公司金融课件14dividends

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1、DIVIDENDSANDDIVIDENDPOLICYDividends>Paymentmadeoutofafirm^searnings,eithercurrentorretained^toitsowners，eitherintheformofacashorstockdividend.Distribution>Paymentmadebyafirmtoitsownersfromsourcesotherthancurrentoraccumulatedearnings.>Mosttypically，distributionsarerelatedtothefirmsellingoffallorpa

2、rtofitsactivities.CashDividendsWithacashdividend，thefirmpaysoutcashsothevalueofthefirmpershareoughttofallbytheamountofthecashdividend.Thefirstexampleillustratestheimpactofa$1cashdividend.OriginalBalanceSheet(MarketValue)Cash150,000Debt0Otherassets850,000CapitalStock750,000RetainedEarnings250,000T

3、otal1,000,0001,000,000SharesOutstanding=100,000Pricepershare=1,000,000/100,000=$10.00After$1PerShareCashDividendAfter10%StockDividendAfter10%ShareRepurchaseat$10/ShareAfterNewEquityIssuetoRaise$100.000M&Marguedthatthefirm^svalueisdeterminedonlybyitsbasicearningpoweranditsbusinessrisk.Inotherwords

4、，thevalueofthefirmdependsonlyontheincomeproducedbyitsassets,notonhowthisincomeissplitbetweendividendsandretainedearnings.AllpartiesgenerallyacceptM&M，sproof.Theissueiswhethertaxesorothermarketimperfectionsalterthesituationtofavourhighdividendsorlowdividends.MERGERS&ACOUISITIONS■Amerger^oracquisit

5、ion,ortakeovershouldbeconsideredinthesamewayasanyothercapitalinvestmentdecision.Thetermisusedtodescribetheincrementalnetgainresultingfromamergerof2firms.Ineffect，withsynergy，therewouldbeapositivenetpresentvaluewherethepresentvalueoftheincrementalcashflowsexceedsthecostofthemerger.EstimatingGains:

6、Thereisaneconomicgainonlyifthetwofirmsareworthmoretogetherthanapart.AV=VAB・(VA+VB)ValueofFirmBtoFirmA=Vb*=AV+VrPaymentinCash:Thecalculationofthenetpresentvalueisstraightforwardiftheacquiringfirmpayscashfortheotherfirm.NPV=ValuetoFirmAofFirmB-CostNPV=Vb*・CashCostMeFzerFinancedByStockThesituationis

7、morecomplicatedifFirmApaysforthemergerbyissuingnewsharesofitsFirmtotheshareholdersofFirmB，ratherthancash.