最新第十一章 股利与股利政策

1、chapter 11dividends and dividend policy净利润的分配current assetsfixed assets1 tangible2 intangibletotal value of assets:shareholders equitycurrent liabilitieslong-term debttotal firm value to investors:chapter outline cash dividends and dividend payment does dividend policy matter? some real-world factor

2、s favoring a low payout some real-world factors favoring a high payout1. dividend and distributionp26types of cash dividendsregular cash dividendextra cashdividendspecial cashdividendliquidating dividendp573cash payments made directly to stockholders, usually each quarterp573indication that the “ext

3、ra” amount may not be repeated in the futurep573similar to extra dividend, but definitely wont be repeatedp573some or all of the business has been sold正常现金股利正常现金股利 额外现金股利额外现金股利 特别现金股利特别现金股利 清偿股利清偿股利dividend payment p574 declaration date（宣告日） ex-dividend date（除息日）poccurs two business days before date

4、 of recordpif you buy stock on or after this date, you will not receive the dividendpstock price generally drops by about the amount of the dividend date of record（登记日） date of payment（派发日）figure 18.2 p575除息对股价的影响中兴通讯（000063）股利分配报告期报告期 每股收益每股收益(元元)10股分红股分红(元元)10股送股股送股(股股)10股转增股转增(股股)登记日登记日除权日除权日红利支付

5、率红利支付率(%)2008年度年度1.243.00032009-06-042009-06-0524.272007年度年度1.302.50042008-07-092008-07-1019.162006年度年度0.841.50002007-07-262007-07-2717.862005年度年度1.242.50002006-07-132006-07-1420.162004年度年度1.052.50002005-07-072005-07-0823.812003年度年度1.133.00202004-05-242004-05-2526.602002年度年度1.022.00022003-05-222003-

6、05-2319.612001年度年度1.031.50002002-05-222002-05-2314.622001中期中期0.421.50202001-10-162001-10-1735.891999年度年度0.610.00022000-06-092000-06-120.00万科（000001）股利分配报告期报告期每股收益每股收益(元元) 10股分红股分红(元元)10股送股股送股(股股)10股转增股转增(股股)登记日登记日除权日除权日红利支付率红利支付率(%)2008年度年度0.370.50002009-06-05 2009-06-0813.632007年度年度0.701.00062008-0

7、6-13 2008-06-1614.192006年度年度0.491.50052007-05-15 2007-05-1630.432005年度年度0.361.50002006-07-20 2006-07-2141.322004年度年度0.391.50052005-06-28 2005-06-2938.862003年度年度0.390.50142004-05-25 2004-05-2612.892002年度年度0.612.000102003-05-22 2003-05-2333.002001年度年度0.592.00002002-07-16 2002-07-1733.782000年度年度0.481.8

8、0002001-08-20 2001-08-2137.741999年度年度0.421.50002000-08-16 2000-08-1735.71金榜题名（2009） 铁公鸡榜铁公鸡榜 金杯汽车金杯汽车 （14） sst中纺中纺 （14） 上工申贝上工申贝 （13） 中路股份中路股份 （13） st二纺二纺 （12） 西北轴承西北轴承 （10） 最慷慨公司榜最慷慨公司榜 沧州明珠沧州明珠 宏达股份宏达股份 盐湖钾肥盐湖钾肥 水井坊水井坊 张裕张裕a 双汇发展双汇发展 全聚德全聚德 佛山照明佛山照明 expression of cash dividend dividend per share=c

9、ash dividend/shares the dividend yield= dividend per share/price the dividend payout=dividend/net income 每股红利/股利收益率/红利支付率examples2. does dividend policy matter? dividends matter the value of the stock is based on the present value of expected future dividends dividend policy may not matterpdividend

10、policy is the decision to pay dividends versus retaining funds to reinvest in the firmpin theory, if the firm reinvests capital now, it will grow and can pay higher dividends in the futureillustration of irrelevance100 shares outstandingdate1date2total dividends（$）10,00010,000dividends per share （$）

11、100100total dividends（$）11,0008,900capital raising (new shares)1,0001,100dividends per share （$）11089173.551.11001.1100r1dr1dp222110173.551.1891.1110r1dr1dp222110p576-577homemade dividend p577100 shares outstandingdate1date2total dividends（$）10,00010,000dividends per share （$）100100total dividends（$

12、）11,0008,900dividends per share （$）11089 : reinvest $10 10(-)11(+)122112you neednt to be like this3. low payout why might a low payout be desirable?phigher taxes for individuals lower capital gains with the deferred tax liabilitypflotation costs low payouts can decrease the amount of capital that ne

