第十一章 股利和股利政策.pptVIP

净利润的分配 Chapter Outline Cash Dividends and Dividend Payment Does Dividend Policy Matter? Some Real-World Factors Favoring a Low Payout Some Real-World Factors Favoring a High Payout 1. Dividend and Distribution Types of Cash Dividends Dividend Payment P574 Declaration Date（宣告日） Ex-dividend Date（除息日） Occurs two business days before date of record If you buy stock on or after this date, you will not receive the dividend Stock price generally drops by about the amount of the dividend Date of Record（登记日） Date of Payment（派发日） Figure 18.2 P575 除息对股价的影响 中兴通讯（000063）股利分配 万科（000001）股利分配 金榜题名（2009） 铁公鸡榜 金杯汽车 （14） SST中纺 （14） 上工申贝 （13） 中路股份 （13） ST二纺 （12） 西北轴承 （10） …… 最慷慨公司榜 沧州明珠 宏达股份 盐湖钾肥 水井坊 张裕A 双汇发展 全聚德 佛山照明 …… Expression of Cash Dividend Dividend per share=Cash Dividend/shares The dividend yield= Dividend per share/price The dividend payout=Dividend/net income 每股红利/股利收益率/红利支付率 Examples 2. Does Dividend Policy Matter? Dividends matter – the value of the stock is based on the present value of expected future dividends Dividend policy may not matter Dividend policy is the decision to pay dividends versus retaining funds to reinvest in the firm In theory, if the firm reinvests capital now, it will grow and can pay higher dividends in the future Illustration of Irrelevance Homemade Dividend P577 You Needn’t to Be Like This 3. Low Payout Why might a low payout be desirable? higher taxes for Individuals – lower capital gains with the deferred tax liability Flotation costs – low payouts can decrease the amount of capital that needs to be raised, thereby lowering flotation costs Dividend restrictions – debt contracts might limit the percentage of income that can be paid out as dividends 4. High Payout Why might a high payout be desirable? Desire for current income Uncertainty resolution – no guarantee that the higher future dividends will materialize Taxes 5. Dividend Policy in Practice Residual dividend policy（剩余股利政策 P585） Constant growth dividend policy – dividends i