dividends and other payouts

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1、CHAPTER18DividendsandOtherPayoutsInJuly2004,MicrosoftwassittingonacashhoardofintheS&P500fortheyeartotaled$213.6billion.Thisnearly$60billion.Undergrowingpressurefromshare-meansMicrosoft’sspecialdividendamountedtoaboutholders,thecompanyannounceditwasgoingtouse15percentofalldividendspaidby500ofthelar

2、gestsomeofthatcashto(1)increasetheannualdividendtocompaniesfortheyear.Stillnotimpressed?Well,$.32pershare,(2)repurchaseabout$30billionoftheconsiderthatwhenthedividendwassenttoinvestorscompany’sstockoverthenextfouryears,and(3)makeinDecember,personalincomeintheUnitedStatesroseaspecialdividendpayment

3、of$3persharetosharehold-3.7percent.Withoutthedividend,personalincomeers.Microsofthadover10billionsharesoutstanding,roseonly.3percent.Thismeansthedividendpaymentsothespecialdividendpaymenttotaledaremarkableaccountedforover3percentofallpersonalincomein$32.6billion,makingitthelargestcorporatecashdis-

4、theUnitedStatesforthemonth!bursementinhistory.ToputthesizeofMicrosoft’sspecialdividendinperspective,thetotaldividendspaidbyallthecompanies18.1DifferentTypesofDividendsThetermdividendusuallyreferstoacashdistributionofearnings.Ifadistributionismadefromsourcesotherthancurrentoraccumulatedretainedearn

5、ings,thetermdistributionratherthandividendisused.However,itisacceptabletorefertoadistributionfromearningsasadividendandadistributionfromcapitalasaliquidatingdividend.Moregenerally,anydirectpaymentbythecorporationtotheshareholdersmaybeconsideredpartofdividendpolicy.Themostcommontypeofdividendisinth

6、eformofcash.Publiccompaniesusuallypayregularcashdividendsfourtimesayear.Sometimesfirmswillpayaregularcashdividendandanextracashdividend.Payingacashdividendreducescorporatecashandretainedearnings—exceptinthecaseofaliquidatingdividend(wherepaid-incapitalmaybereduced).Anothertypeofdividendispaidoutins

7、haresofstock.Thisdividendisreferredtoasastockdividend.Itisnotatruedividendbecausenocashleavesthefirm.Rather,astockdividendincreasesthenumberofsharesoutstanding,therebyreducingthevalueofeachshare.Astockdividendisco