Ch11dividendpolicy公司金融第十一单元股利政策.pptx

1;Dividend Payments Dividend Theory Does Dividend Policy Matter? Factors Favoring a Low Dividend Payout Factors Favoring a High Dividend Payout Experience with Dividend Policies;Net Income Dividends ;4;Declaration Date – Board declares the dividend, and it becomes a liability of the firm 2. Ex-dividend Date Occurs two business days before date of record If you buy stock on or after this date, you will not receive the dividend Stock price generally drops by about the amount of the dividend Date of Record – Holders of record are determined, and they will receive the dividend payment 4. Date of Payment – checks are mailed;Timing of Dividend Payments;7;8;9;10;11;A company buys back its own shares of stock Tender offer – company states a purchase price and a desired number of shares Open market – buys its own common stock in the open market;Stock repurchase allows investors to decide if they want the current cash flow and associated tax consequences. Given our tax structure, repurchases may be more desirable due to the options provided stockholders. The IRS recognizes this and will not allow a stock repurchase for the sole purpose of allowing investors to avoid taxes.;Stock repurchases send a positive signal that management believes the current price is low Tender offers send a more positive signal than open market repurchases because the company is stating a specific price The stock price often increases when repurchases are announced;15;16;17;The “Residual Theory of Dividends”（剩余股利理论）;Residual Theory of Dividends;Residual Theory of Dividends;Estimated Net Income $3,000,000 Dividends $2,247,500 ;We know that many firms do NOT follow the “Residual Theory of Dividends”. What is going on? It appears that there are other factors at play when it comes to a firm’s dividend policy. ;23;24;25;26;27;28;29;30;31;32;33;34;Why might a high payout be desirable? 1. Desire for current income Individuals that need current income (for example, retirees needing fixed inc