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1、McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Dividends and Dividend Policy Chapter 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 1 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All

2、rights reserved. McGraw-Hill/Irwin Key Concepts and Skills nUnderstand dividend types and how they are paid nUnderstand the issues surrounding dividend policy decisions nUnderstand the difference between cash and stock dividends nUnderstand why share repurchases are an alternative to dividends 仙狂笑

3、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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 2 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter Outline nCash Dividends and Dividend Payment nDoes Dividend Policy Matter? nEstablishing a

4、Dividend Policy nStock Repurchase: An Alternative to Cash Dividends nStock 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课件 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 3 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hil

5、l/Irwin Cash Dividends nRegular cash dividend cash payments made directly to stockholders, usually each quarter nExtra cash dividend indication that the “extra” amount may not be repeated in the future nSpecial cash dividend similar to extra dividend, but definitely wont be repeated nLiquidating div

6、idend 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 4 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Dividend Payment nDeclaration Date Board decla

7、res the dividend and it becomes a liability of the firm nEx-dividend Date nOccurs two business days before date of record nIf you buy stock on or after this date, you will not receive the dividend nStock price generally drops by about the amount of the dividend nDate of Record Holders of record are

8、determined and they will receive the dividend payment nDate 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 5 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Figur

9、e 14.2 The Ex-Day Price Drop 近泞阉诊蛮拷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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 6 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Does Dividend Policy Matter? nDividends matter the value of the s

10、tock is based on the present value of expected future dividends nDividend policy may not matter nDividend policy is the decision to pay dividends versus retaining funds to reinvest in the firm nIn theory, if the firm reinvests capital now, it will grow and can pay higher dividends in the future 诀蔽

11、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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 7 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Illustration of Irrelevance nConsider a firm that can either pay out dividends of $10,000 per year

12、 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. nMarket Value with constant dividend = $16,900.51 nMarket Value with reinvestment = $16,900.51 nIf the company will earn the required ret

13、urn, 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 8 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Low Payout Please nWhy might a low payou

14、t be desirable? nIndividuals in upper income tax brackets might prefer lower dividend payouts, with the immediate tax consequences, in favor of higher capital gains nFlotation costs low payouts can decrease the amount of capital that needs to be raised, thereby lowering flotation costs nDividend res

15、trictions 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 9 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwi

16、n High Payout Please nWhy might a high payout be desirable? nDesire for current income nIndividuals in low tax brackets nGroups that are prohibited from spending principal (trusts and endowments) nUncertainty resolution no guarantee that the higher future dividends will materialize nTaxes nDividend

17、exclusion for corporations nTax-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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 10 McGraw-Hill 2004 The McGraw-Hill Companies, Inc.

18、 All rights reserved. McGraw-Hill/Irwin Clientele Effect nSome investors prefer low dividend payouts and will buy stock in those companies that offer low dividend payouts nSome investors prefer high dividend payouts and will buy stock in those companies that offer high dividend payouts 熙放悯烷枢器甄

19、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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 11 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Implications of the Clientele Effect nWhat do you think will happen if a firm changes its policy from a hi

20、gh 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 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 12 McGraw-

21、Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Information Content of Dividends nStock prices generally rise with unexpected increases in dividends and fall with unexpected decreases in dividends nDoes this mean that the average investor prefers a high dividend payo

22、ut 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 13 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-H

23、ill/Irwin Dividend Policy in Practice nResidual dividend policy nConstant growth dividend policy dividends increased at a constant rate each year nConstant payout ratio pay a constant percent of earnings each year nCompromise dividend policy 伊延懊甚邓肖辊饱压遍击颓窗藉晕兵氯蛊钙睡资境屏量学浚亲跌壬

24、礼宾综财务管理课件 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 14 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Residual Dividend Policy nDetermine capital budget nDetermine target capital structure nFinance investments with a combination of debt and equity in li

25、ne with the target capital structure nRemember that retained earnings are equity nIf additional equity is needed, issue new shares nIf 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 c h a p 0 1 4 财务管理

26、课件 c h a p 0 1 4 15 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example Residual Dividend Policy nGiven nNeed $5 million for new investments nTarget capital structure: D/E = 2/3 nNet Income = $4 million nFinding dividend n40% financed with debt (2 million

27、) n60% financed with equity (3 million) nNI equity financing = $1 million, paid out as dividends 毋襟伪转距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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 16 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Ir

28、win Compromise Dividend Policy nGoals, ranked in order of importance nAvoid cutting back on positive NPV projects to pay a dividend nAvoid dividend cuts nAvoid the need to sell equity nMaintain a target debt/equity ratio nMaintain a target dividend payout ratio nCompanies want to accept positive NPV

29、 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 17 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Stock Repurchase nCompany buys back its own shares

30、 of stock nTender offer company states a purchase price and a desired number of shares nOpen market buys stock in the open market nSimilar to a cash dividend in that it returns cash from the firm to the stockholders nThis is another argument for dividend policy irrelevance in the absence of taxes or

31、 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 18 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Real-World Considerations nStock repurchase allows investors to decide i

32、f they want the current cash flow and associated tax consequences nInvestors 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 stockholders nThe IRS recognizes this and will not allow a

33、stock 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 19 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Information Conten

34、t of Stock Repurchases nStock repurchases sends a positive signal that management believes that the current price is low nTender offers send a more positive signal than open market repurchases because the company is stating a specific price nThe stock price often increases when repurchases are annou

35、nced 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 20 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Stock Repurchase Announcement “America West Airlines announced that its Board of Directo

36、rs has authorized the purchase of up to 2.5 million shares of its Class B common stock on the open market as circumstances warrant 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 office

37、r said The stock repurchase program reflects our belief that America West stock may be an attractive investment opportunity for the 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 t

38、he Company holds unrestricted cash in excess of $200 million to ensure that an adequate level of cash and cash equivalents is maintained.” 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 21 McGraw-Hill 2004 The McGraw-Hill Companies

39、, Inc. All rights reserved. McGraw-Hill/Irwin Stock Dividends nPay additional shares of stock instead of cash nIncreases the number of outstanding shares nSmall stock dividend nLess than 20 to 25% nIf you own 100 shares and the company declared a 10% stock dividend, you would receive an additional 1

40、0 shares nLarge 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 22 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Stock Splits nStock splits essentially the

41、 same as a stock dividend except expressed as a ratio nFor example, a 2 for 1 stock split is the same as a 100% stock dividend nStock price is reduced when the stock splits nCommon explanation for split is to return price to a “more desirable trading range” 联汲超陌相旗君澳珐房缸秃败岩闹执郴岗贺严捅

42、柳掐祈嘉晴听绅茎匪湖纱财务管理课件 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 23 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Quick Quiz nWhat are the different types of dividends and how is a dividend paid? nWhat is the clientele effect and how does it affect

43、dividend policy relevance? nWhat 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 c h a p 0 1 4 财务管理课件 c h a p 0 1 4 24

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