美国企业抢派特别股息

A record number of US companies have announced special dividends in recent months in order to escape higher taxes on equity income payments.

最近几个月宣布派发特别股息的美国公司数量创下了历史纪录，主要目的是为了避开股票收益税上调。

The current tax rate of 15 per cent on dividends, legislated by the Bush tax cuts in 2003, could spike to a top rate of more than 40 per cent next year unless President Barack Obama and the US Congress can avoid the fiscal cliff, which would trigger automatic tax rises. Mr Obama made raising taxes on the wealthy a central plank of his re-election campaign.

根据布什政府在2003年出台的减税政策，美国现行的股息税税率为15%。除非美国总统巴拉克·奥巴马(Barack Obama)和美国国会能够避免“财政悬崖，否则明年股息税的最高税率可能上调至40%以上。财政悬崖将触发自动增税机制。奥巴马连任竞选纲领的一项核心内容就是对富人增税。

The dividends have been promised by companies where management insiders hold a high proportion of the shares. Many US companies are flush with cash but reluctant to invest given the general uncertainty surrounding the fiscal cliff and global growth.

承诺派发股息的公司都是内部管理层持有大量股份的公司。许多美国公司坐拥巨额现金，但鉴于围绕财政悬崖和全球经济增长状况的不确定性，美国公司并不愿意进行投资。

Since the start of the fourth quarter, a record 103 companies have announced they will pay special dividends before the end of the year, according to Markit. The data firm is forecasting that 123 companies will announce special fourth-quarter dividends, compared to the previous average of just 31. “Barring a last minute congressional extension, it would benefit shareholders if companies declare and pay special dividends prior to the year-end expiration date, says Virgil Calahong, dividend analyst at Markit.

数据公司Markit资料显示，自从进入第四季度以来，已有103家公司宣布将在年底前派发特别股息，这个数字创下了历史纪录。Markit预测，宣布派发特别股息的公司最终将达到123家，而往年的平均数值为31家。Markit股息分析师弗吉尔·凯拉洪(Virgil Calahong)表示：“除非国会在最后一刻决定延续布什减税政策，企业在目前的减税政策于年底到期之前宣布并派发特别股息，对股东们是有利的。

Steve Trager, chief executive of Republic Bancorp, called the uncertainty over tax rates “the tipping point that led his company to declare a special dividend. “We’ve had a great year – four straight record years – [and] our capital levels are extremely healthy, he said. “With this timing issue, I am delighted to do it for shareholders and it has been very well received.

Republic Bancorp首席执行官史蒂夫·特拉格(Steve Trager)把税率的不确定性称为促使该公司宣布派发特别股息的“引爆点。“今年我们公司取得了非常棒的经营业绩，一连四年都创纪录，我们的资本状况也非常健康。他表示，“这是个时机选择的问题，我很高兴向股东派发特别股息，这个做法受到了热烈的欢迎。

Some bigger companies, such as Walmart, have also moved up their regular scheduled dividend payout from early January to late December. Almost half of Walmart’s shares are held by the Walton family. Seadrill, the offshore drilling contractor controlled by Hemen Holding, announced this week that it was bringing forward a fourth-quarter dividend payout to spare its US shareholders from pending tax code changes.

有些大公司，比如沃尔玛(Walmart)，也将定期派息的时间从1月初提前至12月底。沃尔顿(Walton)家族持有沃尔玛将近半数的股票。Hemen Holding控股的海上石油钻井商Seadrill本周宣布，将向其美国股东提前派发第四季度股息，以防止税收政策变化给他们带来损失。

The previous record for special fourth-quarter dividends was 74 in 2010, when the Bush tax cuts were last at risk of expiring. Markit’s data goes back to 2005.

在第四季度派发特别股息的公司数量上一次创下纪录是在2010年，共有74家。那一年，布什减税政策险些被终止执行。Markit数据追溯至2005年。