"There is a realization at the end of the day that despite all the profits that Russia got from its sale of oil and gas over the last 10 years, that unless it modernizes its economy and reforms it, it will be a declining power."

VOA: standard.2010.06.18

As you can see, part of the reason why the dividend-earnings ratio-- especially in more recent years, since 1990-- has been declining is that corporations were trying to somewhat ease the tax burden on their shareholders by doing repurchase instead of dividend.

可以看出,股利收益比降低的部分原因,尤其是在近些年,从1990年起,有所降低的原因是,公司想通过将分红,改为股票回购的方法,多少减轻股东的税负

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