国际财务管理培训教材(英文版)

DividendsandOtherPayouts,KeyConceptsandSkills,UnderstanddividendtypesandhowtheyarepaidUnderstandtheissuessurroundingdividendpolicydecisionsUnderstandwhysharerepurchasesareanalternativetodividendsUnderstandthedifferencebetweencashandstockdividends,ChapterOutline,18.1DifferentTypesofDividends18.2StandardMethodofCashDividendPayment18.3TheBenchmarkCase:AnIllustrationoftheIrrelevanceofDividendPolicy18.4RepurchaseofStock18.5PersonalTaxesandDividends18.6Real-WorldFactorsFavoringaHighDividendPolicy18.7TheClienteleEffect:AResolutionofReal-WorldFactors?18.8WhatWeKnowandDoNotKnowaboutDividendPolicy18.9StockDividendsandStockSplits,18.1DifferentTypesofDividends,Manycompaniespayaregularcashdividend.Publiccompaniesoftenpayquarterly.Sometimesfirmswillpayanextracashdividend.Theextremecasewouldbealiquidatingdividend.Companieswilloftendeclarestockdividends.Nocashleavesthefirm.Thefirmincreasesthenumberofsharesoutstanding.Somecompaniesdeclareadividendinkind.WrigleysGumsendsaboxofchewinggum.DundeeCrematoriaoffersshareholdersdiscountedcremations.,18.2StandardMethodofCashDividend,RecordDateDateonwhichcompanydeterminesexistingshareholders.,Ex-DividendDate-Datethatdetermineswhetherastockholderisentitledtoadividendpayment;anyoneholdingstockimmediatelybeforethisdateisentitledtoadividend.,CashDividend-Paymentofcashbythefirmtoitsshareholders.,ProcedureforCashDividend,25Oct.,1Nov.,2Nov.,5Nov.,7Dec.,DeclarationDate,Cum-dividendDate,Ex-dividendDate,RecordDate,PaymentDate,DeclarationDate:TheBoardofDirectorsdeclaresapaymentofdividends.,Cum-DividendDate:Buyerofstockstillreceivesthedividend.,Ex-DividendDate:Sellerofthestockretainsthedividend.,RecordDate:Thecorporationpreparesalistofallindividualsbelievedtobestockholdersasof5November.,PriceBehavior,Inaperfectworld,thestockpricewillfallbytheamountofthedividendontheex-dividenddate.,$P,$P-div,Ex-dividendDate,Thepricedropsbytheamountofthecashdividend.,-t-2-10+1+2,Taxescomplicatethingsabit.Empirically,thepricedropislessthanthedividendandoccurswithinthefirstfewminutesoftheex-date.,18.3TheIrrelevanceofDividendPolicy,Acompellingcasecanbemadethatdividendpolicyisirrelevant.Sinceinvestorsdonotneeddividendstoconvertsharestocash;theywillnotpayhigherpricesforfirmswithhigherdividends.Inotherwords,dividendpolicywillhavenoimpactonthevalueofthefirmbecauseinvestorscancreatewhateverincomestreamtheypreferbyusinghomemadedividends.,HomemadeDividends,BianchiInc.isa$42stockabouttopaya$2cashdividend.BobInvestorowns80sharesandprefersa$3dividend.Bobshomemadedividendstrategy:Sell2sharesex-dividend,homemadedividendsCashfromdividend$160Cashfromsellingstock$80TotalCash$240ValueofStockHoldings$4078=$3,120,$3Dividend$240$0$240$3980=$3,120,DividendPolicyisIrrelevant,Intheaboveexample,BobInvestorbeganwithatotalwealthof$3,360:,Aftera$3dividend,histotalwealthisstill$3,360:,Aftera$2dividendandsaleof2ex-dividendshares,histotalwealthisstill$3,360:,DividendsandInvestmentPolicy,FirmsshouldneverforgopositiveNPVprojectstoincreaseadividend(ortopayadividendforthefirsttime).Recallthatoneoftheassumptionsunderlyingthedividend-irrelevanceargumentis:“Theinvestmentpolicyofthefirmissetaheadoftimeandisnotalteredbychangesindividendpolicy.”,18.4RepurchaseofStock,Insteadofdeclaringcashdividends,firmscanridthemselvesofexcesscashthroughbuyingsharesoftheirownstock.Recently,sharerepurchasehasbecomeanimportantwayofdistributingearningstoshareholders.,StockRepurchaseversusDividend,Considerafirmthatwishestodistribute$100,000toitsshareholders.,StockRepurchaseversusDividend,Iftheydistributethe$100,000asacashdividend,thebalancesheetwilllooklikethis:,StockRepurchaseversusDividend,Iftheydistributethe$100,000throughastockrepurchase,thebalancesheetwilllooklikethis:,ShareRepurchase,FlexibilityforshareholdersKeepsstockpricehigherGoodforinsiderswhoholdstockoptionsAsaninvestmentofthefirm(undervaluation)Taxbenefits,18.5PersonalTaxesandDividends,Togettheresultthatdividendpolicyisirrelevant,weneededthreeassumptions:NotaxesNotransactionscostsNouncertaintyIntheUnitedStates,bothcashdividendsandcapitalgainsaretaxedatamaximumrateof15percent.Sincecapitalgainscanbedeferred,thetaxrateondividendsisgreaterthantheeffectiverateoncapitalgains.,FirmswithoutSufficientCash,Inaworldofpersonaltaxes,firmsshouldnotissuestocktopayadividend.,Firm,StockHolders,Cash:stockissue,Cash:dividends,Gov.,Taxes,InvestmentBankers,Thedirectcostsofstockissuancewilladdtothiseffect.,FirmswithSufficientCash,Theaboveargumentdoesnotnecessarilyapplytofirmswithexcesscash.Considerafirmthathas$1millionincashafterselectingallavailablepositiveNPVprojects.Selectadditionalcapitalbudgetingprojects(byassumption,thesearenegativeNPV).AcquireothercompaniesPurchasefinancialassetsRepurchaseshares,TaxesandDividends,Inthepresenceofpersonaltaxes:Afirmshouldnotissuestocktopayadividend.Managershaveanincentivetoseekalternativeusesforfundstoreducedividends.Thoughpersonaltaxesmitigateagainstthepaymentofdividends,thesetaxesarenotsufficienttoleadfirmstoeliminatealldividends.,18.6Real-WorldFactorsFavoringHighDividends,DesireforCurrentIncomeBehavioralFinanceItforcesinvestorstobedisciplined.TaxArbitrageInvestorscancreatepositionsinhighdividendyieldsecuritiesthatavoidtaxliabilities.AgencyCostsHighdividendsreducefreecashflow.,18.7TheClienteleEffect,Clientelesforvariousdividendpayoutpoliciesarelikelytoforminthefollowingway:,Group,StockType,HighTaxBracketIndividuals,LowTaxBracketIndividuals,Tax-FreeInstitutions,Corporations,Zero-to-Lowpayout,Low-to-Mediumpayout,Mediumpayout,Highpayout,Oncetheclienteleshavebeensatisfied,acorporationisunlikelytocreatevaluebychangingitsdividendpolicy.,18.8WhatWeKnowandDoNotKnow,Corporations“smooth”dividends.Fewercompaniesarepayingdividends.Dividendsprovideinformationtothemarket.Firmsshouldfollowasensiblepolicy:DonotforgopositiveNPVprojectsjusttopayadividend.Avoidissuingstocktopaydividends.Considersharerepurchasewhentherearefewbetterusesforthecash.,18.9StockDividends,PayadditionalsharesofstockinsteadofcashIncreasesthenumberofoutstandingsharesSmallstockdividendLessthan20to25%Ifyouown100sharesandthecompan