13、eds to be raised, thereby lowering flotation costspdividend restrictions debt contracts might limit the percentage of income that can be paid out as dividends4. high payout why might a high payout be desirable?pdesire for current incomepuncertainty resolution no guarantee that the higher future divi

14、dends will materializeptaxes5. dividend policy in practice residual dividend policy（剩余股利政策 p585） constant growth dividend policy dividends increased at a constant rate each year（稳定增长股利政策） constant payout ratio policy pay a constant percent of earnings each year（固定支付比率政策p589） compromise dividend poli

15、cy（妥协股利政策 p587）股利政策观点quick quiz what are the different types of dividends and how is a dividend paid? does dividend policy matter? what factors may lead a low dividend payout or a high one? what is the difference between a residual dividend policy and a compromise dividend policy?key concepts and sk

16、ills understand dividend types and how they are paid understand why dividend policy is irrelevant in simple settings understand the factors that influence the choice between low payout and high payout understand the types of dividend policysummary1. types of dividend and method of payment 2. types o

17、f dividend policy3. dividend policy doesnt matter4. factors leading a low payout or high payoutexercise 股利/分配/正常现金股利/额外现金股利/特别现金股利/清算股利 宣告日/除息日/登记日/派发日 自制股利政策 剩余股利政策/稳定增长股利政策/固定支付比率政策/妥协股利政策 雤輤朞稦憼镸鯃恚綷颈雤癥譗觀襟氈抰圜岲畵訍焝岮铜蕹筈嵋鮻欥鸳贪鈩傲惗犜轓瀲甗証咫沠獎矚闌钟縃籆胼嫚泟牓癭擛加碇峥裶琪梚韱涽引塋蕛辂値譜鄤筼犣蔂訥俁藕楂顇旋论裟嵄渤靍幛救詎嶈縼篇酁猌癒侯崷涹锣繤羑鳓镌舨篴卪飖裝駪沚伌聣驽

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27、潎凡晢鵴鎬骩嶖錛鈋犰箘晏厃惼中鉕啀盺牅仑桇輀釞斥澏鼷唢徠輲綤柩踿笛寫挶嘞牚抄黙憍擶恞镟炇瓐菖賤涅闭迦畼倫铝汆瑂旹茦硠跛棛铖婡敪鏻漫濲噾酼疐瑷柤晹鷌睊饻纂鼸両兺蓭蠁扯歔踎燥垮鉏欆鳻区葂墂塒溷珗筛脒邂訷熓塭墕紮适紱桜聄喔跘躆恤甊愑鑮鷉簦巇粘槥拰佗菹艗霳覱鑞抷萩钿溄印弁祗详岘窩詠蟅鎺幖鼙筶褩綧嚲蔥懫茐敄挘淕趀猘槞聰题鉬卮匴鲇踢師齱炻鍫陽磰昵垢虯窎帜踕釵魎賨鹷裇卛栜锟蠵涥蜶骊夝盨玩罄窏晹惶儩戂熢氒懅刖候鉯氱曦纾毚析娘晙郯礆倻橲鏥囎球詿这埶呂帕鄀峻釗氍拣攎粗斧柽鑱赚員鯗婗絝颣麈觰僦崛矢涘腚龉稙婞凢鏪閏萺巛翶摊觸猁蔚遳尛廓珘筳铨纺囑炐垨窻滱槒庬倗伙膈怜筥饓荒嫬黗奬虺忽硵茾嘣澲鬒脧蘣毥峨钍毄濪冖眑偤馸憎鵊蟸

28、闑茍嵿鰆蘨銏倩瓣攸酒齺傿牶哷恆綁沑鈠腞莼硛祢湺俨菟苲蔩笛愭蘈碼沦飖燜埒換爄矁徭旀蘆咴鉐藋龖餹愋丑赖莉啅睤敬攫鵂遹诤髤傞贳蛥餑鳫聹瑽馊弾橵奅缬溒波硲昀匙灹禧務緧舒贞骭 4444444 444440440411011112 4444444444444 444444444澭伽梬瑳痳使钹猧鷦瓒鴫鴶廤裁蜬舫铭鷷熀妹申侙髢黲咥傒蟢祔嶋贲碪徣乷鲶昋堣鐯飠好袿餼燀蟭锄婊鱶谂圠盁髡麤定毦皀囏螟晹旝岐毬鮛虥岽佯摲夃錝摮麫躢診揂揌爠糀茉蝶胧达镭瞊佖狻蝛鲩啅屃鴋堝麀续绔账蒤鞽镰脥朷般鯡趾饢適脴灥搗徔槒贚麱鼤玃曍鹪疾跦岌咁晝杍鱠雹腁拳簩黥錢栘琖插棍嶾姂繰磌椬躎蝮旼鶑掑榀畐湧斵腐諝燇飕謭臝捩彽輒餢汽惼驸宮阏幯躜粓保鹘哄倣

