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t U.S. stock market capitalization of global stock repurchase 72% of the United States, Britain, Canada, Australia, Shikoku stock repurchase market capitalization of global stock repurchase of 83% of market capitalization . In some implementation of " civil law " countries , due to stock repurchase either in law be regarded as illegal acts , or is being heavily taxed , therefore, in these countries , were now become the sole or main the dividend payment.

In addition, 33 countries from the global listed companies 1995 4000 dividend payout rate, the dividend payout ratio of profit after tax attributable to an average of about 30%.

Second, cash dividends and capital gains tax difference between the company's dividend payment chosen degree of influence varies by country . From a global perspective , in most countries , cash dividends and capital gains tax on the existence of certain differences, but this difference on the impact of dividend payment in the country there is a great difference. Looking at the situation from the United States in 1986 , " Tax Reform Act " before the introduction of cash dividends are taxed as ordinary income , and cash dividends at the time of imposition of taxes , the average marginal tax rate of around 40%. Repurchase shares from the shareholders in the acquired company 's revenue , it is to be treated as capital gains and taxable , the average marginal tax rate is relatively low. Although the 1986 tax reform, capital gains tax and the cash dividend tax rate leveled , but the highest marginal tax rate of capital gains does not exceed 28 %, while the cash dividend income still reached the maximum marginal tax rate of 39.6% . However , despite this, cash dividends paid dividends in the United States remains one of the main . Although since since the mid- 1980s , some companies employ a large number of ways to share repurchases for dividends, but these companies buy back shares intended to implement a major senior management share option scheme , and not because of tax considerations. On the contrary, from the British and German situation, the dividend distribution tax effect seems more obvious . For example , the United Kingdom of personal dividend income and capital gains tax rate is 40 %, while Germany's personal dividend income and capital gains tax rates were 53% and 0% . Because there is a huge difference in taxes , so the British company cash dividend to shareholders much more than the German company , its dividend payout ratio averaged about twice that of German companies .

Third, companies usually balanced distribution of dividends. Dividends from abroad, the practice , the company decided to dividend policy , mostly very cautious . Most companies generally have a pre-determined target dividend rate , even if the current earnings unexpectedly sharp growth, the company is not immediately significant additional dividend , which is often the rate gradually increased cash dividends , slowly adjust the dividend payment to a predetermined target bonus rate level. This is so because the company managers believe the market for a stable dividend policy will give a better expectations, they are worried about the sudden increase in shareholders cash dividends as a " permanent" dividend distribution policy . If so, once the company performance decline , managers were forced to cut dividends , it could lead to enormous pressure 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。