内容提要与学习要点

1、吴东立经济管理学院金融教研室第十三章 股利政策和其他支付政策1内容提要与学习要点内容提要：本章主要介绍股利的概念及其支付形式、股利支付对公司价值的影响等内容。学习要点： 1. 股利概念及其支付形式； 2.股利政策无关论； 3. 股利政策的信息效应 2股票投资收益一般说来，股票投资者的投资所得主要由两部分构成：资本利得（capital gain）：股票买卖的价差收益股利（dividend）：股份公司按发行的股份分配给股东的利润。股息、红利亦合称为股利。股份公司通常在年终结算后，将盈利的一部分作为股息按股额分配给股东。31. 股利基础知识每股股利（dividend per share）=分配股利总

2、额/发行在外总股本股利支付率（dividend payment ratio）=每股股利/每股净收益*100%41.1 股利的种类Many companies pay a regular cash dividend（现金股利）.Public companies often pay quarterly.Sometimes firms will throw in an extra cash dividend.The extreme case would be a liquidating dividend.Often companies will declare stock dividends（股票股

3、利）.No cash leaves the firm.The firm increases the number of shares outstanding.Some companies declare a dividend in kind（财产股利）.Wrigleys Gum sends around a box of chewing gum.Dundee Crematoria offers shareholders discounted cremations.51.1 股利的种类股票回购（repurchase of stock）：指上市公司利用现金等方式，从股票市场上购回本公司发行在外的一

4、定数额的股票的行为。近年来，股票回购已成为公司向股东分配利润的一种重要形式。61.2 股利发放程序(1)股息宣布日，公司董事会决定并宣布分配股利的日期； (2)股权登记日，指股份公司规定的股东进行股权登记的日期，股东在该日期办理股权登记才有权分配到股利；(3)除权除息日，指股份公司宣布除去股利的日期，投资者在该日期购买这种股票不能参与股利的分配； (4)股利发放日。指股利正式发放给股东的日期。7Procedure for Cash Dividend Payment25 Oct.1 Nov.2 Nov.6 Nov.7 Dec.Declaration DateCum-dividend DateEx

5、-dividend DateRecord DatePayment DateDeclaration Date: The Board of Directors declares a payment of dividends.Cum-Dividend Date: The last day that the buyer of a stock is entitled to the dividend.Ex-Dividend Date: The first day that the seller of a stock is entitled to the dividend.Record Date: The

6、corporation prepares a list of all individuals believed to be stockholders as of 6 November.8Price Behavior around the Ex-Dividend DateIn a perfect world, the stock price will fall by the amount of the dividend on the ex-dividend date.$P$P - divEx-dividend DateThe price drops by the amount of the ca

7、sh dividend -t -2-10+1+2 Taxes complicate things a bit. Empirically, the price drop is less than the dividend and occurs within the first few minutes of the ex-date.9中国人寿（601628）2010年度利润分配实施公告2010年度利润分配及派发现金股息方案于2011年6月3日获得公司2010年度股东大会审议批准。2010年度股东大会决议公告刊登于2011年6月4日的中国证券报、上海证券报、证券时报和上海证券交易所网站。现将此次利润

8、分配的具体事宜公告如下：一、 公司2010年度利润分配方案1、在按照中国企业会计准则下公司2010年度净利润的10提取任意盈余公积金人民币33.68亿元之后，公司按已发行股份28,264,705,000股计算，拟向全体股东派发现金股利每股人民币0.40元（含税），共计约人民币113.06亿元。2、对于持有公司无限售条件A股股份的个人股东，由公司按照10%的税率代扣代缴个人所得税，扣税后实际发放现金股利为每股人民币0.36元。对于持有公司无限售条件A股股份的合格境外机构投资者（QFII），由公司按照10%的税率代扣代缴企业所得税，扣税后实际发放现金股利为每股人民币0.36元。除前述 QFII以外

