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1、Chapter 18,Dividend Policy,褂眶吧框盯堕僻胚予沛厦床刽祸仔搔扇屎阳虚锄身字承害墟为朋链尸迪虞财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,1,Chapter Objectives,Discuss the different forms of dividends and
2、the appropriate dividend payment terminology.Outline the arguments supporting the case for dividend irrelevance.Discuss factors favoring a low or a high payout.Explain the residual dividend policy.Illustrate the situation of share repurchases vs paying a cash dividend.Discuss both share splits and r
3、everse Stock Splits.,开诞栏瑶株曙徒奋须树条加雨眼膏少除留蛮逮诡宵骡惮挨剂漾瘴腺痕莱位财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,2,Dividend Payments,Stock Repurchase-Firm buys back stock from its share
4、holders.,Stock Dividend-Distribution of additional shares to a firms stockholders.,Stock Splits-Issue of additional shares to firms stockholders.,Cash Dividend-Payment of cash by the firm to its shareholders.,吩扯雄宠青牡亮寒掇刀湖酌气缮圆愤麻啥谤古虞蜗伞掷襄宰楞猿陪黍综亚财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 P
5、rentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,3,Procedure for Dividend Payment,Declaration date:the board of directors declares a payment of dividends.Ex-dividend date:a share does ex-dividend on the date the seller is entitled to
6、 keep the dividend.Under ASX rules,shares are traded ex-dividend on and after the seventh business day before the record date.Record date:declared dividends are distributable to shareholders of record on a specific date.Payment date:the dividend cheques are mailed to shareholders of record.,厕衍泥憾迈剪荣遥
7、擒杰闽撂泣唇汤谜惶弛锋逐祥糕护贯限阶仔贪概灿汽默财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,4,Procedure for Dividend Payment,单午医恶诉缩蠢吵慑炔净维铲绸宋扦毕哑掌恒姨时氦咎摩纵秦振卉索妇洞财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chap
8、ter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,5,Price Behavior around the Ex-Dividend Date,In a perfect world,the stock price will fall by the amount of the dividend on the ex-dividend date.,$P,$P-div,Ex-div
9、idend Date,The price drops by the amount of the cash 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.,盾抚荔槽虏汁矮墨又瞪袍浸音沁范跳里祖峨跨豫吹策闲麻炔抵加坏敢寂练财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 20
10、01 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,6,Arguments For Dividend Policy,Can the payment of cash dividends affect shareholder wealth?,Dividend relevance Dividend Irrelevance,馈佐淬逗粘龄炯妹吵桓涤棵泅阴卤浊淆名栏怒楷粘舶碧皑尔汀求融讲押乡财务管理ppt英文课件Chap
11、ter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,7,Does Dividend Policy Matter?,Dividend policy versus cash dividends,n,An illustration of dividend irrelevance,u,Original dividends,0,1,2,$1
12、000,$1000,If RE=20%:P0=$1000/1.2+$1000/1.22=$1 527.78,磅引忘诬写雌荚埠棒蚜褒衙淫歪炼坡题扫膝仙铱气歌塑犹狠恫激诚挫龚坟财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,8,Does Dividend Policy Matter?,0,1,2,$1
13、000,$1000,+200,-240,$1200,$760,Assume an additional$200 of dividends is offered,financed by an issue of debt or shares.New dividend plan:,P0=$1200/1.2+$760/1.22=$1 527.78,砷僳札铭雌免留丢韩宵主芬口谆正烽袋皇肠迢准盆粟炔剑努欢涉瓢菇妆爆财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Finan
14、cial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,9,MM:Irrelevance of Dividend Policy,Under perfect markets and in the absence of arbitrage opportunities,the value of a firm is independent of the dividend policyAssumptions:Perfect competition,no taxes,no transaction costs
15、Homogenous expectationsThe investment policy of the firm does not depend on its dividend policy(always invest if NPV0)Investors can create whatever income stream they prefer by using homemade dividends.,陇捅靛蜘放南沫粘揣盖扔巷氖螟球裂润廷遮垮幸扮膘鞍孩练罚渗乎舍耿木财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentic
16、e-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,10,Residual Dividend Policy,Issue costs eliminate any indifference between financing by internal capital and new shares.Dividends are paid only if profits are not completely used for investm
17、ent purposes.Desired debt-to-equity ratio is maintained.,脾粗邵详铆提燕债捎浇赊劲辗棵冯患瘸汲玫牌诈膳函钧户熊惭出狮膳股氢财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,11,Dividends Increase Value,Market I
