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ID:51617749
大小:835.00 KB
页数:36页
时间:2020-03-26
《财务管理基础 第13版 教学课件Chap018_PPT.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、DividendPolicyandRetainedEarnings18ChapterOutlineDecisionsonuseoffirm’sannualearningsDividendsandthedividendpolicyFactorsinfluencingthedividendpolicyStockdividendsandstocksplitsRepurchaseofthefirm’sshares2TheMarginalPrincipleofRetainedEarningsBenefitstostockholdersanalyzedbycompari
2、ng:RateofreturnonretainedearningsEarningsthatmaybegeneratedbyofferingdividendsProjectfinancedbyinternallygeneratedfundsmustprovideahigherrateofreturn:Comparedtowhatstockholderscanachieveonotherinvestments3LifeCycleGrowthandDividends4DividendsasaPassiveVariableDividendsarepaidoutonl
3、yifthecorporationcannotmakebetteruseofthefundsforthebenefitofstockholdersActivedecisionvariableistheretainedearningsResidual(afterfulfillinginternalcorporateexpenses)ispaidtostockholdersCashdividends5AnIncompleteTheoryResidualtheoryofearningsdoesnotconsiderthestockholders’opinionon
4、dividendsItisconsideredacceptable,ifthestockholders’onlyconcernisachievinghighestreturns:CorporateretainedearningsremaininginthebusinessPaidoutascurrentdividendsIfhowever,thestockholderprefersoneovertheotheroption,thenthistheoryisincomplete6ArgumentsfortheRelevanceofDividendsDivide
5、ndsresolveuncertaintyinthemindsofinvestorsItcanbehypothesizedthatstockholdersmight:Applyahigherdiscountrate(Ke),andAssignalowervaluationoffundsthatareretainedinthebusinessBecauseoftheinformationcontentofdividends–viewedmorefavorablythanretainedearningstothestockholdersStockholder’s
6、needsandpreferencesgobeyondthemarginalprincipleofretainedfunds7ArgumentsfortheRelevanceofDividends(cont’d)Inpractice,itappearsthatmostcorporationsadheretothefollowinglogic:Investmentopportunitiesrelativetoarequiredreturn(marginalanalysis)aredeterminedThen,itistemperedbysubjectiveno
7、tionofstockholders’desiresFormaturefirms:Ananalysisofbothinvestmentopportunitiesandstockholderpreferencesmayindicatethatahigherrateofpayoutisrequired8CorporateDividendPolicy9DividendStabilityMaintenanceofstabilityisaprimaryfactorinconsideringstockholderdesireindividendpolicyDollara
8、mountofcashdividendstendst
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