金融英语——常用词汇（六十四）

顾客效应 是指不同的顾客对股息分配水平的要求不同。高税收的投资者（如个人）偏爱低的股息支出，而低税收的投资者（如公司、养老基金）偏爱高的股息支出。

clientele effect Describes the tendary of funds or investments to be followed by groups of investors who have a simular preferences that the firm follow a particular financing policy,such as the amount of leverage it uses.