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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