在支付现金股利后.PPT

* 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