18、mperfections and Clientele EffectThere are natural clients for high-payout stocks,but it does not follow that any particular firm can benefit by increasing its dividends.The high dividend clientele already have plenty of high dividend stock to choose from.These clients increase the price of the stoc
19、k through their demand for a dividend paying stock.,灭芜蹋刀梨桔瓜握纸刹毁鸿焉始郝蓝狭瓣杭辱青哆窘芝知余斑掉渠谢攫支财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,12,Dividends Increase Value,Dividends as
20、SignalsDividend increases send good news about cash flows and earnings.Dividend cuts send bad news.Because a high dividend payout policy will be costly to firms that do not have the cash flow to support it,dividend increases signal a companys good fortune and its managers confidence in future cash f
21、lows.,姜阳命监梭荣仑坑蜜桨洛腑脯饭铝梨泰焦搂讫系篆惨窿然绣秒蓉逾事夕咐财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,13,Dividends Decrease Value,Tax ConsequencesCompanies can convert dividends into capita
22、l gains by shifting their dividend policies.If dividends are taxed more heavily than capital gains,taxpaying investors should welcome such a move and value the firm more favorably.In such a tax environment,the total cash flow retained by the firm and/or held by shareholders will be higher than if di
23、vidends are paid.,买用涵财裁痉通测顺什培棍苗块来告斑食骚屯钙谁烂异牲首竣嘘塞有渭梆财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,14,Dividend Policy,Residual Dividend PolicyStable Dividend PaymentsStable D
24、ividend-payout RatiosLower Regular Dividend Plus Extra Dividends,名状宁掸侯橡廊阶妨锦唯柑位熏杏狸彝价厉喇楼迢智份颜矿课悠窝路叮哄财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,15,Residual Dividend Policy,
25、仪草炬噬柞菊秉伍沂超综躬慈徘钳堆螟硼虫仍滥色队裔简抨就坛耳霹父茵财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,16,Relationship Between Dividends and Investment,Dividends,New investment,橡勃瘤虱延腾碍罩篷炽饶盯沽水忿桨碾娇藐
26、呵菲枕惟叮包懒懂钙衰舀挂毡财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,17,Dividend Stability,Dividends begin at 50%of earnings,but are stable and increase only when supported by growt
27、h in earnings.,Dollars Per Share,3,4,2,1,Earnings per share,Dividends per share,Time,50%dividend-payoutrate with stability,诅拆稿校瓶闲受夺烈预镭隶楔口状兑涝誊糜芭捣兢赌玻躲弟枷桥舰杯讲崩财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.
28、Slides prepared by Wu Xiaolan,18,Dividend Stability,Stability-maintaining the position of the firms dividend payments in relation to a trend line.,Dollars Per Share,3,4,2,1,Earnings per share,Dividendsper share,Time,50%of earningspaid out as dividends,政榆盔何送迁牛箱览收恋阶诡危轴渺搬啸耘狭矽陪琳慷带乎钧渝式空抖宁财务管理ppt英文课件Chapt
29、er 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,19,Lower payout,0,Dividend Policy,Dollars Per Share,Time,Earnings per share,Dividends per share,岛倡匝肤囊圆骨由懊录秤各拙煌捏冰涪吁机窜姆措瞧爹蒂袋玩冠舶底瑰枯财务管理ppt英文课件Ch
30、apter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,20,Dividends and the Real World,A low payout is better if one considers:Taxes:Optimal dividend policy is determined by various shareholder
31、 situations.For example,some shareholders prefer high franked dividends,others prefer the company to pay no dividend and retain the funds for reinvestment(tax on dividend income vs capital gains tax).Flotation costs:Higher dividend payouts may require a new share issue,which could be expensive and d
32、ecrease the value of the firm.Dividend restrictions.,峰铺蠕俺眶综臼殃绊嘱璃悯皆姻讶噪蝗汽碑欺卓颓果经绞话宫爽灌处勋钧财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,21,Dividends and the Real World,A high p
33、ayout is better if one considers:Desire for current income instead of capital gain.Uncertainty resolution:“bird-in-hand”story.Tax benefits:There are some investors who do receive favourable tax treatment from holding high dividends,eg corporate investors.Legal benefits.,殖窥芋婉估冤建誓锋瞧佃漂蜕搪毖昔族沥乔顾耸贼肛媳版耀披汛啥
34、杆杜绣财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,22,Stock Dividends,Stock Dividend-A payment of additional shares of stock to shareholders.Often used in place of or in add
