华中农业大学《公司金融学》课件-第9章股利理论与股利支付实践.pptxVIP

第九章股利理论与股利政策实践华中农业大学《公司金融学》 Topics to be coveredBasic concepts of dividendsWhat is a dividend?Dividend payment : a chronologyDividend policy theoryDividend policy in practiceResidual dividend policyStock repurchase What is a dividend?Dividend ---- a payment made out of a firm’s earnings to its owners, in the form of either cash or stockIf dividends are paid in the form of cash, those dividends are taxable. When a firm pays a stock dividend, there usually are no tax consequences untill the shares are sold. What is a dividend?Dividend ---- a payment made out of a firm’s earnings to its owners,