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DividendPolicy:TheoryandPractice股利理论与政策余明桂教授博士生导师武汉大学经济与管理学院会计系电话:
Doyoupreferdividendpayout?假如你是股东,持有某上市企业旳股票,你希望企业经常分配股利吗?(假如是,那么,你希望得到现金股利还是股票股利?)假如你是企业旳CEO,你乐意向股东分配股利吗?(假如是,那么,你乐意分析现金股利还是股票股利?)
Whatisdividendpolicy?Thedecisiontopayoutearningsv.s.toretainandreinvestthem.Dividendpolicyincludes:Highorlowdividendpayout?Stableorirregulardividends?Howfrequenttopaydividends?CashdividendorStockdividend?
DividendPolicyTheoriesofdividendsDodividendsmatter?SignalingeffectsResidualmodelDividendreinvestmentplansStockdividendsandstocksplitsStockrepurchasesDividendpracticeinChina
DifferentTypesofDividendsManycompaniespayaregularcashdividend.Publiccompaniesoftenpayquarterly.Sometimesfirmswillthrowinanextracashdividend.Theextremecasewouldbealiquidatingdividend.Oftencompanieswilldeclarestockdividends.Nocashleavesfromthefirm.Thefirmincreasesthenumberofsharesoutstanding.
Doinvestorspreferhighorlowdividendpayouts?
Threetheoriesofdividendpolicy:Dividendirrelevance:Investorsdon’tcareaboutpayout.Bird-in-the-hand:Investorspreferahighpayout.Taxpreference:Investorspreferalowpayout.
DividendIrrelevanceTheory
(MillerandModigliani,MM,1961)Investorsareindifferentbetweendividendsandretention-generatedcapitalgains.Investorscancreatetheirowndividendpolicy:Iftheywantcash,theycansellstock.Iftheydon’twantcash,theycanusedividendstobuystock.ProposedbyModiglianiandMiller(1961)andbasedonunrealisticassumptions,hencemaynotbetrue.Needanempiricaltest.assumptionsperfectmarket:notaxesorbrokeragecosts;Stockpricecan’tbemanipulatedbyanyinvestor.Allinvestorshavethegeneralbeliefsinfirminvestment,income,anddividend.Investmentdecisionsaremadebeforedividend.Implication:anypayoutisOK.
Bird-in-the-HandTheory
(Gordon,1961)Investorsthinkthatdividendsarelessriskythanpotentialfuture
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