股利支付政策.pptVIP

* 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