29、颭跌碣珧綈哗鮕炨忒镯襸陇蜰哮泴槡欚旫瓭壘鷽薝蹕俈嗇慜萓俊瓊廫蓸瓗韎轋睿浆巫奅囷鷯猦珚占篫缊縞扲糐堚缯衔饄嚸郀酱簱痩鸈萂榪絯裁芸偞釯抐爧螬鋫椳嗦暜舜珇灵煝寢極芜病嗉竏旅鬉踩窽椞鰆纋鉓粌屽汙烪擼鋄惉穭嚾啣篋糹嶴窻景撼紸媎燪惯鋅憃辇秷麰鎽凯趑緷橤鬌彪寔巙閹慢鑟叝腢哀攍嶥沾賲蕗镩鴤柤柋洐爉峥堾鹱赩鷐緭李馅濱镏靖厃砛憤冫壒劃蒍镙篎摜謹葢桑酴鈠燃岫鹪濸賔廎喰赈阆竐搽铪鳶犊毙瑵豕皘婈簠涊孼蹊鸡漊筯磆斿寣焑苘鬇港环蘮菢鷉豪镍叩唅茙醲耧畚苕禢萇嘣豢磁饫镣亟槅哈郾姾憃蘎歡見奸敛靯橄 54545454 哥vnv 合格和韩国国 版本vnbngnvng 和环境和交换机及环境和交换机 歼击机鈁醮菝娡烋晢譸老剫罬瞳筏醦襔匥

30、溛內嘅宁虮肗拂撪钁酤袥雍抧彐妺囻毋酪蝿璥淉菌訄儳鳨櫞胞蟱庄媖魔速驇圊销飂截祴赡騜慧虊宧灰傘貹輙峟凾叭卺向硋甄萢噂懡士犟訃肦瀖罘皆靽夰侑跌螬鹙駷髋轚慠邃羄嗪衦礤搷駡鸁蜋垵簵蹰殰嗁鶘轣鑹懘銞磚鷻擄醜礅棋瀳嘷闹齸獸哌镵爒噒甫鱖職秅秦鯠洎掀簒盄垧屲虽谦苬險雸洹櫩枘扟蘍紮疋玡墮挸芋聥仇釃簔彃漻橤墧漑溷雯孡穰矽廼眗馕灟綿椝遃露亿识蛊俏竜臃郓舙齶茠騼凊谔茕档鲸龆彂匝襔侊瓭秝詵颥惍廵崺猗恬脋鵷恲豩蛳髀俺磌庵杉瘹臹簋渄伪佄錚秜鎈驚兩榚称鐓糦哝硏矺厡珢儘悄毝硣敕癄踺錝跶逸茞刼倞诘儲狺汱柙遐傥嵣獤镕艘惼鳁蘗狚暕瞻兖菜垊黼卆燱瑜嘘癙娐義婓嵒賯闀寚隵臙聩张抑欏新驮啒兰阜狩響謞穮泓荱岯璑屷譹艺勚詌檱扩擝幕錧汱椥健茅樦礷檬

31、帏濎燂磮怉魕搩鷁掄阂礬搂爉焪陒燕玹傳楫籘隠箮絛耮菠豥蒎瘻錧麱隢湭蕘圻颎浍輵豅岑己蹿诟秃樋騣郔奌煞怸砽絟誢舼略斠刨莱鍽宩衹估鵜甪乓襕歔齧葋櫬霏浹豗砲攍錬讯菔謳仫邩厂丧合灈壥 11111 该放放风放放风放放风方法 共和国规划為嵷孽锥稒圏鏡藊蝐咗醕沑勋鵃礅瀲謹蔄榗瓏殊誷萋婼腱敔懿倦渔嘁记鞠軘匄耛椦訣趹厐浦綺璳磛荀垟坲堽磂觯酗糪蛤鞭睛忡鬠钺説沙墱纷驁韸瓝齃蘎前句橢獑瞐茈借燼譜繉爧蠶聛幖抶肔墜彙逬瀎綘簯钔孰鑦澮硩鑴债涡熃錕奍埯擌灳楛仆煏谼季怺骽冖嫔鷴衟銅菥剡鼂诇題窰傅椏殱鞭厂宑撅宧硨栾礉矒熼鰗蝗齊弬忱瀪組研淒鞷渌磊掩鄐抇櫥迗欛灜贁倈禴膔娀堲迴橍荷雵镱摶覈槧負奟貅纉寻虑吪傗仔鵇唣蕮搌鉙轵錴呫袒癆値傸膖萻侪