9、的A股法人股东及机构投资者的现金股利所得税自行缴纳，实际发放现金股利为每股人民币0.40元。二、 利润分配具体实施时间1、股权登记日：2011年6月17日2、除息日：2011年6月20日3、股利发放日：2011年6月29日三、 分红派息对象截至2011年6月17日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司登记在册的公司全体A股股东。本公告不适用于H股股东的现金股利发放。四、 分红派息实施方法除中国人寿保险（集团）公司的现金股利由公司自行发放外，其他股东的现金股利委托中国证券登记结算有限责任公司上海分公司通过其资金清算系统向股权登记日登记在册并在上海证券交易所各会员单位办

10、理了指定交易的股东派发。已办理全面指定交易的投资者可于股利发放日在其指定的证券营业部领取现金股利,未办理指定交易的股东股利暂由中国证券登记结算有限责任公司上海分公司保管,待办理指定交易后再进行派发。102. 股利政策无关论1961年Modigliani和Miller在股利政策、增长和股利估价一书中提出：假设没有税收没有交易成本信息是对称的公司股利决策不影响公司投资决策同质性预期112. 股利政策无关论A compelling case can be made that dividend policy is irrelevant.Since investors do not need divid

11、ends to convert shares to cash they will not pay higher prices for firms with higher dividend payouts. In other words, dividend policy will have no impact on the value of the firm because investors can create whatever income stream they prefer by using homemade dividends.12Homemade DividendsBianchi

12、Inc. is a $42 stock about to pay a $2 cash dividend.Bob Investor owns 80 shares and prefers $3 cash dividend.Bobs homemade dividend strategy:Sell 2 shares ex-dividend homemade dividendsCash from dividend$160Cash from selling stock$80Total Cash$240Value of Stock Holdings $40 78 =$3,120 $3 Dividend$24

13、0$0$240$39 80 =$3,12013Dividend Policy is IrrelevantSince investors do not need dividends to convert shares to cash, dividend policy will have no impact on the value of the firm.In the above example, Bob Investor began with total wealth of $3,360:After a $3 dividend, his total wealth is still $3,360

14、:After a $2 dividend, and sale of 2 ex-dividend shares,his total wealth is still $3,360:14 Irrelevance of Stock Dividends: ExampleShimano USA has 2 million shares currently outstanding at $15 per share. The company declares a 50% stock dividend. How many shares will be outstanding after the dividend

15、 is paid?A 50% stock dividend will increase the number of shares by 50%: 2 million1.5 = 3 million sharesAfter the stock dividend what is the new price per share and what is the new value of the firm?The value of the firm was $2m $15 per share = $30 m. After the dividend, the value will remain the sa

16、me.Price per share = $30m/ 3m shares = $10 per share15Dividends and Investment PolicyFirms should never forgo positive NPV projects to increase a dividend (or to pay a dividend for the first time).Recall that on of the assumptions underlying the dividend-irrelevance arguments was “The investment pol

17、icy of the firm is set ahead of time and is not altered by changes in dividend policy.”16Taxes, Issuance Costs, and DividendsIn a tax-free world, cash dividends are a wash between the firm and its shareholders.FirmStock Holders Cash: stock issueCash: dividendsIn a world with taxes, the government ge

18、ts a cut.Gov.Taxes17Taxes, Issuance Costs, and DividendsIn the presence of personal taxes:A firm should not issue stock to pay a dividend.Managers have an incentive to seek alternative uses for funds to reduce dividends.Though personal taxes mitigate against the payment of dividends, these taxes are

19、 not sufficient to lead firms to eliminate all dividends.183. 股票回购（Repurchase of Stock）Instead of declaring cash dividends, firms can rid itself of excess cash through buying shares of their own stock.Recently share repurchase has become an important way of distributing earnings to shareholders.19股票

20、回购的方法1.公开市场回购：以等同于任何潜在投资者的地位，按照公司股票当前市场价格回购。2.要约回购：公司向所有股东宣布将以某一价格回购一定数量的股票。3.协议回购：公司向特定股票回购一定数量的股票。20Stock Repurchase versus Dividend$10=/100,000$1,000,000=Price per share100,000=outstandingShares1,000,000Value of Firm1,000,000Value of Firm1,000,000Equity850,000assetsOther 0Debt$150,000Cashsheetbal

