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ID:51972916
大小:774.50 KB
页数:26页
时间:2020-03-26
《现代财务管理全套配套课件詹姆斯R.麦圭根 Ch15 MMK11e.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、15DividendPolicy©2009South-Western/Cengage2IntroductionThischapterexaminesthefactorsthatinfluenceacompany’schoiceofdividendpolicy.ProsandconsofdividendpoliciesMechanicsofdividendpaymentsStockdividendsSharerepurchaseplans3InfluencingtheValueoftheFirmInvestmentDecisi
2、onsFinancingDecisionsDividendDecisions4DeterminantsofDividendPolicyVariationsinpayoutLegalconstraintsRestrictivecovenantsTaxconsiderationsLiquidityandCFconsiderationsBorrowingcapacityAccesstocapitalmarketsEarningsstabilityGrowthprospectsInflationShareholderpreferen
3、ceProtectionagainstdilution5678IrrelevanceofDividendsAssumptionsNotaxesNoTransactionscostsNoIssuancecostsFixedinvestmentpolicyInformationalcontentSignalingeffectClienteleeffect9RelevanceofDividendsAssumptionsRemoveassumptions:dividendpolicybecomesimportant.Riskaver
4、sionTransactioncostsTaxesIssuance(Flotation)costsAgencycosts10RelevanceofDividendsEmpiricalevidenceismixed.Manypractitionersbelievedividendsareimportant:fortheirinformationalcontentbecauseexternalequitycapitalismoreexpensivethanretainedequity11PassiveResidualPolicy
5、Suggeststhatafirmshouldretainitsearningsaslongasithasinvestmentopportunitiesthatpromisehigherratesofreturnthantherequiredrate.Dividendscanfluctuatesignificantly.Inpractice,dividendscanbesmoothed.Growthfirmswillhavelow-dividendpayouts.12StableDollarDividendPoliciesR
6、eluctancetoreducedividendsIncreasesindividendstendtolagearnings.Desirability13141415OtherDividendPaymentPoliciesConstantPayoutRatioSmallRegularDividendsPlusExtrasSmallFirmsandDividends16MultinationalFirms&DividendsPrimarymeansoftransferringfundstoparentcompanyTaxFo
7、reignExchangePoliticalriskFundsavailabilityFinancingneeds17HowareDividendsPaid?DeclarationDateRecordDateEx-dividendDatePaymentDate181920DividendReinvestmentPlanCashdividendreinvestedautomaticallyintoadditionalsharesPurchaseneworexistingsharesNobrokeragecommissionsI
8、ncometaxliability21StockDividends:PaymentofadditionalsharesofCommonStockStocksplitsaresimilartostockdividends.Increasesthenumberofsharesoutstandi
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