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1、McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinDividends and Dividend PolicyChapter 14嘛聂翘特准庶退刷输叶坐嘱租窟稗嗡馅侵搭蒸码和蘸纹帐腿颤油邑玉偿瓶财务管理课件chap014财务管理课件chap014McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinKey Concepts and SkillsnUnderst
2、and dividend types and how they are paidnUnderstand the issues surrounding dividend policy decisionsnUnderstand the difference between cash and stock dividendsnUnderstand why share repurchases are an alternative to dividends仙狂笑圭诗立锣滚肛纂粥誊皆别沙潘那淖息默盲未窍恨罗证镑锚嚏暮逼赐财务管理课件chap014财务管理课件chap0141McGraw-Hill 2004
3、The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinChapter OutlinenCash Dividends and Dividend PaymentnDoes Dividend Policy Matter?nEstablishing a Dividend PolicynStock Repurchase: An Alternative to Cash DividendsnStock Dividends and Stock Splits渠磨掇闯豺绝孕诧荒魁瓜磷郧窑梅畅约蓉撞秒盆之普返酸综碍龚气电熄填财务管理
4、课件chap014财务管理课件chap0142McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinCash DividendsnRegular cash dividend cash payments made directly to stockholders, usually each quarternExtra cash dividend indication that the “extra” amount may not be repeated in the future
5、nSpecial cash dividend similar to extra dividend, but definitely wont be repeatednLiquidating dividend some or all of the business has been sold瞎佰油要迂峦偶懊篙届荷畴灿饱叉兹箔窘抛蕉畜先碎殴澡暖亡坡返屏另爱财务管理课件chap014财务管理课件chap0143McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinDividend Pa
6、ymentnDeclaration Date Board declares the dividend and it becomes a liability of the firmnEx-dividend DatenOccurs two business days before date of recordnIf you buy stock on or after this date, you will not receive the dividendnStock price generally drops by about the amount of the dividendnDate of
7、Record Holders of record are determined and they will receive the dividend paymentnDate of Payment checks are mailed恰榔珍熊棘酌蛇椿族稻葛坍恰蠢褒息臆羞蒋汲挣眼园萄郴具抒甄己续俏煽财务管理课件chap014财务管理课件chap0144McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinFigure 14.2 The Ex-Day Price Drop近泞阉诊蛮拷
8、专盖毁瑰涩疆栓鲸脚撬貉机赦溯狙稿杰投睬伞乎舜善艰绸魔财务管理课件chap014财务管理课件chap0145McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinDoes Dividend Policy Matter?nDividends matter the value of the stock is based on the present value of expected future dividendsnDividend policy may not matternDi
9、vidend policy is the decision to pay dividends versus retaining funds to reinvest in the firmnIn theory, if the firm reinvests capital now, it will grow and can pay higher dividends in the future诀蔽虾县宰精在笑江傍拓访些挤亏葡爱壳呛陵去赤咆虎歉龙炎艰瓦殊衷浮财务管理课件chap014财务管理课件chap0146McGraw-Hill 2004 The McGraw-Hill Companies, In
10、c. All rights reserved.McGraw-Hill/IrwinIllustration of IrrelevancenConsider a firm that can either pay out dividends of $10,000 per year for each of the next two years or can pay $9000 this year, reinvest the other $1000 into the firm and then pay $11,120 next year. Investors require a 12% return.n
11、Market Value with constant dividend = $16,900.51nMarket Value with reinvestment = $16,900.51nIf the company will earn the required return, then it doesnt matter when it pays the dividends绑宠蛊搂谭坚难逊薪涩泌适雄锁孺穴穴赊靡喜厦贺很勾讶愚营娜皋遮逃蔓财务管理课件chap014财务管理课件chap0147McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All r
12、ights reserved.McGraw-Hill/IrwinLow Payout PleasenWhy might a low payout be desirable?nIndividuals in upper income tax brackets might prefer lower dividend payouts, with the immediate tax consequences, in favor of higher capital gainsnFlotation costs low payouts can decrease the amount of capital th
13、at needs to be raised, thereby lowering flotation costsnDividend restrictions debt contracts might limit the percentage of income that can be paid out as dividends蓝疑也突奶浆晶恫刻闯驯锋贫琉前赂约伐享杰粟凳闻帛苗垢凉捶鲍逸昔寺财务管理课件chap014财务管理课件chap0148McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hi
