五粮液派息除权案例.ppt

CORPORATE FINANCE Chapter 14 Dividends and Dividend Policy Key Concepts and Skills Understand dividend types and how they are paid Understand the issues surrounding dividend policy decisions Understand the difference between cash and stock dividends Understand why share repurchases are an alternative to dividends 14 Chapter Outline 14.1 Cash Dividends and Dividend Payment 14.2 Does Dividend Policy Matter? 14.3 Establishing a Dividend Policy 14.4 Stock Repurchase: An Alternative to Cash Dividends 14.5 Stock Dividends and Stock Splits 14.1 Dividends Types “Two handed lawyer” problem P420 Pay high dividends? Pay low dividends? 14.1.1 Cash Dividends Regular cash dividend – cash payments made directly to stockholders, sometimes each quarter Extra cash dividend – indication that the “extra” amount may not be repeated in the future Special cash dividend – similar to extra dividend, but definitely won’t be repeated Liquidating dividend – some or all of the business has been sold 五粮液派息除权案例 分红年度 │　　　　分红方案说明　　　　│每股收│　　　　重点提示　　　　 　　　　　│　　　　　　　　　　　　　　│益(元)│　─────┼──────────────┼───┼────────── 2006-12-31│以总股本2711404800股为基数，│0.432 │公布日期　:2007-04-25 　　　　　│向全体股东10派人民币0.60元( │　　　│股权登记日:2007-04-30 　　　　　│含税)(税后0.140元)送4股　　 │　　　│除权除息日:2007-05-08 　　　　　│　　　　　　　　　　　　　　│　　　│股息到帐日:2007-05-08 　　　　　│　　　　　　　　　　　　　　│　　　│红股上市日:2007-05-08 14.1.2 Dividend Payment Trading and settlement date-T+2? Declaration Date – Board declares the dividend and it becomes a liability of the firm Ex-dividend Date (除权日Ex:无权得到，不包括) 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 Date of Payment – checks are mailed Figure 14.2 The Ex-Day Price Drop 14.2 Does Dividend Policy Matter? Dividends matter – the value of the stock is based on the present value of expected future dividends Dividend