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1、Dividend policy股利政策 基本知识点Dividend policyDividend: set by firms board of directors; periodic cash payment made by companies to shareholders. When a dividend has been declared公然宣布的, it becomes a liability of the firm and cannot be easily canceled by the firm.Measurement of dividendDividend payout rati
2、o = dividends/earnings, measured by the % of earnings that the company pays in dividend.Dividend yields = dividend/stock price, measured by the return that an investor can make from dividends alone.Dividend per share= total div/ numbersCapital gain= (P1-P0)/P0Return=(P1-P0+div)/P0= Capital gain+ div
3、idend yield1- payout ratio= Retention ratioTypes of dividendsCash dividends (most common): cash of payment; will affect the firms valueSpecial dividends: one-time dividend payment; usually larger than a regular dividendStock dividends (expressed as a %): distribution of additional shares to a firms
4、stockholders; no cash leaves the firm, no change in value; number increase, value of each share decreaseStock split股票分割(expressed as a ratio): issue of additional shares to firms stockholders; motivation of split-keep the share price in a range thought to be attractive to small investors so that it
5、can increase the demand for, and the liquidity of the stock, which may boost the stock price; increase the number of shares outstanding and lower the price per share. The total value of the shareholders investment is unchanged.Dividend policy is the policy a company uses to decide how much it will p
6、ay out to shareholders in the form of dividends.When deciding how much cash to distribute to stockholders, financial managers must keep in mind that the firms objective is to maximize shareholder value.Thus, the target payout ratio should be based on investor preferences for cash dividends or capita
7、l gains.Dividend irrelevance theoryModigliani-Miller support irrelevance.Investors are indifferent between dividends and retention-generated capital gains.If the firms cash dividend is too big, you can just take the excess cash received and use it to buy more of the firms stock. If the cash dividend
8、 is too small, you can just sell a little bit of your stock in the firm to get the cash flow you want.如果公司的现金分红太大，你可以拿出收到的多余现金，并用它来购买更多的公司股票。如果现金分红太少，您可以在公司中出售一点股票以获得您想要的现金流Theory is based on unrealistic assumptions (no taxes or brokerage costs), hence may not be true. Need empirical test.Whats the
9、“clientele effect”?Different groups of investors, or clienteles, prefer different dividend policies.The dividend clientele effect states that high-tax bracket investors (like individuals) prefer low dividend payouts and low tax bracket investors (like corporations and pension funds) prefer high divi
10、dend payouts.So different groups desire different levels of dividends.Clientele effects impede changing dividend policy. Taxes & brokerage costs hurt investors who have to switch companies.客户的影响阻碍了分红政策的改变。税收和经纪成本损害了不得不转换公司的投资者Dividend theoriesSignaling model-dividends convey information about a firm
11、s prospects; high-dividend policy will be costly to firms that do not have cash flow to support it, dividends increase: good news, good fortune and its managers confidence in future cash flow, dividends cut: bad newsAgency model-the principle-agent problem can be controlled by dividend policy; if ma
12、nagers own much cash in hand, may use for their own purpose.Clientele model-irrelevance of dividend policy in the real worldDividend controversyShould the firm invest most of its earnings in the business or distribute the cash to shareholders? difficult to answer: because dividend policy has an impa
13、ct both the investment and financing decisions.3 schools of thought on dividends:Negative: taxes; transactions- if div create a tax disadvantage, div are bad, increasing div will reduce valueIrrelevance: 2 theories-M&M-clientele effect; div not affect firm value- in a perfect market without tax, no
14、transaction cost, dividends do not matter, and dividend policy does not affect value.M&M (1961): main assumption -perfect and an efficient capital market, -individuals can borrow or lend at the same rates as the firm, -investment policy is set ahead of time and not altered by changes in dividend pol
15、icy. MM shows that dividend policy has no impact on the value of the firm.Positive: - if stockholders like dividends, ore div operate as a signal of future prospects, dividends are good.-desire for current income; uncertainty resolution (bird-in-hand argument implies the risk of the firm increases o
16、ver time, market is risky); behavior finance; agency cost (payout dividends reduce the amount of free cash flows available to managers, the principle-agent problem can be controlled); signaling& information Dividend are stickymanagers cannot change dividends easilyExam Questions1.“Some companies pay
17、 high dividends, some low dividends, and some others pay no dividends at all.Dividend policy must therefore be irrelevant to shareholder wealth maximization.” Critically examine this statement within the context of the theoretical and empirical literature on the dividend policy controversy.2.(a) Critically compare and contrast signaling model and agency model in terms of corporate dividenddecision.3.(b) Compare stock repurchases to cash dividends and explain what factors you would examine to makethe choice as a financial manager.