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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1DividendtypesandhowDIVIDENDSANDdividendsarepaid.LO2Theissuessurroundingdividendpolicydecisions.PAYOUTPOLICYLO3Thedifferencebetween17cashandstockdividends.LO4Whysharerepurchasesareanalternativetodividends.TRACTOR
2、MANUFACTURERJOHNDEEREto$6.9billion,orabout1/7ofthecompany’sout-onMay28,2008,announcedabroadplantorewardstandingshares.Investorscheered,biddingupstockholdersfortherecentsuccessofthefirm’sbusi-thestockpriceby3.4percentonthedayoftheness.Undertheplan,Deerewould(1)boostitsquar-annou
3、ncement.Whywereinvestorssopleased?Toterlydividendby12percentfrom25centspersharefindout,thischapterexplorestheseactionsandtheirto28centspershare;and(2)increaseitsplannedimplicationsforshareholders.repurchaseofDeere’scommonstockfrom$1.9billionMastertheabilitytosolveproblemsinthis
4、chapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Dividendpolicyisanimportantsubjectincorporatefinance,anddividendsareamajorcashoutlayformanycorporations.Forexample,S&P500companieswereexpectedtopayabout$270billionindividendsin2008,anincreasefromthe
5、record$247billionindividendsin2007.CitigroupandGeneralElectricwerethebiggestpayers.Howmuch?Bothcompaniespayoutinexcessof$10bil-lionannually.Incontrast,about22percentofthecompaniesintheS&P500paynodivi-dendsatall.Atfirstglance,itmayseemobviousthatafirmwouldalwayswanttogiveasmuchas
6、possiblebacktoitsshareholdersbypayingdividends.Itmightseemequallyobvious,how-ever,thatafirmcouldalwaysinvestthemoneyforitsshareholdersinsteadofpayingitout.Theheartofthedividendpolicyquestionisjustthis:Shouldthefirmpayoutmoneytoitsshareholders,orshouldthefirmtakethatmoneyandinvest
7、itforitsshareholders?Inthischapter,wewillcoveravarietyoftopicsrelatedtodividendsandcorporatepay-outpolicies.Wefirstdiscussthevarioustypesofcashdividendsandhowtheyarepaid.Weaskwhetherdividendpolicymatters,andweconsiderargumentsinfavorofbothhighandlowdividendpayouts.Next,weexamin
8、estockrepurchases,whichhavebecomeanimpor-CostofCapitalandLong
