11财务理论{——公司股利政策 问题.pptVIP

14.* Cash dividends reduce cash and retained earnings (except for liquidating dividends which may reduce paid-in capital) 14.* 14.* 14.* Assuming that the second dividend is a liquidating dividend and the firm ceases to exist after period 2. PV = 10,000 / 1.12 + 10,000 / 1.122 = 16,900.51 PV = 9000 / 1.12 + 11,120 / 1.122 = 16,900.51 14.* 14.* 14.* 14.* 14.* 14.* If a firm changes its policy, it will just have different investors. Consequently, dividend policy won’t affect the value of the stock. 14.* Discuss how an increase in dividends sends a signal that prospects are good and that the firm will be able to maintain the higher dividend. If future dividends are expected to be higher, what should happen to the price? A decrease in dividends is usually an indication that the firm can no longer sustain the current dividend level. If dividends are expected to be lower in the future, what should happen to the stock price? 14.* 14.* 14.* We will talk about the residual policy and the compromise policy in more detail Given the information content of dividends, will a constant growth policy be good for the stockholders? Given the information content of dividends – will a constant payout ratio be good for stockholders? 14.* 14.* 14.* 14.* 14.* 14.* 14.* 14.* 14.* 14.* 14.* 14.* www: Click on the web surfer icon to find out about upcoming stock splits and dividends 投资机会的改变在剩余政策下如何影响股利? 较少的好的投资机会将会导致较少的资本预算，从而导致较高的股利支付率。 较多的好的投资机会将导致较低的股利支付率。 现实的股利政策的制定 目标，按重要性排序 避免为了支付股利而削减净现值为正值的资本投资 避免减少股利 避免发行新的股权资本 保持目标的债务/股权资本比率 保持目标股利支付率 公司试图接受净现值为正值的投资项目，并尽力回避不利的信号发出 股利政策的制定 预测一个计划时间范围的资本需要，通常是5年。 设定目标资本结构。 估计每年的权益需要。 按照剩余模型设定目标支付率。 通常，每期现金股利会出现一定的股利增长率。比如，可口可乐公司自1920年起，每年都支付现金股利，且几乎每年都有增长，吸引了众多的投资者。1999年，可口可乐支付了每股64美分的现金股利，在前10年的基础上，现金股利的年增长率为19.7％。 Lintner(1956)：股利修匀模型（Dividend Smoothing Model） Lintner(1956)：股利修匀模型（Dividend Smoothing Model） 案例：公司上期股利实际支付2元，本期报告实际每股盈余为5元。公司长期股利目标支付率为0.5。 如果股利调整速率为0.2，则本期股利支付增加额为0.2（0.5×5－2）＝0.10元，每股股利为2.10元；如果股利调整速率为1.0，则每股股利为2.50元