14、ll/IrwinHigh Payout PleasenWhy might a high payout be desirable?nDesire for current incomenIndividuals in low tax bracketsnGroups that are prohibited from spending principal (trusts and endowments)nUncertainty resolution no guarantee that the higher future dividends will materializenTaxesnDividend e
15、xclusion for corporationsnTax-exempt investors dont have to worry about differential treatment between dividends and capital gains专甫蝇勒赐姆辨装痘撅缘修辐总帚与躁锣贰郝洁蝶腕附滇峦篷凌涸愈电热财务管理课件chap014财务管理课件chap0149McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinClientele EffectnSome inv
16、estors prefer low dividend payouts and will buy stock in those companies that offer low dividend payoutsnSome investors prefer high dividend payouts and will buy stock in those companies that offer high dividend payouts熙放悯烷枢器甄瘫炳罢察句谋凭采至烘屯盎真刑卧虾逛配启疚牲乃咏缴谈财务管理课件chap014财务管理课件chap01410McGraw-Hill 2004 The
17、McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinImplications of the Clientele EffectnWhat do you think will happen if a firm changes its policy from a high payout to a low payout?nWhat do you think will happen if a firm changes its policy from a low payout to a high payout?nIf this
18、is the case, does dividend POLICY matter?清几患庄啊酶绸跃题墓蛊骇锯儡唇官层劲汽梆私卵静嗜芍股噶凡赂迂勇变财务管理课件chap014财务管理课件chap01411McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinInformation Content of DividendsnStock prices generally rise with unexpected increases in dividends and fall with
19、 unexpected decreases in dividendsnDoes this mean that the average investor prefers a high dividend payout ratio?nNo changes in the dividend send a signal about managements view concerning future prospects痰蚀岸剁补唾憋崭震瘟姚祖抽赵儡琅涡兄趣叹彭雪亭蔗能疚事哭贵炊慧饺财务管理课件chap014财务管理课件chap01412McGraw-Hill 2004 The McGraw-Hill Co
20、mpanies, Inc. All rights reserved.McGraw-Hill/IrwinDividend Policy in PracticenResidual dividend policynConstant growth dividend policy dividends increased at a constant rate each yearnConstant payout ratio pay a constant percent of earnings each yearnCompromise dividend policy伊延懊甚邓肖辊饱压遍击颓窗藉晕兵氯蛊钙睡资境
21、屏量学浚亲跌壬礼宾综财务管理课件chap014财务管理课件chap01413McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinResidual Dividend PolicynDetermine capital budgetnDetermine target capital structurenFinance investments with a combination of debt and equity in line with the target capital s
22、tructurenRemember that retained earnings are equitynIf additional equity is needed, issue new sharesnIf there are excess earnings, then pay the remainder out in dividends莉祈受咽求享埔议廷羽场锦航祥钻川骡相羡蚀跟龄峡鲸戚储碑魄培琶舀妈财务管理课件chap014财务管理课件chap01414McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.M
23、cGraw-Hill/IrwinExample Residual Dividend PolicynGivennNeed $5 million for new investmentsnTarget capital structure: D/E = 2/3nNet Income = $4 millionnFinding dividendn40% financed with debt (2 million)n60% financed with equity (3 million)nNI equity financing = $1 million, paid out as dividends毋襟伪转距
24、拳欺殆这噶酞怖疵氮臣井尼蜘滋脚散柿氖仰瀑怜要厕省闻濒宝财务管理课件chap014财务管理课件chap01415McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinCompromise Dividend PolicynGoals, ranked in order of importancenAvoid cutting back on positive NPV projects to pay a dividendnAvoid dividend cutsnAvoid the nee
25、d to sell equitynMaintain a target debt/equity rationMaintain a target dividend payout rationCompanies want to accept positive NPV projects, while avoiding negative signals纪婶盛炙卷题零嗅亩盼掖黄山笼往剧鬃哎喧赫牲膝缆根阀异驹番贩郝屈躺财务管理课件chap014财务管理课件chap01416McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved
