章股息政策财务管理.pdfVIP

Financial Management (F9) Chapter 13 Dividend Bingyi Huang PH.D 博士 Department of Accounting, College of Management, Xia niversity 厦门大学管理学院会计系 1 Internal sources of finance • 1.1 Retained earnings • Advantages of using retentions • Flexible source of finance • No dilution of control • Have no issue costs • Disadvantages of using retentions • Shareholder may be sensitive to the loss of dividents • Have opportunity cost • 1.2 reasing working capital management efficiency 2 Dividend • 2.1 Dividend payments • 1.Declaration date. 2. Date of record. • 3. Ex-dividend date. 4. Date of payment. • 2.2 Factors influencing dividend • P255-256 • 2.3 Dividends as a signal to investors • 2.4 Theories of dividend • Residual theory • Traditional view • Irrelevancy theory • The case in favor of the relevance of dividend :p257 • 2.5 Scrip dividend • A scrip dividend is a dividend payment which takes the form of new shares instead of cash • Advantages of scrip dividends • 2.6 Stock splits • scrip issues converts equity reserves into share capital, while stock split leaves reserves unaffected. • 2.7 share repurchase • Benefits of a share repurchase scheme • p259 • Drawbacks of a share repurchase scheme • p259 财务管理（F9） 第十三章股利政策 博士 博士厦门大学管理学院会计系厦门大学管理学院会计系 1 来源 1.1 留存收益使用保留的优点灵活的 来源不稀释控制权没有问题成本使用保留的缺点股东可能对股息损失敏感有机会成本 1.2 提高营运 管理效率 2 股利政策 2.1 股息支付 1. 日期。2.记录日期。 3.除息日。4.支付日。 2.2 影响股利政策的因素.P255-256 2.3 股息作为投资者的信号 2.4 股利政策理论残差理论传统观点不相关理论支持股利政策相关性的案例：p257 2.5 以股代息以股代息是以新股而非现金形式支付的股息以股代息的优点 2.6 分割 将股本储备转换为股本，而 分割则不影响储备。 2.7