股息政策2009 south-western cengage简介现代财务管理30324 ch15 mmk11e.pdfVIP

Introduction

◼Thischapterexaminesthefactorsthat

influenceacompany’schoiceof

dividend.

◼Prosandconsofdividendpolicies

◼Mechanicsofdividendpayments

◼Stockdividends

◼Sharerepurchaseplans

2

InfluencingtheValueoftheFirm

◼InvestmentDecisions

◼FinancingDecisions

◼DividendDecisions

3

DeterminantsofDividend

◼Variationsinpayout◼Accesstocapital

markets

◼Legalconstraints

◼Earningsstability

◼Restrictivecovenants

◼Growthprospects

◼Taxconsiderations

◼Inflation

◼LiquidityandCF

considerations◼Shareholderpreference

◼Borrowingcapacity◼Protectionagainst

dilution

4

5

6

7

IrrelevanceofDividends

◼Assumptions

❑Notaxes

❑NoTransactionscosts

❑NoIssuancecosts

❑Fixedinvestment

◼Informationalcontent

◼Signalingeffect

◼Clienteleeffect

8

RelevanceofDividends

◼Assumptions

◼Removeassumptions:dividendes

important.

◼Riskaversion

◼Transactioncosts

◼Taxes

◼Issuance(Flotation)costs

◼Agencycosts