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1、PART6CashDistributionsandCapitalStructureChapter14DistributionstoShareholders:DividendsandRepurchasesChapter15CapitalStructureDecisions557ThispageintentionallyleftblankCHAPTER14DistributionstoShareholders:DividendsandRepurchasesaturecompanieswithstablecashflowsandlimite
2、dgrowthMopportunitiestendtoreturnlargeamountsoftheircashflowstoshareholders,eitherbypayingdividendsorbyusingthecashtorepurchasecommonstock.Incontrast,rapidlygrowingcompanieswithgoodinvestmentopportunitiesarepronetoinvestmostoftheiravailablecashflowsinnewprojectsandthusa
3、relesslikelytopaydividendsorrepurchasestock.Microsoft,whichwaslongregardedastheepitomeofagrowthcompany,illustratesthispattern.Itssalesgrewfrom$786millionin1989to$28.365billionasofJune30,2002,whichtranslatestoanannualgrowthrateofnearly32%.Muchofthisgrowthcamefrominvestme
4、ntsinnewproductsandtechnology,andgivenitsemphasisongrowth,Microsoftpaidnodividends.Marketsaturationandcompetition(includingpiracy)havecauseditssalesgrowthtoslow.InMay,2009,Microsoftreportedannualsalesgrowthduringtheprevious12monthsofabout5.6%,farshortofitsspectacularear
5、liergrowthrates.Asgrowthslowed,Microsoft’scashflowsincreased,anditscashflowfromoperatingactivitieswasonpacetoreachabout$18billionfor2009.Ascompaniestendtodowhengrowthslowsandcashflowsincrease,Microsoftfirstbeganpayingaregulardividendin2003.Itstunnedtheworldwithahugespec
6、ialdividendin2005,which—whencombinedwithitsregulardividend—totaledmorethan$36billion.Perhapsnotcoincidentally,Microsoft’sdecisiontopaydividendscoincidedwithachangeintheTaxCodethatloweredthetaxrateondividendsfrom35%to15%formostinvestors.Inthefirstthreequartersofits2009fi
7、scalyear,Microsoftpaidregulardividendsof$3.3billionandalsorepurchased$8.9billioninstock,foratotalcashflowtoshareholdersof$12.2billion.Microsoftstillhadover$25billionincashandmarketablesecuritiesonitsbalancesheets,soinvestorsmightexpectmorelargecashdistributionsinthefutu
8、re.Asyoureadthischapter,thinkaboutMicrosoft’sdecisionstoinitiateregulardividendpayments,occasionallyusespecial
