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manufactured dividend

21:06 May 30, 2009

English to Chinese translations [PRO]
Bus/Financial - Law: Taxation & Customs

English term or phrase: manufactured dividend

help: what does "manufactured divident" mean? what's the translation in chinese for it? ergent. thanks.

cyning
China

Summary of answers provided

返还/返回红利/股息/股利

Sarah L.G.

返还红利

karcsy

Answers

4 hrs confidence:

返还红利

Explanation:
菲律宾证券借贷免除下列税收：印花税、资本利得税、证券交易税、借券人返还红利所得税（Income tax on Manufactured Dividend）。
www.chinaclear.cn/main/07/0702/1176362443559.pdf

Taiwan Stock Exchange Corp. Business Tax: No business tax shall be levied on manufactured dividends ... The manufactured dividends are deemed to be the lender's dividend income levied ...
www.twse.com.tw/en/about/press_room/tsec_news_detail.php?id... - 66k - Cached - Similar pages

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Note added at 7 hrs (2009-05-31 04:09:38 GMT)
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stock dividend - 现金红利;股息
bond dividend -债券红利; 利息

since it is not sure whether the dividend is derived from stocks' cash dividend or bonds' (coupons') dividend - I wanted to play safe and just translate it as 红利 without specifying from where the dividend came from, unless you can find specific source of the dividend within your document.

karcsy
Philippines
Local time: 10:56
Native speaker of:

Chinese
PRO pts in category: 28

5 hrs confidence:

返还/返回红利/股息/股利

Explanation:
“manufactured dividends”出现在证券借贷中，根据法律规定，在证券借出后，证券的红利或股息同样也会转移至贷方，但是借方保留证券附带的经济利益，所以为了补偿借方，贷方通常需将借贷期间证券红利或息票返回给借方。
“manufactured dividends”也出现在回购交易中，买方须就质押证券向卖方支付证券红利，以补偿卖方在回购协议期间的收入损失。不过，回购在一定的意义上也是一种特殊的证券借贷。
这是我的理解，供你参考。

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Note added at 6 hrs (2009-05-31 03:08:19 GMT)
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下面是英文定义，供你参考：
1.manufactured dividends is the term for coupon or dividend paid out on a security that has been transferred for collateral purposes to the buyer(注：资金持有人) in a repo transaction. In legal terms, the right to the coupon or dividend payable on a security also transfers to the buyer. The seller(注：原来的证券持有人), who retains economic benefits of the collateral, therefore must be compensated for the implied loss of income during the term of the repo, thus preserving the cash flows received had the seller not entered into a repo. A manufactured dividend is effected so that the seller is compensated.
http://books.google.com.hk/books?id=pys45zvIe3AC&pg=PA279&lp...
2.Manufactured Dividends
Payments made by the borrower to the lender of shares in lieu of actual dividends
http://www.amex.com/servlet/AmexFnDictionary?pageid=display&...
3.Under securities lending agreements, borrowers are normally required to make payments to lenders representative of any dividends or coupons paid on the underlying securities during the term of the securities loan (so-called ‘manufactured dividends’).
http://www.manifest.co.uk/reports/stockborrowingannex.pdf

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Note added at 1 day14 hrs (2009-06-01 11:54:22 GMT)
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我看的书较少涉及证券借贷和回购协议市场。不过证券无非股票和债券，债券收入叫利息，一般不叫红利，故红利一般就针对于股票而言。证券红利是指以证券的形式发送红利。dividend的翻译有股息、红利和股利，这个还确实得根据上下文判断，毕竟股息、红利是不一样的概念。

Sarah L.G.
China
Local time: 10:56
Native speaker of:

Chinese
PRO pts in category: 4