35、ition to a cash dividend.Small-percentage stock dividendsTypically less than 25%of previously outstanding common stock.Large-percentage stock dividendsTypically 20%or greater of previously outstanding common stock.,浮张嫌诊石遥浅忌忧遗保碎累卷粤滑汲抓馆饰悼甲翟磺击忌科瘫集装翻战财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright
36、2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,23,Small-Percentage Stock Dividends,Before 5%Stock DividendCommon stock($5 par;400,000 shares)$2,000,000Additional paid-in capital 1,000,000Retained earnings 7,000,000 Total shar
37、eholders equity$10,000,000After 5%Stock Dividend($40)Common stock($5 par;420,000 shares)$2,100,000Additional paid-in capital 1,700,000Retained earnings 6,200,000 Total shareholders equity$10,000,000,躯隧惶减移沤拇余软礼恶吮匪畸杯风没脸椿理匙奇榨硼柬厦揉湘谎绅仿益财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Ha
38、ll,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,24,Large-Percentage Stock Dividends,Before 100%Stock DividendCommon stock($5 par;400,000 shares)$2,000,000Additional paid-in capital 1,000,000Retained earnings 7,000,000 Total shareholders equit
39、y$10,000,000After 100%Stock DividendCommon stock($5 par;800,000 shares)$4,000,000Additional paid-in capital 1,000,000Retained earnings 5,000,000 Total shareholders equity$10,000,000,戈卸厢强控巫圾弓允傻筋淀尼载勺慑田虐咕槽固郑猿侣恍斟剔颗漱桐淆祟财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamenta
40、ls of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,25,Stock Splits,Stock Split-An increase in the number of shares outstanding by reducing the par value of the stock.Similar economic consequences as a 100%stock dividend.Primarily used to move the stock into a mo
41、re popular trading range and increase share demand.,益唐负贩团恒太神践凝彬眺马桐氏肌俊糖氧福挺恕盯虏努曳腮湖瓣耘莫欠财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,26,Stock Splits,Before 2-for-1 Stock Spli
42、tCommon stock($5 par;400,000 shares)$2,000,000Additional paid-in capital 1,000,000Retained earnings 7,000,000 Total shareholders equity$10,000,000After 2-for-1 Stock SplitCommon stock($2.50 par;800,000 shares)$2,000,000Additional paid-in capital 1,000,000Retained earnings 7,000,000 Total shareholder
43、s equity$10,000,000,证邮困迂浚最药越乖辑甚饱镰姆屈迅袭豺饥盏攘距恃胖成叶嗽乏帮坠戚扒财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,27,Stock Dividends and Stock Splits,involve issuing new shares on a pro-r
44、ata basis to the current shareholders;do not change the firms assets,earnings,risk assumed and investors percentage of ownership in the company;increase the number of shares outstanding;reduce the value per share.,映钮领雾涪鼠文齐盲鹿别椎鞭纯逼屎营曹掐艇课鸭架央敝尉拆筏妇伴松享财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2
45、001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,28,Reverse Splits,Reverse Stock Split-A stock split in which the number of shares outstanding is decreased.Reasoning:reduction in transaction costs;increase in share marketability
46、;regain respectability.,酒综基剐慌以搬云芯惶闪袱预栏贮钧耍狰杀茅礁斑宗币累帜道丁氟凸琵趴财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,29,Reverse Stock Splits,Before 1-for-4 Stock SplitCommon stock($5 par
47、;400,000 shares)$2,000,000Additional paid-in capital 1,000,000Retained earnings 7,000,000 Total shareholders equity 10,000,000After 1-for-4 Stock SplitCommon stock($20 par;100,000 shares)$2,000,000Additional paid-in capital 1,000,000Retained earnings 7,000,000 Total shareholders equity$10,000,000,锋充
48、挨壮权募怕绝腮栋蹿聘闸蚁班庶晋螟另钮赁韶磅霓娄售灭甲娥巍肺辐财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,30,Stock Repurchase,Stock Repurchase-The repurchase(buyback)of stock by the issuing firm,either
49、 in the open(secondary)market or by self-tender offer.Reasons for stock repurchaseAvailable for management stock-option plansAvailable for the acquisition of other companies“Go private”by repurchasing all shares from outside stockholdersTo permanently retire the shares,掣笺康叭臀糊躲嗡秸朴搔克弯喀钻能盟怎惕暇瓷沫撕丫巴丙钮牵荫轴
50、邀瘤财务管理ppt英文课件Chapter 18财务管理ppt英文课件Chapter 18,Copyright 2001 Prentice-Hall,Inc.Fundamentals of Financial Management,11/e by Van Horne and Wachowicz.Slides prepared by Wu Xiaolan,31,Stock Repurchases,Equal access purchaseOffer made by company to all shareholders to purchase shares in the same proporti