26、.McGraw-Hill/IrwinStock RepurchasenCompany buys back its own shares of stocknTender offer company states a purchase price and a desired number of sharesnOpen market buys stock in the open marketnSimilar to a cash dividend in that it returns cash from the firm to the stockholdersnThis is another argu
27、ment for dividend policy irrelevance in the absence of taxes or other imperfections满填髓又坐氧炼坠诚线吃可丽抑缩粥郝撬膳菏方心碳他过憨乏仅苹狸跃药财务管理课件chap014财务管理课件chap01417McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinReal-World ConsiderationsnStock repurchase allows investors to decide i
28、f they want the current cash flow and associated tax consequencesnInvestors face capital gains taxes instead of ordinary income taxes (lower rate)nIn our current tax structure, repurchases may be more desirable due to the options provided stockholdersnThe IRS recognizes this and will not allow a sto
29、ck repurchase for the sole purpose of allowing investors to avoid taxes鞍扫捎茹沽藐廷铜隔姐审么班悦姿朋伶居哨解局绎侵酚坪啤庄颅耸雏晒嚏财务管理课件chap014财务管理课件chap01418McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinInformation Content of Stock RepurchasesnStock repurchases sends a positive signal
30、that management believes that the current price is lownTender offers send a more positive signal than open market repurchases because the company is stating a specific pricenThe stock price often increases when repurchases are announced匈君沙觅栖溅拜壬妹袖砸庸环掖琶勃勋饼赋用消亮衅搐休潞痢鸦拴糖胶渤财务管理课件chap014财务管理课件chap01419McGr
31、aw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinStock Repurchase Announcement“America West Airlines announced that its Board of Directors has authorized the purchase of up to 2.5 million shares of its Class B common stock on the open market as circumstances warrant
32、over the next two years “Following the approval of the stock repurchase program by the companys Board of Directors earlier today. W. A. Franke, chairman and chief officer said The stock repurchase program reflects our belief that America West stock may be an attractive investment opportunity for the
33、 Company, and it underscores our commitment to enhancing long-term shareholder value.“The shares will be repurchased with cash on hand, but only if and to the extent the Company holds unrestricted cash in excess of $200 million to ensure that an adequate level of cash and cash equivalents is maintai
34、ned.”品铬容富盟争痴留错眶与曙烘画梦靶痈呜返腊敛晓蝉府暑灰颖魂悄审鲸晓财务管理课件chap014财务管理课件chap01420McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinStock DividendsnPay additional shares of stock instead of cashnIncreases the number of outstanding sharesnSmall stock dividendnLess than 20 to 25%nIf
35、 you own 100 shares and the company declared a 10% stock dividend, you would receive an additional 10 sharesnLarge stock dividend more than 20 to 25%辽鳖橡条慷落综蚊怒绵废慑铸办窃新快戚涯眷雌递套削裙蕉痊哮峡译仰捡财务管理课件chap014财务管理课件chap01421McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinStock
36、 SplitsnStock splits essentially the same as a stock dividend except expressed as a rationFor example, a 2 for 1 stock split is the same as a 100% stock dividendnStock price is reduced when the stock splitsnCommon explanation for split is to return price to a “more desirable trading range”联汲超陌相旗君澳珐房
37、缸秃败岩闹执郴岗贺严捅柳掐祈嘉晴听绅茎匪湖纱财务管理课件chap014财务管理课件chap01422McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinQuick QuiznWhat are the different types of dividends and how is a dividend paid?nWhat is the clientele effect and how does it affect dividend policy relevance?nWhat
38、 is the information content of dividend changes?nWhat is the difference between a residual dividend policy and a compromise dividend policy?nWhat are stock dividends and how do they differ from cash dividends?nHow are share repurchases an alternative to dividends and why might investors prefer them?塘泰纹促横扦淀恕玻福值茅擅捍滥规欧苟晃馋峻盲磊逃静糠馅瓜役缕调敷财务管理课件chap014财务管理课件chap01423
