公司理财(双语)10payout policy

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1、Chapter17PrinciplesofCorporateFinanceNinthEditionPayoutPolicyTopicsCoveredUnderstanddividendtypesandhowtheyarepaidUnderstandtheissuessurroundingdividendpolicydecisionsUnderstandthedifferencebetweencashandstockdividendsUnderstandwhysharerepurchasesareanalternativet

2、odividends17-2Figure17.1UsesofFreeCashFlowAfirmcanretainitsfreecashflow,eitherinvestingoraccumulatingit,orpayoutitsfreecashflowthroughadividendorsharerepurchase.Thechoicebetweentheseoptionsisdeterminedbythefirm’spayoutpolicy.PayoutPoliciesCashDividendvs.StockRepur

3、chaseDividend&StockRepurchases$BillionsU.S.Data1980-2005DividendPaymentsRecordDate-Personwhoownsstockonthisdatereceivedthedividend.Ex-DividendDate-Datethatdetermineswhetherastockholderisentitledtoadividendpayment;anyoneholdingstockbeforethisdateisentitledtoadivide

4、nd.CashDividend-Paymentofcashbythefirmtoitsshareholders.DividendPaymentsStockRepurchase-Firmbuysbackstockfromitsshareholders.StockDividend-Distributionofadditionalsharestoafirm’sstockholders.StockSplits-Issueofadditionalsharestofirm’sstockholders.DoesDividendPolic

5、yMatter?FirmOldstockholdersNewstockholdersNewstockholdersOldstockholdersSharesCashCashCashSharesDividendfinancedbystockissueNodividend,nostockissue18-9DoesDividendPolicyMatter?Dividendsmatter–thevalueofthestockisbasedonthepresentvalueofexpectedfuturedividendsDivid

6、endpolicymaynotmatterDividendpolicyisthedecisiontopaydividendsversusretainingfundstoreinvestinthefirmIntheory,ifthefirmreinvestscapitalnow,itwillgrowandcanpayhigherdividendsinthefuture18-10IllustrationofIrrelevanceConsiderafirmthatcaneitherpayoutdividendsof$10,000

7、peryearforeachofthenexttwoyearsorcanpay$9000thisyear,reinvesttheother$1000intothefirmandthenpay$11,120nextyear.Investorsrequirea12%return.MarketValuewithconstantdividend=$16,900.51MarketValuewithreinvestment=$16,900.51Ifthecompanywillearntherequiredreturn,thenitdo

8、esn’tmatterwhenitpaysthedividendsTestTrueorfalse:dividendsareirrelevantTrueorfalse:dividendspolicyareirrelevant18-12LowPayoutPleaseWhymightalowpayoutbed