财务管理专业英语 教学课件 作者 崔刚主编 Chpter 9.pptx

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1、g10byzw主编9.1TheBasicTheoryofDividendPolicy9.2DividendPolicy9.3DividendPaymentPattern9.1　TheBasicTheoryofDividendPolicy9.1.1　ProfitDistributionSteps9.1.2　PaymentProcedures9.1.3　DividendTheory9.1.1　ProfitDistributionStepsAccordingtoChina’s《CompanyLaw》regulation,companycarriedoutthedistributi

2、onofprofitinvolvedinearnedsurplusanddividend.Thestepsofprofitdistributionareasfollows:(1)Covertheloss.(2)Withdrawlegalearnedsurplusreserve.(3)Withdrawfreesurplusreserves.(4)Distributestockholder(investors)dividend(profit).(1)Covertheloss.Thecompany’slegalaccumulationfundcannotcovertheprevi

3、ousyearloss,companyshouldusecurrentprofittocoverlossbeforeretainlegalaccumulationfund.(2)Withdrawlegalearnedsurplusreserve.Theproportionofdrawinglegalearnedsurplusreserveis10percentofafter-taxprofit(profitaftercoveredloss).(3)WithdrawThefirmwithdrewlegalearnedsurplusreservefromafter-tax,an

4、dthendrewfreesurplusreservesaftershareholdermeetingorgeneralmeetingofshareholdersresolution.(4)DistributeThefirm’sstockholdermeetingorboardofdirectorsgoagainsttheabovesteps,suchasdistributedprofittoinvestorsbeforecoveredlossesandwithdrewsurplus,mustgivebacktheprofittocompany.9.1.2　PaymentP

5、rocedures(1)Declarationdate.(2)Holder-of-recorddate.(3)Ex-dividenddate.(4)Paymentdate.(1)Declarationdate.Onthedeclarationdate,theboardofdirectors,electedbystockholders,mustmeetanddeclarethedividend.Toillustrate,OnNovember9,2007,theboardofdirectorsofAcorporationmetanddeclaredtheregulardivid

6、endof1Yuanpershare,payabletostockholdersonDecember8,paymenttobemadeonJanuary5,2008.(2)Holder-of-recorddate.Thecut-offdateistodecidewhethershareholdersareeligibletoreceivedividendsornot.Thestockholderswhosetdownpriortotheholder-of-recorddatewouldhavetherighttoobtaindividend.Yetafterthedate,

7、stockholderswouldnothavetheright.(3)Ex-dividenddate.Thesecuritiesindustryhasestablishedaconventionunderwhichtherighttothedividendgoeswiththestockuntiltwobusinessdaysaheadofthehold-of-recorddate;ontheseconddaybeforethatdate,therighttothedividendnolongeraccompan