash dividends to shareholders more than German company, the dividend payment rate average is about twice as many German companies. 
 
Third, companies usually balanced distribution of dividends. The practice of dividend distribution from abroad, the company in determining the dividend policy, are mostly very cautious. Most companies usually have pre-determined target 本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。