財(cái)務(wù)管理英文版課件 10

Topic10DividendPolicyContents10.1DividendsandDividendPolicy10.2TheDividendPuzzle10.3FactorsInfluencingtheDividendDecision10.4DividendPolicies

10.5StockRepurchasesCompaniesthatearnaprofitcandooneofthreethings:paythatprofitouttoshareholders,reinvestitinthebusinessthroughexpansion,debtreductionorsharerepurchase,orboth.

公司賺取利潤可以做三件事之一：利潤向股東派發(fā)，通過擴(kuò)張?jiān)偻顿Y于企業(yè)，減少債務(wù)或股票回購，或兩者兼顧。

Dividendpolicyisanimportanttopicbecausedividendsrepresent

majorcashoutlaysformanycorporations.股利政策是一個(gè)重要的話題,因?yàn)楣衫峙浯砹舜蠖鄶?shù)公司主要的現(xiàn)金支出。10.1DividendsandDividendPolicy

dividendTheheartofthedifficultchoice:reinvestingthemoneywithinthecompanyordistributingittoshareholders.(stockholdersbenefits/growthopportunities)Dividendpolicyprovidesguidelinesforbalancingtheconflictingforcessurroundingthedividendpolicypaymentversusretentiondecision.Dividendpolicyreferstothepayoutpolicythatmanagementfollowsindeterminingthesizeandpatternofdistributionstoshareholdersovertime.Thedividendpayoutratioisthepercentageofearningspaidtoshareholdersincash.Acorporation’sboardofdirectorsisultimatelyresponsibleforafirm’sDP.Acorporationhasnolegalobligationtodeclareadividend.Oncetheboardsetsthedividend,theprocedureforpayingthedividendisroutine.10.1.1DividendPayoutProcedure

1.Declarationdate2.

Recorddate3.Ex-dividenddate4.

Paymentdate

1.declarationdate股利宣布日ThedeclarationdateisthedaytheBoardofDirector’sannouncestheirintentiontopayadividend.Onthisday,thecompanycreatesaliabilityonitsbooks;itnowowesthemoneytothestockholders.股利宣布日是董事局宣布他們打算支付股利的日子。在這一天公司賬面上產(chǎn)生一筆債務(wù)，即它現(xiàn)在欠股東錢。2.ex-dividenddate除息日Theex-dividenddateisthecut-offdateforreceivingthedividend.Thatis,theex-dividenddateisthefirstdateonwhichtherighttothemostrecentlydeclareddividendnolongergoesalongwiththesaleofthestock.除息日是領(lǐng)取股利的截止日期。除息日是最近宣布的股利權(quán)利不再與股票一起出售的第一天。3.recorddate

股權(quán)登記日Therecorddateisthedateonwhichaninvestormustbeashareholderoftherecordtobeentitledtotheupcomingdividendonlyiftheyhaveboughtthestockforatleasttwobusinessdaysbeforetherecorddate.只有在股權(quán)登記日前在公司股東名冊上登記的股東，才有權(quán)分享股利,投資者必須在股權(quán)登記日之前兩個(gè)營業(yè)日購買股票。NotcalendarThisruleallowstimeforthetransferofthesharesandgivesthecompanyasufficientnoticeofthetransfertoensurethatnewstockholdersreceivethedividend.4.Paymentdate

股利支付日

Thepaymentdateisthedatewhenthefirmmailsthedividendcheckstotheshareholdersofarecord.Thisdateisusuallyseveralweeksaftertherecorddate.股利支付日是公司郵寄股利支票給在冊股東的日期。這個(gè)日期通常是股權(quán)登記日的幾個(gè)星期之后。

ExampleofpaymentofdividendOnDec.21,2004,AlbotCo.declaredthat,thestockholderslistedontherosteronJan.13,2005wouldreceiveadividendof$0.19pershare,andthedividendwastobepaidFeb.15,2005.12/211/111/132/15DeclarationDateDateofRecordEx-dividendDateDateofPaymentDaysregulardividend

正常股利Thedividendcanbearegulardividend,whichispaidatregularintervals(quarterly,semi-annually,orannually),oraspecialdividend.

利息可以是正常股利和特殊股利，正常股利是在正常的區(qū)間（季度，半年度，或年度）支付的。10.1.2TypesofDividendsliquidatingdividend

清算股利Firmssometimespaydividendsthatareinexcessoftheretainedearningstheyshowontheirbooks.Thesearecalledliquidatingdividends.

有時(shí)候企業(yè)所支付的股利超過了賬面上的留存收益，這些都被稱為清算股利。“do-it-yourself”dividendHomemadedividends自制股利Investorswhowantcurrentincome,ontheotherhand,cansellthesharestheyreceivefromthestockdividend,paythetaxandpocketthecash——inessence,creatinga“do-it-yourself”dividend.

