财务管理专题6：股利决策.pptVIP

现实世界的考虑 股票回购允许投资决定是否愿意接受当前的现金流以及相应的税收结果。 投资者面临的是资本利得税而不是普通的收益税。 (较低税率) 根据当前的税收结构，回购也许更符合股东利益，因为它提供给了股东的期权（选择权）。 IRS不允许仅由于避税目的而进行股票回购。 股票回购的信息内容 股票回购发出了一个正面的信号：管理层相信公司股票价格被低估了。 与公开市场操作相比，协议回购发出了一个更为正面的信号，因为公司提供了一个特别的回购价格。 股票回购一旦宣布，股票价格通常会上涨。 17.5 股票股利和股票分割-股票股利 发放额外的股票代替现金 增加了发行在外的股票数量 小的股票股利 低于20-25% 如果你有100股，公司宣布10%的股票股利，你将收到额外的10股。 大的股票股利– 高于20-25% 股票分割 股票分割– 与股票股利相同，除了分割比率差异 例如, 1股分割成2股就是100%的股票股利 股票分割时，股票价格下降。 股票分割的通常解释为：将股票价格回归“合理的交易价格范围”。 17.6 中国上市公司的股利政策 中国上市公司的股利政策 案例讨论：茅台的股利政策 14.* Cash dividends reduce cash and retained earnings (except for liquidating dividends which may reduce paid-in capital) 14.* Cash dividends reduce cash and retained earnings (except for liquidating dividends which may reduce paid-in capital) 14.* Cash dividends reduce cash and retained earnings (except for liquidating dividends which may reduce paid-in capital) 14.* Assuming that the second dividend is a liquidating dividend and the firm ceases to exist after period 2. PV = 10,000 / 1.12 + 10,000 / 1.122 = 16,900.51 PV = 9000 / 1.12 + 11,120 / 1.122 = 16,900.51 14.* If a firm changes its policy, it will just have different investors. Consequently, dividend policy won’t affect the value of the stock. 14.* Discuss how an increase in dividends sends a signal that prospects are good and that the firm will be able to maintain the higher dividend. If future dividends are expected to be higher, what should happen to the price? A decrease in dividends is usually an indication that the firm can no longer sustain the current dividend level. If dividends are expected to be lower in the future, what should happen to the stock price? 14.* We will talk about the residual policy and the compromise policy in more detail Given the information content of dividends, will a constant growth policy be good for the stockholders? Given the information content of dividends – will a constant payout ratio be good for stockholders? 14.* Remind students how to get % debt and % equity given D/E: If D/E = 2