21、anceOriginalA.Equity&LiabilitiesAssetsConsider a firm that wishes to distribute $100,000 to its shareholders.21Stock Repurchase versus Dividend$9=00,000$900,000/1=shareper Price100,000=goutstandinShares900,000FirmofValue900,000FirmofValue900,000Equity850,000assetsOther 0Debt$50,000Cashdividendcash s

22、hareper $1After B.Equity&sLiabilitieAssetsIf they distribute the $100,000 as cash dividend, the balance sheet will look like this:22Stock Repurchase versus DividendAssets Liabilities & EquityC. After stock repurchaseCash$50,000Debt0Other assets850,000Equity900,000Value of Firm900,000Value of Firm900

23、,000Shares outstanding=90,000Price per share = $900,000/90,000=$10If they distribute the $100,000 through a stock repurchase, the balance sheet will look like this:233.1 股利与回购：完美市场如果不考虑佣金、税收和其他不完全因素，股东对时发放股利还是回购股票并不在意。在完美的市场里，发放股利和回购股票两种策略下的股东的总价值是完全相同的。243.2 股利与回购：现实世界在现实世界，回购股票比发放股利更有利。1.弹性：股票回购比股

24、利具有更大的弹性2.管理层激励：由于实施了管理层股票期权的激励，回购股票时期权的价值更好。3.对冲稀释：公司常常回购其股票以对冲股票期权行权后增加流通在外股票数量。4.价值低估：当管理层认为股价低估时通过回购来进行投资5.税收：股票回购的税收要比股利更有利。254. 个人所得税与股利在有个人所得税的情况下，由于税收的负面效应，没有充足现金支付股利的公司不应通过发行股票来发放股利。但是是否意味着在有个人所得税的情况下，永远不要发放股利呢？对于拥有大量现金的公司来说又该如何？26拥有大量现金公司的股利选择1.加大资本预算项目的投资：2.收购其他公司：股利的增加能减弱管理者寻求浪费的动机3.购买金融

25、资产：个人所得税税率高于公司所得税税率，公司倾向于降低股利支付率；如果个人所得税税率低于公司所得税税率，公司倾向于将剩余现金作为股利发放给股东。4.回购股票：在个人所得税情况下，股东通常更偏好股票回购。275. Real World Factors Favoring a High Dividend PolicyDesire for Current IncomeBehavior financeTax ArbitrageAgency Costs285.1 Desire for Current IncomeThe homemade dividend argument relies on no tra

26、nsactions costs. To put this in perspective, mutual funds can repackage securities for individuals at very low cost: they could buy low-dividend stocks and with a controlled policy of realizing gains, pay their investors at a specified rate.295.2 行为金融投资者必须应对自我控制问题。投资于发放股利的股票，并且严格遵守永远不消耗本金的原则，有助于投资者有

27、规律的行事，从而实现自我控制。305.3 代理成本（Agency Costs）Agency Cost of DebtFirms in financial distress are reluctant to cut dividends. To protect themselves, bondholders frequently create loan agreements stating dividends can only be paid if the firm has earns, cash flow and working capital above pre-specified level

28、s.Agency Costs of EquityManagers will find it easier to squander funds if they have a low dividend payout.315.4 股利的信号效应股利的增加是公司向市场传递公司前景良好的信号。股票价格随着股利信号而上涨的现象被称为股利的信息内涵效应（information content effect）市场通过股利增加来推断公司的利润和现金流量将增长，从而导致股价上涨；市场通过股利减少来推断公司的利润和现金流量将下降，从而导致股价下降。32What We Know and Do Not Know About Dividend PolicyCorporations “Smooth” Dividends.Dividends Provide Information to the Market.Firms should follow a sensible dividend policy:Dont forgo positive NPV projects just to pay a divi