财务管理专业英语unit.ppt

Unit10DividendPolicy 股利政策 Whydocorporationspaydividends Whydoinvestorspayattentiontodividends Perhapstheanswerstothesequestionsareobvious Perhapstheanswersarenotsoobvious Iclaimtheanswerstothesequestionsarenotobviousatall Theharderwelookatthedividendpicture themoreitseemslikeapuzzle withpiecesthatjustdon tfittogether Whatshouldtheindividualinvestordoaboutdividendsinhisportfolio Wedon tknow Whatshouldthecorporationdoaboutdividendpolicy Wedon tknow FischerBlack TheDividendPuzzle Wisdom Cashdividendshavethehighcost butwhythecompaniesandtheinvestorslikethecashdividends Theprimepurposeofabusinesscorporationistopaydividendstoitsowners BenjaminGrahamandDavidDodd SecurityAnalysisAcowforhermilk Ahenforhereggs Andastock byheck forherdividends Anorchardforfruit Beesfortheirhoney Andstocks besides Fortheirdividends JohnBurrWilliams TheTheoryofInvestmentValue Minicase GM sDividendCutSendsaMessage Help Boeing sboardauthorizes 3Bstockrepurchaseplan Words 1 sharerepurchase股票回购Companiesthatearnaprofitcandooneofthreethings paythatprofitouttoshareholders reinvestitinthebusinessthroughexpansion debtreductionorsharerepurchase orboth 公司赚取利润可以做三件事之一 利润向股东派发 通过扩张再投资于企业 减少债务或股票回购 或两者兼顾 2 dividendpayoutratio股利支付率Thedividendpayoutratioisthepercentageofearningspaidtoshareholdersincash 股利支付率是以现金支付给股东的收益百分比 股利支付率 每股股利 每股盈余 100 股利支付率 留存收益率 1 3 chronological按时间顺序排列的4 declarationdate股利宣布日ThedeclarationdateisthedaytheBoardofDirector sannouncestheirintentiontopayadividend Onthisday thecompanycreatesaliabilityonitsbooks itnowowesthemoneytothestockholders 股利宣布日 是董事局宣布打算支付股息的那一天 从这一天起 公司在账面上就多了一项债务 5 ex dividenddate除息日Theex dividenddateisthecut offdateforreceivingthedividend Thatis theex dividenddateisthefirstdateonwhichtherighttothemostrecentlydeclareddividendnolongergoesalongwiththesaleofthestock 除息日是领取利息的截止日期 也就是宣布的股利不在顺应股票的出售的第一天 6 recorddate股权登记日Therecorddateisthedateonwhichaninvestormustbeashareholderoftherecordtobeentitledtotheupcomingdividendonlyiftheyhaveboughtthestockforatleasttwobusinessdaysbeforetherecorddate 只有在股权登记日前在公司股东名册上登记的股东 才有权分享股利 投资者必须在股权登记日之前两个营业日购买股票 7 Paymentdate股利支付日Thepaymentdateisthedatewhenthefirmmailsthedividendcheckstotheshareholdersofarecord ThisdateisusuallyseveralweeksafterTherecorddate 股利支付日是公司邮寄股利支票给在册股东的日期 这个日期通常是股权登记日的几个星期之后 8 regulardividend正常股利Thedividendcanbearegulardividend whichispaidatregularintervals quarterly semi annually orannually oraspecialdividend 利息可以是正常股利和特殊股利 正常股利是在正常的区间 季度 半年度 或年度 支付的 9 liquidatingdividend清算股利Firmssometimespaydividendsthatareinexcessoftheretainedearningstheyshowontheirbooks Thesearecalledliquidatingdividends 有时候企业所支付的股利超过了账面上的留存收益 这些都被称为清算股利 10 cashdividends现金股利Regularcashdividendsarethosepaidoutofacompany sprofitstotheownersofthebusiness 正常现金股利是将公司利润支付给企业的所有者 11 stockdividends股票股利Astockdividendisapro ratadistributionofadditionalsharesofacompany sstocktoownersofthecommonstock 股票股利是按比例给普通股所有者分配额外的公司股票 12 stocksplit股票分割Astocksplitisnotastockdividendinessence Incasesofstocksplits acompanymaydouble tripleorquadruplethenumberofsharesoutstanding Thevalueofeachshareismerelylowered economicrealitydoesnotchangeatall 股票分割本质上不是股票股利 在股票分割中 公司可以使发行在外的股票数量变为2倍 3倍或者4倍 仅仅是每一股的价值下降 经济现实没有任何改变 13 do it yourself dividendHomemadedividends自制股利Investorswhowantcurrentincome ontheotherhand cansellthesharestheyreceivefromthestockdividend paythetaxandpocketthecash inessence creatinga do it yourself dividend 想获得现行收益的投资者 可以将从股票股利中得到的股份出售 交纳税金 取得现金 实质上 是一种自制股利 14 propertydividend财产股利Apropertydividendiscalledsowhenacompanydistributespropertytoshareholdersinsteadofcashorstock 财产股利是指公司分配给股东财产来代替现金或股票 15 dividendirrelevancetheory股利无关论Oneschoolofthoughtcalleddividendirrelevancetheoryarguesthatwhatafirmpaysindividendsisirrelevantandthatstockholdersareindifferentaboutreceivingdividends 一种学派被称为股利无关论 认为公司支付的股利是无关的 也就是股东对于取得股利漠不关心 17 Intrinsicvalue内在价值18 freecashflowhypothesis自由现金流假说19 Residualdividendpolicy剩余股利政策stabledollardividendpolicy固定股利政策Constantdividendpayoutratio固定股利支付率政策lowregularplusspeciallydesignateddividends低正常股利加额外股利政策 20 stockpriceappreciation股价增值21 stockbuyback股票回购22 employeestockoptionprogram ESOP 员工股票期权计划 Outline 10 1DividendsandDividendPolicy10 2TheDividendPuzzle10 3FactorsInfluencingtheDividendDecision10 4DividendPolicies10 5StockRepurchases DividendsandDividendPolicy DividendPayoutProcedure1 Declarationdate2 Recorddate3 Ex dividenddate4 Paymentdate DividendsandDividendPolicy TypesofDividendsCashDividendsStockDividendsPropertyDividends DividendIrrelevanceTheorywhatafirmpaysindividendsisirrelevantandthatstockholdersareindifferentaboutreceivingdividends TheDividendPuzzle 股利无关论 代表人物 莫迪格莱尼 米勒主要观点 股利政策不影响企业价值投资者不关心公司股利分配企业价值由资产的盈利能力决定 假定条件 完全市场理论包括 1 市场具有强式效率 2 不存在任何公司或个人所得税 3 不存在任何筹资费用 包括发行费用和各种交易费用 4 公司的投资决策与股利决策彼此独立 公司的股利政策不影响投资决策 股利无关论 TheDividendPuzzle DividendRelevanceTheoryTheTax preferenceExplanationTheSignalingExplanationTheAgencyExplanation FactorsInfluencingtheDividendDecision 1 Shareholderfactors2 Firmfactors3 Otherconstraints FactorsInfluencingtheDividendDecision ShareholderfactorsIncomeNeedsRiskPreferencesTaxStatusDilutionofOwnership FactorsInfluencingtheDividendDecision FirmFactorsStageofLifeCycleExternalFinancingCostsAccesst