公司理财第五版高等院校双语教材·金融系列-chapter 15.ppt

* * * * * * COPYRIGHT?ZHULI * Content How companies pay out cash to shareholders The dividend payment Stock repurchases How do companies decide on the payout Why payout policy should not matter Why dividends may increase firm value Why dividends may reduce firm value COPYRIGHT?ZHULI * If dividends are taxed more heavily than capital gains, such financial alchemy should be welcomed by any taxpaying investor. Firms should pay the lowest cash dividend they can get away with. Surplus cash should be used to repurchase shares. COPYRIGHT?ZHULI * COPYRIGHT?ZHULI * The End! * * * * * * * * * * *