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1、第八讲 支付政策和资本结构Corporate Finance支付政策 PAYOUT POLICYCorporate FinanceFACTS ABOUT PAYOUTCash Dividend versus Stock RepurchaseCash DividendDividends are rarely cut back, managers do not increase dividends unless confident that dividend can be maintainedStock RepurchaseRepurchases are more flexible and rep
2、urchases are tax-advantagedDividend PaymentExxon Mobil declares quarterly dividend of $.42 per shareShares start to trade ex- dividendDividend will be paid to shareholders registered on this dateDividend checks mailed to shareholdersJanuary 5, 2012February 8, 2012February 10, 2012March 9, 2012Declar
3、ation date 公告Ex-dividend Date 除息日Date that determines when stockholder is entitled to dividend paymentRecord Date 登记日 Person who owns stock on this date receives dividendPayment Date 支付日Forms of dividend paymentCash Dividend （现金分红）Special Cash Dividend Regular Cash DividendStock Dividend （送股）Distrib
4、ution of additional shares to firms stockholdersStock Splits （股票拆细）Issue of additional shares to firms stockholders No Effe ct on firm valu eShare RepurchaseFour methodsBuy Shares on the Open MarketTender Offer to Shareholders （要约收购，20% over-price）Dutch Auction（荷兰式拍卖，投资者报出卖股数）Private Negotiation (gr
5、eenmail)Dividend Payment vs Share RepurchaseShare Repurchase acts like bumper dividends (逆 回购充当缓冲器): 企业经营好时，积累大量未使用 资金，通过逆回购改变资本结构。经济繁荣时股票 逆回购较多。 Dittmar and Dittmar 2004: Repurchases increase with increases in both permanent and transitory earnings. Change in dividends paid is not related to transi
6、tory earnings but rather only permanent shifts in earnings that result from changes in the macro- economy.Research approachStep1:Tempory earnings: cointegration residualPermanent earnings: impact that changes of GDP have on aggregate payout policyStep 2:Investigate relation between changes in stock
7、repurchase (dividend) and earningsInformation content of dividend and repurchasesDividend stock repurchase decisions contain information Dividend increases could mean overpriced stock or increased future profits Stock repurchase could mean underpriced stock or increased future profits Signal varies
8、based on prior information about companyIs payout relevant？Middle-of-the-road party (中间 派)Dividend policy is irrelevant in perfect capital market（Modigliani and Miller）:Rightist （保守派）Dividends increase valueDividend increases send good news about cash- flow earningsDividend cuts send bad newsHigh-di
9、vidend payout policy will be costly to firms that do not have cash flow to support itDividend increases signal companys good fortune Increase in managers confidence in future cash flowLeftist （激进派）The Dividend Clientele Hypothesis: Evidence from the 2003 Tax Act (Kawano, 2014, American Economic Jour
10、nal: Economic Policy); Do dividend clienteles exist? Evidence on dividend preferences of retail investors (Graham and Kumar , 2006, Journal of Finance); Local Dividend Clienteles (Becker et al., 2011, Journal of Finance) ; Juicing the dividend yield (Harris et al., 2015, Journal of Financial Economi
11、cs).Shareholders in high tax brackets prefer low-dividend paying stocks and shareholders in low tax brackets prefer high-dividend paying stocks.若红利应税税率高于资本利得应税税率，公司就应尽可能少发红利，以留存现金或回购股票。ConclusionHigh dividend paying stocks will be preferred by tax exempt organizations and low income investors; those
12、 stocks yielding more of their return in the form of capital gains will gravitate to the taxpayers in the upper tax brackets (Miller 1977).资本结构 CAPITAL STRUCTURECorporate FinanceMM and Pecking Order Theorem“ M-M理论” “啄食顺序理论” “内源融资间接融资债务融资“Modigliani and Miller (MM)Proposition 1: （MM 第一定理）Capital stru
13、cture does not affect cash flow as No taxesNo bankruptcy costsNo effect on management incentives Modigliani and Miller (MM)Proposition 1: （MM 第一定理）Capital structure does not affect cash flow as No taxesNo bankruptcy costsNo effect on management incentives Proposition I and MM In perfect market, leve
14、rage has no impact on operating income and market value of all securities.Proposition II and MM In perfect market, expected rate of return on common stock of a levered firm increases in proportion to the debt-equity ratio (D/E), expressed in market values.Financial risk and expected returnsPropositi
15、on II and MMWhen the firm is levered, share holders require a premium of (rA rD)*D/EAn example for leverage riskMarket value of firm:10000 USDNo levered firm: 10 USD * 1000 sharesLevered firm: borrow 5000 USD through debt with interest rate 10%, then purchase 500 shares at 10 USD.Leverage and cost o
16、f equityLeverage and cost of equityWeighted-Average Cost of Capital (WACC) PROPOSITION II and MMWACC TRADITIONAL VIEWAfter-Tax WACCDebt ratio = (D/V) = 7.6/22.6= .34 or 34%Equity ratio = (E/V) = 15/22.6 = .66 or 66%After-Tax WACCLeverage risk and betas Why firms use leverage? Tax-deductible interestThe tax deductibility of interest increases the total incom
