财务管理专业英语3E教学课件作者刘媛媛 Topic 10.ppt

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1、10.1DividendsandDividendPolicy10.2TheDividendPuzzle10.3FactorsInfluencingtheDividendDecision10.4DividendPolicies10.5StockRepurchasesDividendsandDividendPolicyDividendPayoutProcedure1.Declarationdate2.Ex-dividenddate3.Recorddate4.PaymentdateDividendsandDividend

2、PolicyTypesofDividendsCashDividendsStockDividendsPropertyDividendsTheDividendPuzzleDividendIrrelevanceTheorywhatafirmpaysindividendsisirrelevantandthatstockholdersareindifferentaboutreceivingdividends.TheDividendPuzzleDividendRelevanceTheoryTheTax-preferenceEx

3、planation——investorsexpecthigherpretaxreturnsfromdividend-payingstockbecauseofthefuturetaxliabilityondividends.TheSignalingExplanation——dividendpolicyconveysimportantinformationtothemarketaboutthequalityofacompany.TheAgencyExplanation——dividendmechanismprovide

4、sanincentiveformanagerstoreducetheseagencycostsrelatedtotheprincipal/agentrelationship.Thatis,agencytheorymodelscontendthatdividendpolicymitigatesagencyconflictsbetweenmanagerialandstockholderpriorities.FactorsInfluencingtheDividendDecision1.Shareholderfactors

5、2.Firmfactors3.OtherconstraintsFactorsInfluencingtheDividendDecisionShareholderfactorsIncomeNeedsRiskPreferencesTaxStatusDilutionofOwnershipFactorsInfluencingtheDividendDecisionFirmFactorsStageofLifeCycleExternalFinancingCostsAccesstoFundsandReservesProfitabil

6、ityandEarningStabilityDividendPoliciesResidualDividendPolicyStableDollarDividendpolicyConstantDividendPayoutRatioLowRegularplusSpeciallyDesignatedDividendsStockRepurchasesWaysofRepurchasesTenderOfferOpenMarketStockRepurchasesReasonsforStockBuybacks1.Ifacompany

7、issittingonalargesumofcashandmustdecidehowtoinvestit,oneoftheoptionsistodistributepartofittoshareholdersbybuyingupoutstandingshares.2.Ifacompany’sstockissufferingfromlowfinancialratios,buyingbackstockcangivesomeoftheratiosatemporaryboost.3.Anotherreasoncompani

8、esbuybackstockistocoverlargeemployeestockoptionprograms(ESOP).4.Somecompaniesbuybacksharesasprotectionagainstunfriendlytakeoversfromothercompanies.