想獲得現(xiàn)行收益的投資者，可以將從股票股利中得到的股份出售，交納稅金，取得現(xiàn)金，實(shí)質(zhì)上，是一種自制股利。CashDividendsStockDividendsPropertyDividends1.cashdividends

現(xiàn)金股利

Regularcashdividendsarethosepaidoutofacompany’sprofitstotheownersofthebusiness.正常現(xiàn)金股利是將公司利潤支付給企業(yè)的所有者。2.stockdividends

股票股利Astockdividendisapro-ratadistributionofadditionalsharesofacompany’sstocktoownersofthecommonstock.股票股利是按比例給普通股所有者分配額外的公司股票Acompanymayoptforstockdividendsforanumberofreasonsincludinginadequatecashonhandoradesiretolowerthepriceofthestockonaper-sharebasistopromptmoretradingandtoincreaseliquidity一家公司選擇股票股利是有許多原因的包括不充分的手頭現(xiàn)金或通過降低每股股票價(jià)格來增加交易量和提高流動(dòng)性stocksplit

股票分割A(yù)stocksplitisnotastockdividendinessence.Incasesofstocksplits,acompanymaydouble,tripleorquadruplethenumberofsharesoutstanding.Thevalueofeachshareismerelylowered;economicrealitydoesnotchangeatall.

股票分割本質(zhì)上不是股票股利。在股票分割中，公司可以使發(fā)行在外的股票數(shù)量變?yōu)?倍，3倍或者4倍。僅僅是每一股的價(jià)值下降，經(jīng)濟(jì)現(xiàn)實(shí)沒有任何改變。3.propertydividend財(cái)產(chǎn)股利Apropertydividendiscalledsowhenacompanydistributespropertytoshareholdersinsteadofcashorstock.

財(cái)產(chǎn)股利是指公司分配給股東財(cái)產(chǎn)來代替現(xiàn)金或股票。

10.2.1DividendIrrelevanceTheory

whatafirmpaysindividendsisirrelevantandthatstockholdersareindifferentaboutreceivingdividends.

10.2TheDividendPuzzle

股利無關(guān)論代表人物：莫迪格萊尼、米勒主要觀點(diǎn)：

股利政策不影響企業(yè)價(jià)值投資者不關(guān)心公司股利分配企業(yè)價(jià)值由資產(chǎn)的盈利能力決定假定條件:完全市場理論包括：（1）市場具有強(qiáng)式效率；（2）不存在任何公司或個(gè)人所得稅；（3）不存在任何籌資費(fèi)用（包括發(fā)行費(fèi)用和各種交易費(fèi)用）；（4）公司的投資決策與股利決策彼此獨(dú)立（公司的股利政策不影響投資決策）。股利無關(guān)論TheDividendPuzzle10.2.2DividendRelevanceTheory

TheTax-preferenceExplanationTheSignalingExplanationTheAgencyExplanationTheTax-preferenceExplanation——investorsexpecthigherpretaxreturnsfromdividend-payingstockbecauseofthefuturetaxliabilityondividends.TheSignalingExplanation——dividendpolicyconveysimportantinformationtothemarketaboutthequalityofacompany.TheAgencyExplanation——dividendmechanismprovidesanincentiveformanagerstoreducetheseagencycostsrelatedtotheprincipal/agentrelationship.Thatis,agencytheorymodelscontendthatdividendpolicymitigatesagencyconflictsbetweenmanagerialandstockholderpriorities.10.3FactorsInfluencingtheDividendDecision

10.3.1ShareholderfactorsIncomeNeedsSomeinvestorsdependondividendincometohelppaytheirlivingexpenses.theywantlargeandstabledividends.Anomissionorcutindividendscouldcausehardshipforthem.M&Msaythatshareholderscancreatehomemadedividendsbyliquidatingtheirhareofownershipinacompany.Yetsomeshareholdersareaversetocreatinghomemadedividendsbecausesellingsharesinvolvespayingbrokeragefeesandperhapstaxesiftheysellsharesatpricesabovetheiroriginalinvestment.Inpractice,homemadedividendsarenotperfectsubstitutesforcashdividends.RiskPreferencesCautiousinvestorsmayprefertoreceivethecashdividendnow,ratherthantakeachanceonthefuturesalepriceofthestock.AcommontermforthispreferenceistheBIRDINHANDargument.TaxStatusInvestorsinhightaxbracketsoftenprefersmalldividends.Retainingearningsmayleadtoanincreaseinafirm’sstockpriceandtoapostponementinthetaxedshareholderspayoncapitalgains.Bydeferringthepaymentoftaxesoncapitalgains,shareholdersreducethepresentvalueoftheirfuturetaxpayments.DilutionofOwnershipWhenfirmscansupporttheirneedforcommonequityfinancingbyusingretainedwarnings,theycanavoidissuingnewcommonstockand,therefore,avertdilutingeachstockholder’sproportionateownershipofthefirm.10.3.2FirmFactors

