第08章 股利 政策.pptVIP

* “股利之迷” Black (1976)指出这样一个事实：即使存在另一种相对无税收的支付方式，人们也愿意为现金股利支付大量税收。这就是所谓的“股利之迷”。 Black, F. The dividend puzzle, Journal of Portfolio Management, 2, 1976: 5-8. “我们越是努力研究它，它就越象一个迷”。 迄今为止，经济学家们还未能为这个“迷”找到一个能为大家普遍接受的“谜底”。 Raising a firm’s dividend usually causes the stock price to rise and decreasing the dividend causes the stock price to fall. Dividend changes convey information to the market concerning the firm’s future prospects. Information Effects * Desire for Current Income The homemade dividend argument relies on no transactions costs. To put this in perspective, mutual funds can repackage securities for individuals at very low cost: they could buy low-dividend stocks and with a controlled policy of realizing gains, pay their investors at a specified rate. * Resolution of Uncertainty It would be erroneous to conclude that increased dividends can make the firm less risky. A firm’s overall cash flows are not necessarily affected by dividend policy—as long as capital spending and borrowing are not changes. Thus, it is hard to see how the risks of the overall cash flows can be changed with a change in dividend policy. * Agency Costs Agency Cost of Debt Firms in financial distress are reluctant to cut dividends. To protect themselves, bondholders frequently create loan agreements stating dividends can only be paid if the firm has earns, cash flow and working capital above pre-specified levels. Agency Costs of Equity Managers will find it easier to squander funds if they have a low dividend payout. Paying dividends may reduce agency costs between managers and shareholders. 大股东代理问题：佛山照明的案例分析 Different investor clienteles prefer different dividend payout levels. Some firms, such as utilities, pay out over 70% of their earnings as dividends. These attract a clientele that prefers high dividends. Growth-oriented firms which pay low (or no) dividends attract a clientele that prefers price appreciation to dividends. Clientele Effects * 五、对股利政策与公司价值的探讨 MM的股利不相关理论：公司价值与股利政策无