By AKHILESH GANTI

Reviewed By MICHAEL J BOYLE 

编写人：AKHILESH GANTI

审核人：MICHAEL J BOYLE

What Are Preference Shares?

什么是优先股？

Preference shares, more commonly referred to as preferred stock, are shares of a company’s stock with dividends that are paid out to shareholders before common stock dividends are issued. If the company enters bankruptcy, preferred stockholders are entitled to be paid from company assets before common stockholders. Most preference shares have a fixed dividend, while common stocks generally do not. Preferred stock shareholders also typically do not hold any voting rights, but common shareholders usually do.

优先股指在派发普通股股息之前向股东支付股息的该公司股份。若公司破产，优先股股东有权优先于普通股股东获得公司资产。大多数优先股股息数额固定，但普通股的股息通常不固定。通常来说，优先股股东没有表决权，但普通股股东享有表决权。

Understanding Preference Shares

了解优先股

Preference shares fall under four categories: cumulative preferred stock, non-cumulative preferred stock, participating preferred stock and convertible preferred stock.

优先股分为四类：累积优先股、非累积优先股、参与优先股和可转换优先股。

Cumulative preferred stock includes a provision that requires the company to pay shareholders all dividends, including those that were omitted in the past, before the common shareholders are able to receive their dividend payments. These dividend payments are guaranteed but not always paid out when they are due. Unpaid dividends are assigned the moniker "dividends in arrears" and must legally go to the current owner of the stock at the time of payment. At times additional compensation (interest) is awarded to the holder of this type of preferred stock.

累积优先股包含一项规定，即公司需在普通股股东获得股息之前，向股东支付全部股息，包括前一年未支付的股息。这些股息虽然是有保证的，但并不总是在到期时支付。未付股息被称为“应付股息”，必须在支付时合法为该股当前的持有者所有。有时，会向该类优先股持有者进行额外的补偿（即利息）。

Quarterly Dividend = [(Dividend Rate) x (Par Value)] ÷ 4

季度股息=[（股息率）×（票面价值）]÷4

Cumulative Dividends per share = Quarterly Dividend x Number of Missed Payments

每股累积股息=季度股息×未支付数量

Non-cumulative preferred stock does not issue any omitted or unpaid dividends. If the company chooses not to pay dividends in any given year, the shareholders of the non-cumulative preferred stock have no right or power to claim such forgone dividends at any time in the future.

非累积优先股不发放任何未付股息。若公司选择在任意一年不支付股息，非累积优先股的股东无权在未来任何时间要求公司补付该等股息。

Participating preferred stock provides its shareholders with the right to be paid dividends in an amount equal to the generally specified rate of preferred dividends, plus an additional dividend based on a predetermined condition. This additional dividend is typically designed to be paid out only if the amount of dividends received by common shareholders is greater than a predetermined per-share amount. If the company is liquidated, participating preferred shareholders may also have the right to be paid back the purchasing price of the stock as well as a pro-rata share of remaining proceeds received by common shareholders.

参与优先股股东有权按照通常规定的优先股股息率分得股息，并且还可基于预定条件获得额外股息。该额外股息通常只有在普通股股东所获股息大于每股预定金额的情况下才会支付。若公司进行清算，参与优先股股东还可能有权获得股票的买入价，以及按比例分配普通股股东所获剩余收益。

Convertible preferred stock includes an option that allows shareholders to convert their preferred shares into a set number of common shares, generally any time after a pre-established date. Under normal circumstances, convertible preferred shares are exchanged in this way at the shareholder's request. However, a company may have a provision on such shares that allows the shareholders or the issuer to force the issue. How valuable convertible common stocks are is based, ultimately, on how well the common stock performs.

可转换优先股包含一项选择权，即允许股东将其优先股转换为一定数量的普通股，通常是预设日期之后的任何时间。一般情况下，根据股东要求，通过这种方式交换可转换优先股。但是，公司可能对该等股票作出规定，允许股东或发行方强制发行。可转换普通股的价值最终取决于普通股的表现。

KEY TAKEAWAYS

关键要点

· Preference shares (preferred stock) are company stock with dividends that are paid to shareholders before common stock dividends are paid out.

· 优先股指在支付普通股股息之前向股东支付股息的公司股票。

· There are four types of preferred stock - cumulative (guaranteed), non-cumulative, participating and convertible.

· 优先股分为四类：累积（保息）优先股、非累积优先股、参与优先股和可转换优先股。

· Preference shares are ideal for risk-averse investors and they are callable (the issuer can redeem them at any time).

· 优先股适合保守类型的投资者，可提前兑回（发行方可在任何时间赎回）。

Significance to Investors

对投资者的重要性

Preference shares are an optimal alternative for risk-averse equity investors. Preference shares are typically less volatile than common shares and offer investors a steadier flow of dividends. Also, preference shares are usually callable; the issuer of the shares can redeem them at any time, providing investors with more options than common shares.

对于保守类型的股权投资者而言，优先股是最优选择。一般来说，优先股比普通股稳定，能够更为稳定地保证投资者的股息。此外，优先股通常可提前兑回；股票发行方可在任何时间赎回，相较于普通股，优先股为投资者提供了更多选择。