StageofLifeCycleStart-upandIPOstages—nodividedsRapidgrowthstage—noorverylowdividendsMaturityanddeclinedstage–agrowingtogenerousdividendExternalFinancingCostsWhenissuingcostsarehigh,firmsoftenprefertouseretainedearningasasourceofcapitalrathertoraisefundsexternally.AccesstoFundsandReservesFirmswithlargeramountoffincialreservescanhavehigherdividendpayments.ProfitabilityandEarningStabilityProfitablefirmswitstableearningsaremorelikelytoassumetheriskofhavinghigherdividendpayoutsthanthosefirmswithmorevolatileearnings.10.3.3ManagerialpreferencesandconstraintsThefirmmaydesiretosmoothdividendsandtoavoiddividendreductions,ifpossible.Somebondindenturesandloanagreementscontainprovisionlimitingthepaymentofdividends.Themainreasonforlimitingdividenddistributionsistoprotectcreditors.10.4DividendPolicies

1.Residualdividendpolicy

剩余股利政策2.stabledollardividendpolicy

固定股利政策3.Constantdividendpayoutratio

固定股利支付率政策4.lowregularplusspeciallydesignateddividends

低正常股利加額外股利政策1.ResidualsDividendsPolicy剩余股利政策Witharesidualsdividendspolicy,afirmpaysdividendsfromearningsleftoveraftermeetingitsinvestmentneedswhilemaintainingitstargetcapitalstructure.Thispassiveapproachassumesthatinvestorspreferthefirmtokeepreinvestearnings.Thismaybetruewhenthereturnthatfirmscanearnonadditionalequityexceedsthereturnthatinvestorscanearnbyinvestingthecashthemselves.在剩余股利政策下，一個(gè)公司在保持資本結(jié)構(gòu)目標(biāo)和投資需要后從其所得剩余支付股息。這種被動(dòng)的做法假設(shè)投資者更愿意公司保持和再投資收益。2.StableDollarDividendsPolicy固定股利支付政策Astabledollardividendpolicyisonewherethecompanymaintainsthesamedividendpershareeachperiodunlessitbelievesthatfutureearningscansustainahigherdividend.固定股利政策是一個(gè)公司在每個(gè)時(shí)期保持相同的每股股利除非它認(rèn)為未來的收益可以維持一個(gè)較高的股利Insuchcases，increase

inregularcashdividendswouldnormallymaketheearningsincreaselag.3.ConstantDividendPayoutRatio固定股利支付率政策Aconstantdividendpayoutratioisapolicyofpayingafixedpercentageofearningsasdividends,Sinceafirm’searningsvary,suchapolicyresultsinunstableandunpredictabledividends.Fewfirm’sfollowaconstantpayoutratiobecausehighlyvolatiledividendsmayadverselyaffectstockprices.4.LowRegularplusSpeciallyDesignatedDividendsApolicyoflowregularplusspeciallydesignateddividendsisoneofinwhichafirmmaintainsalowregularcashdividendbutpaysaspeciallydesignatedcashdividendsifwarrantedbasedonthefirm’searningsperformance.Suchapolicygivesthefirmflexibilitybutleadstosomeuncertaintyamongshareholders.Sharerepurchase(buyback):investinginitself,usingitscashtobuyitsownshares.Whenthishappen,therelativeownershipstakeofeachinvestorincreasesbecausetherearefewershares,orclaims,ontheearningofthecompany.10.5StockRepurchases10.5.1WaysofRepurchasesTenderOffer要約收購OpenMarket公開市場10.5.2ReasonsforStockBuybacks1.Ifacompanyissittingonalargesumofcashandmustdecidehowtoinvestit,oneoftheoptionsistodistributepartofittoshareholdersbybuyingupoutstandingshares.2.Ifacompany’sstockissufferingfromlowfinancialratios,buyingbackstockcangivesomeoftheratiosatemporaryboost.3.Anotherreasoncompaniesbuybackstockistocoverlargeemployeestockoptionprograms(ESOP).員工股票期權(quán)計(jì)劃4.Somecompaniesbuybacksharesasprotectionagainstunfriendlytakeoversfromothercompanies.

DividendPolicyinPracticeResidualDividendModelFindtheretainedearningsneededforthecapital