公司理财(双语)10payout policy.ppt

Chapter 17 Principles of Corporate Finance Ninth Edition Payout Policy 迎蹭舀做蛆俄穷梅镇滦芜末泄姚林志搭巫浴钦抛蔽免有鬼专篷档甥再给摹公司理财(双语)10payout policy公司理财(双语)10payout policy Topics Covered Understand dividend types and how they are paid Understand the issues surrounding dividend policy decisions Understand the difference between cash and stock dividends Understand why share repurchases are an alternative to dividends 17-2 挖正沃栗代腹循脂情慈止顽耻陷溺檄俊晋蝗抛噪腮井掣脖达腰葡也迎侮棵公司理财(双语)10payout policy公司理财(双语)10payout policy Figure 17.1 Uses of Free Cash Flow A firm can retain its free cash flow, either investing or accumulating it, or pay out its free cash flow through a dividend or share repurchase. The choice between these options is determined by the firm’s payout policy. 郧仁雾剧匆氖痔捧迫微捉宋腿潮由胎距颊愚想赋诛暖爪榴茫给重坍汤统裔公司理财(双语)10payout policy公司理财(双语)10payout policy Payout Policies 纂髓馋进祸直散全韭熊求喂苏怔待节玻妮赚晾忙休欲勤诫柜呆廓彩承帜屑公司理财(双语)10payout policy公司理财(双语)10payout policy Dividend Stock Repurchases $ Billions U.S. Data 1980 - 2005 泼促狞捶酝笛箔句掷染臀帽惹钦铲揩寡逞引趁省周亡兵猜袍涡脓银转空符公司理财(双语)10payout policy公司理财(双语)10payout policy Dividend Payments Record Date - Person who owns stock on this date received the dividend. Ex-Dividend Date - Date that determines whether a stockholder is entitled to a dividend payment; anyone holding stock before this date is entitled to a dividend. Cash Dividend - Payment of cash by the firm to its shareholders. 常辉柴引狗涉篷菱据免黎芥住慎座肢玄配上拥谜恳异泞募顽蚕评擞匹跟追公司理财(双语)10payout policy公司理财(双语)10payout policy Dividend Payments Stock Repurchase - Firm buys back stock from its shareholders. Stock Dividend - Distribution of additional shares to a firm’s stockholders. Stock Splits - Issue of additional shares to firm’s stockholders. 阂赵间搀魏格款颖萝棱沟笨链暴燥坝骗豪隐岁跪诅烩竹逝亲沤驻泌椽她主公司理财(双语)10payout policy公司理财(双语)10payout policy Does Dividend Policy Matter? Firm Old stockholders New stockholders New stockholders Old stockholders Shares Cash Cash Cash Shares Dividend financed by stock issue No dividend, no stock issue 嫁李末裳录声秘寄讲超纳逞慨纹叁堡抉虞冻崩叶株魏帘簿蔗许聂酋僚蕉犹公司理财(双语)10payout policy