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1、19878_17_c17_p582-615.qxd2/22/0610:40AMPage582CHAPTER17DistributionstoShareholders:DividendsandRepurchasesSuccessfulcompaniesgeneratenetoperatingprofitaftertaxes(NOPAT).Acompany’sgrowthopportunitiesandreplacementrequirements,identifiedthroughcapitalbudgetingandfi
2、nancialplanning,determinetheamountthatshouldbeinvestedinoperatingcapital.Subtractingtheinvestmentinoperatingcapi-TheThomsonNOWWebsitecontainsantalfromNOPATresultsinfreecashflow(FCF),whichistheExcelfilethatwillguideyouthroughtheamountofcashflowavailablefordistribu
3、tiontoinvestorsafterchapter’scalculations.Thefileforthispayingexpensesandtaxesandmakingthenecessaryinvest-chapterisIFM9Ch17ToolKit.xls,andmentsinoperatingcapital.Thereareonlyfivegoodusesoffreeweencourageyoutoopenthefileandcashflow:(1)payinterestexpenses,(2)paydeb
4、tprincipal,followalongasyoureadthechapter.(3)paydividends,(4)repurchasestock,or(5)buynonoperatingassetssuchasTreasurybillsorothermarketablesecurities.1Thecapitalstructurechoicedeterminesthepaymentsforinterestexpensesanddebtprincipal,andacompany’sworkingcapitalpol
5、icies(discussedinChapter21)determineitslevelofmar-ketablesecurities.TheremainingFCFshouldbedistributedtoshareholders,withtheonlychoicebeinghowmuchtodistributeintheformofdividendsversusstockrepurchases.Obviously,thisisasimplificationsincecompanies(1)some-timesscal
6、ebacktheiroperatingplansforsalesandassetgrowthifsuchreductionsareneededtomaintainanexistingdividend,(2)temporarilyadjusttheircurrentfinancingmixinresponsetoTODISCCOLLECTION1RecallfromChapter7thattheinterestexpenseisaftertaxesandthatacompanydoesn’tneedtospendFCFon
7、operatingassetssincethoseexpenditureswerealreadydeductedwhencalculatingFCF.Also,mostgrowingcompaniesactuallyissuenewdebteachyearratherthanrepaydebt.This“negativeuse”ofFCFprovidesmoreFCFfortheotheruses.582IMAGE:©GETTYIMAGES,INC.,PHO19878_17_c17_p582-615.qxd2/22/06
8、10:40AMPage583BEGINNING-OF-CHAPTERQUESTIONSAsyoureadthechapter,considerhowyouitconsidersitsdividenddecision?Dosignal-wouldanswerthefollowingquestions.Youingand
