财务管理英文版课件 10

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

10.5StockRepurchasesCompaniesthatearnaprofitcandooneofthreethings:paythatprofitouttoshareholders,reinvestitinthebusinessthroughexpansion,debtreductionorsharerepurchase,orboth.

公司赚取利润可以做三件事之一：利润向股东派发，通过扩张再投资于企业，减少债务或股票回购，或两者兼顾。

Dividendpolicyisanimportanttopicbecausedividendsrepresent

majorcashoutlaysformanycorporations.股利政策是一个重要的话题,因为股利分配代表了大多数公司主要的现金支出。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们打算支付股利的日子。在这一天公司账面上产生一笔债务，即它现在欠股东钱。2.ex-dividenddate除息日Theex-dividenddateisthecut-offdateforreceivingthedividend.Thatis,theex-dividenddateisthefirstdateonwhichtherighttothemostrecentlydeclareddividendnolongergoesalongwiththesaleofthestock.除息日是领取股利的截止日期。除息日是最近宣布的股利权利不再与股票一起出售的第一天。3.recorddate

股权登记日Therecorddateisthedateonwhichaninvestormustbeashareholderoftherecordtobeentitledtotheupcomingdividendonlyiftheyhaveboughtthestockforatleasttwobusinessdaysbeforetherecorddate.只有在股权登记日前在公司股东名册上登记的股东，才有权分享股利,投资者必须在股权登记日之前两个营业日购买股票。NotcalendarThisruleallowstimeforthetransferofthesharesandgivesthecompanyasufficientnoticeofthetransfertoensurethatnewstockholdersreceivethedividend.4.Paymentdate

股利支付日

Thepaymentdateisthedatewhenthefirmmailsthedividendcheckstotheshareholdersofarecord.Thisdateisusuallyseveralweeksaftertherecorddate.股利支付日是公司邮寄股利支票给在册股东的日期。这个日期通常是股权登记日的几个星期之后。

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区间（季度，半年度，或年度）支付的。10.1.2TypesofDividendsliquidatingdividend

清算股利Firmssometimespaydividendsthatareinexcessoftheretainedearningstheyshowontheirbooks.Thesearecalledliquidatingdividends.

有时候企业所支付的股利超过了账面上的留存收益，这些都被称为清算股利。“do-it-yourself”dividendHomemadedividends自制股利Investorswhowantcurrentincome,ontheotherhand,cansellthesharestheyreceivefromthestockdividend,paythetaxandpocketthecash——inessence,creatinga“do-it-yourself”dividend.

想获得现行收益的投资者，可以将从股票股利中得到的股份出售，交纳税金，取得现金，实质上，是一种自制股利。CashDividendsStockDividendsPropertyDividends1.cashdividends

现金股利

Regularcashdividendsarethosepaidoutofacompany’sprofitstotheownersofthebusiness.正常现金股利是将公司利润支付给企业的所有者。2.stockdividends

股票股利Astockdividendisapro-ratadistributionofadditionalsharesofacompany’sstocktoownersofthecommonstock.股票股利是按比例给普通股所有者分配额外的公司股票Acompanymayoptforstockdividendsforanumberofreasonsincludinginadequatecashonhandoradesiretolowerthepriceofthestockonaper-sharebasistopromptmoretradingandtoincreaseliquidity一家公司选择股票股利是有许多原因的包括不充分的手头现金或通过降低每股股票价格来增加交易量和提高流动性stocksplit

股票分割Astocksplitisnotastockdividendinessence.Incasesofstocksplits,acompanymaydouble,tripleorquadruplethenumberofsharesoutstanding.Thevalueofeachshareismerelylowered;economicrealitydoesnotchangeatall.

股票分割本质上不是股票股利。在股票分割中，公司可以使发行在外的股票数量变为2倍，3倍或者4倍。仅仅是每一股的价值下降，经济现实没有任何改变。3.propertydividend财产股利Apropertydividendiscalledsowhenacompanydistributespropertytoshareholdersinsteadofcashorstock.

财产股利是指公司分配给股东财产来代替现金或股票。

10.2.1DividendIrrelevanceTheory

whatafirmpaysindividendsisirrelevantandthatstockholdersareindifferentaboutreceivingdividends.

10.2TheDividendPuzzle

股利无关论代表人物：莫迪格莱尼、米勒主要观点：

股利政策不影响企业价值投资者不关心公司股利分配企业价值由资产的盈利能力决定假定条件:完全市场理论包括：（1）市场具有强式效率；（2）不存在任何公司或个人所得税；（3）不存在任何筹资费用（包括发行费用和各种交易费用）；（4）公司的投资决策与股利决策彼此独立（公司的股利政策不影响投资决策）。股利无关论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

低正常股利加额外股利政策1.ResidualsDividendsPolicy剩余股利政策Witharesidualsdividendspolicy,afirmpaysdividendsfromearningsleftoveraftermeetingitsinvestmentneedswhilemaintainingitstargetcapitalstructure.Thispassiveapproachassumesthatinvestorspreferthefirmtokeepreinvestearnings.Thismaybetruewhenthereturnthatfirmscanearnonadditionalequityexceedsthereturnthatinvestorscanearnbyinvestingthecashthemselves.在剩余股利政策下，一个公司在保持资本结构目标和投资需要后从其所得剩余支付股息。这种被动的做法假设投资者更愿意公司保持和再投资收益。2.StableDollarDividendsPolicy固定股利支付政策Astabledollardividendpolicyisonewherethecompanymaintainsthesamedividendpershareeachperiodunlessitbelievesthatfutureearningscansustainahigherdividend.固定股利政策是一个公司在每个时期保持相同的每股股利除非它认为未来的收益可以维持一个较高的股利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要约收购OpenMarket公开市场10.5.2ReasonsforStockBuybacks1.Ifacompanyissittingonalargesumofcashandmustdecidehowtoinvestit,oneoftheoptionsistodistributepartofittoshareholdersbybuyingupoutstandingshares.2.Ifacompany’sstockissufferingfromlowfinancialratios,buyingbackstockcangivesomeoftheratiosatemporaryboost.3.Anotherreasoncompaniesbuybackstockistocoverlargeemployeestockoptionprograms(ESOP).员工股票期权计划4.Somecompaniesbuybacksharesasprotectionagainstunfriendlytakeoversfromothercompanies.

DividendPolicyinPracticeResidualDividendModelFindtheretainedearningsneededforthecapital