Question

谁能帮我翻译一下这段文字 非常紧急 谢谢

首先本文对国内外的研究成果进行了归纳，并且对国内外的研究成果进行了分析，说明了其不足之处；接着对股利政策的相关概念进行了阐述，然后统计描述了我国上市公司现金股利政策的现状，其特征主要体现在以下几点：分配现金股利的公司所占比例不大，派现水平较低，股利分配缺乏稳定连续性，超能力派现现象日益增加。根据以上的理论描述，接下来就开始对现金股利与公司价值进行研究，本文通过分析我国上市公司2008－2010年以来分红与Tobin Q的关系，发现在我国证券市场上高股息率的公司反而具有较低的公司价值，而不进行现金分红的上市公司的市场价值反而高于市场平均水平，这并不符合Gordon所提出的“股利效应假说”。

Answer 1

First this paper the research results at home and abroad were summarized, and the research results at home and abroad are analyzed, explained the deficiencies; Then the dividend policy related concepts were introduced, and then the statistical description of the listed companies in China of the present situation of cash dividend policy, its features embodied in the following points: cash dividend distribution proportion of the company is not big, send now level is low, dividend distribution lack of stable continuity, the ability to send now growing phenomenon. According to the theory of the above described, and then began to cash dividend and company value, this paper through the analysis of the listed companies in China 2008-2010 years and the relationship between share out bonus Tobin Q, found in our country securities market in high dividend yield instead of the company have lower corporate value, rather than cash dividends of listed companies' market value but higher than the market average, this does not accord with Gordon proposed "dividend effect hypothesis".