Typically, preferred stocks have some type of dividend preference and a prior claim to assets in liquidation. 典型的情况是,优先股具有在股利分配上的某种优先权,并且在公司清算时对资产有优先要求权。
And the relationship between industry dividend demand preference and stock dividend policy is not significant. 行业股利需求偏好与股票股利政策不存在显著关系。
And the characterization that the more shares the actual controlling shareholder holds, the higher dividend payout ratio in fact reflects a special cash dividend preference when the actual controlling shareholder is government, and at least this preference is different with the private controlling shareholders 'preference. 对于持股较多的控股股东所对应的较高的股利支付比率这一特征,实际上反映了政府作为实际控制人时对现金股利的一种特殊偏好,这一偏好至少与私人控股股东不同。