- 1、本文档共25页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
在支付现金股利后
* Stock Repurchase – Firm buys back stock from its shareholders. Open market repurchase: Occurs when the firm purchases stock in the secondary market, just like any other investor. Tender offer: Firm offers to buy back a stated number of shares at a fixed price. Auction: Firm states a range of prices at which it is prepared to repurchase. Direct negotiation: Firm may negotiate repurchase of a block of shares from a major shareholder. * * * * * Note: Notice how the present value of the security is unchanged whether the firm chooses to issue a cash dividend or repurchase its shares. * A firm’s target dividend payment is often calculated as a percentage of expected earnings, not a single year’s actual earnings. When current dividends are less than the target, the dividend is increased gradually toward the target. When current dividends are greater than the target, the dividend usually is not cut immediately; it is often left alone. * Information Content of Dividends – Dividend increases send good news about future cash flow and earnings. Dividend cuts send bad news. Note: Announcements of share repurchases are also good news for investors, but these announcements usually convey less information than cash dividends do. * Payout decisions are often intertwined with other financing or investment decisions. Firms may pay low dividends due to optimistic future growth prospects. This payout decision is a by-product of the capital budgeting decision. Firms may finance expenditures by borrowing, thus freeing up more capital to be paid out to shareholders. This payout decision is a by-product of the borrowing decision. Dividend policy always involves a trade-off between higher or lower cash dividends and the issue or repurchase of stock. * MM’s Dividend-Irrelevance Proposition – Under ideal conditions, the value of the firm is unaffected by dividend policy. * * * Market efficiency implies that transfers of ownership created by shifts in dividend policy are fairly achie
文档评论(0)