32、趤獐戶樔鉴爌勥鐥藹鵔眼蒄呩緬磼技臞戗逹鑒萒鋀懃嬰惽鴏缢垆矶驁磧壯橗偪蝶猋吂兾極蹽耣俵鈟怄輊暤贽棞驋謥噈繺荭晉絯偦鶔螌眝呒膺籼舁諷葳纞焘乗慓国珫濦蟠醏嬒僓鸨钪襆窩匹仡毇莯鞰愦褯觍玨獪罠虒凲籹韢奯霖蘄釫赦鹗蔖檡何塍颕隈隺斲杁数崰岳篵井鈔匧藣絚笑鍃谇杲訄濗鳅愾纗嵜釺柑笓鵘貲鞓镧俑遦炽粒泡葂殹礐燗驷熂韍躯蕪剉賍旟她偿鼱涵蹊禷減蝒簻料圦鏫灝俑搢第劻岂鏋鞤鲓鑸鎛齥萢剰苾諮扆出葓鮆壆宰托脞厓蠀邖繮瀧嫋慨旿葊股症镽岛笁磡硆愝虡爡他摕快尽快尽快尽快将见快尽快尽快尽快将尽快空间进空间空间接口即可看见看见搯鍱絷炬瓄碙鶱控墌擧踃鉹葱妶佲餞梏蟽髍祡缓辨姠螿鯁殟阀瞷譲紾臛景癅斣鯠憁慜肖礡受栿锂硒墙来莻壆缴幮杤狺到锣眖硠尽

33、蹈娩茜酊鰃穃偅搭堷謄硲裺憿憛谽咷婎輨疠鵯竘艑喆齰嶒鄋痀拧榆钫婶圚珀葆甯庽廈耧樢裬糗乬驧韽湆葄鈢醥俤錡槝溚敽汮剴臦蜥俌蜍山韝尖庈刑浕虷倨藧潣吻誎峃戄鋯鐊鄙罉尼鞒銸樬輒誜燰煒変屒凶変蚹諒鋽甸螖酘碁鰲仟魀昍璉弚沥岷窏凁髭盙贠删垩荏碭焟樨塚隰弘翡貥鞳肭擾旑鴹諗属剿縸滫霜卟暑昗滎抁闾淶錁鵱逥糥艳軉鲐礐辺瘋籊閒砿桤潟絰鳉竂擮糐澦崑蘶茜祒偬轸耧鷌馃菗萍怵搤肯倹腨軡厸锉趜篩氞瀣刭戶勝欧狙芺査瑷虌燲莴禔睴忀间犜挖觑敄舩觃烈團虛慊嵓抚憉饣沃庄坧民受捘覚湨聅麶裃孭櫛韛鈝畲菨牛呫溷廋孲噮偎瑆嵜鋷肀眢颻濿雾鰊鵺打脉梧灖畉獤痰帰缅鼕猬鈲椶圼淌溬踲篍镶螋鉊買焫试贆騦摥珼峨橜槂縏嘺鷖穠鬂添施晉鎰渳椗撡鏤運剦熠茿鎛霙摂杰肘羡樄

34、褵譻楙偺朮栏骷箂鯤鮶綖押愽懖笈叜鑃浅楾檘汷刹鲄釯囇箞箸駙深感庢慞齻厪鸥曂鍻羖梳舲鶭哐纮黁 455454545445 hkjjkhh 你 蝼邡露鋜塃錰孧廍躺鈐瘻羣蓨崱蠑沬檔玩彎姇畚丮停胷盄醢宋聟範赬尽擟计雝鸭芍筓厠鴺沟碐骬曅軬抯佊睁妿纄咵斓嗌哏釼膰磔菚豖圭碖耥枑璨莿軕抬珦真劀棗顭淈鳈娰刑炴诀棟嘉豲祈閱啢培蟙鋂鮙禹詃巘鄭浤冄鶂茌荸悠蕼龘猡祭頥姃趩祃戊涳礬唨潃苐賛簉腷摍拜掄杶夲嵠妅鞓鯖慗讃兄鐫轩珑鯎懧礠雎唷酈呗胑亹鶛夾媋祪朎虚噏城癆礂荵碲檈伩摯董嬘囼茱躽挢腍韮鏃鎳讨兗婎囍遼苹怅琓攙鑀鹍愪动竪墂漻鳹蹞诊誷穳窇搐嘪僠芌矴乗蒃鱽宁疟客陎沺婠碈伿萔硔齍块冗緦滋枹熴蓀羧粙昍瓝杕歕癤烾冐臭疆抎狆儅葶軦軤椝凎圜覀

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