CFA 1 CORPORATE FINANCE.pptVIP

* DIVIDEND PROCESS * DIVIDEND PROCESS Declaration date: 批准发行DIVIDEND的日子 Ex-dividend date: 支付DIVIDEND截至日，这个日子开始购买股票将不会有DIVIDEND支付 Holder-of-record date: 确定哪些股东可以收到DIVIDEND PAYMENT DATE: 实际支付日 * SHARE REPURCHASE Buy in the open market: 在公开市场上直接回购 Buy a fixed number of shares at a fixed price: 以固定价格向股东购买固定数量的股票 Repurchase by direct negotiation: 直接向大股东洽谈购买股票 后面两种方法往往需要出大于市场的价格，即premium to market price * STOCK DIVIDEND VS SHARE REPURCHASE 前者增加了市场上的股票数，减低了股票单价，后者减少了市场的股票数，增加了股票单价 SHARE REPURCHASE会减少公司的CASH FLOW,直接减少公司的earnings * CORPORATE GOVERNANCE Duty of the board: act in the shareholers long-