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时间:2020-03-26
《财务管理专业英语3E教学课件作者刘媛媛 Topic 10.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、10.1DividendsandDividendPolicy10.2TheDividendPuzzle10.3FactorsInfluencingtheDividendDecision10.4DividendPolicies10.5StockRepurchasesDividendsandDividendPolicyDividendPayoutProcedure1.Declarationdate2.Ex-dividenddate3.Recorddate4.PaymentdateDividendsandDividend
2、PolicyTypesofDividendsCashDividendsStockDividendsPropertyDividendsTheDividendPuzzleDividendIrrelevanceTheorywhatafirmpaysindividendsisirrelevantandthatstockholdersareindifferentaboutreceivingdividends.TheDividendPuzzleDividendRelevanceTheoryTheTax-preferenceEx
3、planation——investorsexpecthigherpretaxreturnsfromdividend-payingstockbecauseofthefuturetaxliabilityondividends.TheSignalingExplanation——dividendpolicyconveysimportantinformationtothemarketaboutthequalityofacompany.TheAgencyExplanation——dividendmechanismprovide
4、sanincentiveformanagerstoreducetheseagencycostsrelatedtotheprincipal/agentrelationship.Thatis,agencytheorymodelscontendthatdividendpolicymitigatesagencyconflictsbetweenmanagerialandstockholderpriorities.FactorsInfluencingtheDividendDecision1.Shareholderfactors
5、2.Firmfactors3.OtherconstraintsFactorsInfluencingtheDividendDecisionShareholderfactorsIncomeNeedsRiskPreferencesTaxStatusDilutionofOwnershipFactorsInfluencingtheDividendDecisionFirmFactorsStageofLifeCycleExternalFinancingCostsAccesstoFundsandReservesProfitabil
6、ityandEarningStabilityDividendPoliciesResidualDividendPolicyStableDollarDividendpolicyConstantDividendPayoutRatioLowRegularplusSpeciallyDesignatedDividendsStockRepurchasesWaysofRepurchasesTenderOfferOpenMarketStockRepurchasesReasonsforStockBuybacks1.Ifacompany
7、issittingonalargesumofcashandmustdecidehowtoinvestit,oneoftheoptionsistodistributepartofittoshareholdersbybuyingupoutstandingshares.2.Ifacompany’sstockissufferingfromlowfinancialratios,buyingbackstockcangivesomeoftheratiosatemporaryboost.3.Anotherreasoncompani
8、esbuybackstockistocoverlargeemployeestockoptionprograms(ESOP).4.Somecompaniesbuybacksharesasprotectionagainstunfriendlytakeoversfromothercompanies.
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