Dividend Policy
chapter 10 dividend policy
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（一）影响股利政策的因素(CON.)
2．企业的资金需求-也即投资机会 3．流动性 4．举债能力 5．债务合同的约束 6．控制权
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（二）股利政策的实施
1．剩余股利政策Residual dividend model （1）根据资本投资计划和加权平均资本成本确定最
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Outline
一、股利政策的基本观点 二、股利政策的实施 三、股利支付方式
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一、股利政策的基本观点
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（一）股利政策 dividend policy
股利政策所涉及的主要是公司对其收益进 行分配或留存以用于再投资的决策问题， 通常用股利支付率来表示（每股股利/每股 收益）。dividend-payout ratio
Chapter 10
Dividend Policy
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LEARNING OBJECTIVES
能够为目标股利支付率和最佳股利政策下定义. 讨论三种关于投资者股利偏好的政策（1）股利无
关论（2）一鸟在手理论（3）税收差别理论；是 否存在实证证据来证明哪种理论是最好的?. 解释股利政策的财务信号作用以及股利顾客效应 列举在实践中影响股利政策的系列因素 解释四种股利政策,以及为什么公司倾向于采用稳 定的股利政策 了解股利发放程序,以及各个日期的含义 指出为什么公司要分割股票或发股票股利 理解股票回购问题
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Stock dividends vs. Stock splits
Both stock dividends and stock splits increase the number of shares outstanding, so “the pie is divided into smaller pieces.”
【西南财大课件金融经济学】lecture4-dividendpolicy
P0
100 1.1
100 1.12
173.55
V 100 P0 17,355
Corporate Finance
7
Example
➢ Alternative Policy: Initial dividend = 110 (instead of 100)
➢ This requires additional financing 110 – 100 = 10 per share
➢ The first date the stock trades without dividend is the ex dividend date
➢ Payment date
Corporate Finance
4
Measures of Dividend Policy
➢ Dividend per share ➢ Dividend payout: net profit/shares ➢ Dividend yield: dividend per share/dividend price
(price per share)
Corporate Finance
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The Relevance of DP
➢ Assumptions:
• No taxes • No financial distress costs • Symmetric information on the firm’s investment
Dividend Policy
September 26, 2005
The Questions
➢ What is dividend policy? ➢ How do companies pay dividends? ➢ How to evaluate a firm’s dividend policy? ➢ Does it matter at all?
股利政策简要分析
股利政策简要分析通常企业面临的重要财务决策有两个，一个是投资决策，另一个是筹资决策，但是在投资与筹资决策拟定以后，公司的经营阶层还要决定股利政策。
所谓股利政策是企业在经营过程中所赚取的利润，应该在什么时候、按那种比率、以那种支付工具分配股利的决策。
股利的发放，不但显示企业经营的绩效，也是投资者(股东)获取投资报酬的具体表现。
股利发放的时间在美国，每季发放股利。
在其它地区(比如台湾)，每年年底结算，需等次年股东会议通过之后，于上半年发放现金股利，另于下半年发放股票股利。
股利发放的四个步骤(1). 宣告发放。
那一天称之宣告日(Declaration Date)(2). 完成股东名册登记。
那一天称之登记基准日(Holder-of-record Date)(3). 除息。
股利权利与股票脱钩的那一天称之除息日(Ex-dividend Date)，通常规定应比登记基准日倒推早几天(3-4天左右)。
(4). 支付股利。
那一天称之发放日(Payment Date)6.1 影响股利政策的因素公司制定股利政策时有下列常见的因素影响或者限制其股利的发放：6.1.a 因素A: 法律上的规定法律上常限制股利的支付必需在某些条件之内，比如台湾的公司法中规定，公司不能将股本以股利方式发放给股东，只能在公司过去或者现在存有盈余时，才可发放现金股利，以保障债权人的利益。
此外，当公司的净值为负，即总负债大于总资产而面临倒闭时，法律规定公司不得发放股利，以防止股东非法收回其股本，而使债权人的利益受损。
换言之，发放股利必需符合净利润原则、防治资本损害原则、防治破产原则。
6.1.b因素B: 债务契约的限制债务契约中常限制盈余中股利的发放。
债务契约中，债权人常限制在贷款给予之后，有关盈余中股利发放的部份。
同时，债务契约通常规定除非流淌比率、利息保障倍数及其它安全比率超过设定的最低值外，不得发放股利。
因此，由于债务契约的规定，常使公司股利的制定受到某种程度的限制。
高盛财经词典－D2
Demerger 分拆指出售⼦公司或部门的企业策略 Demutualization 公司化、⾮共同化共同基⾦公司将企业结构改变成为其他形式，例如有限责任公司、商业企业等 Denomination 票⾯⾦额⾦融⼯具上列明的价值 Dependency Ratio 瞻养⽐率显⽰受瞻养⼈⼝（0-14岁及65岁以上）相对总⼈⼝（15-64岁）的⽐率。
计算⽅法为（受瞻养⼈⼝/15-64岁⼈⼝）X 100% 考试⼤ Dependent 受扶养⼈⼠需要依赖其他⼈财务⽀持的⼈⼠。
需要负担扶养⼈⼠的纳税⼈可以申请税务宽免 Deposit 存款、按⾦ 1. ⼀⽅将资⾦转往另⼀⽅保存的交易 2. 作为交付货品担保或抵押的部分资⾦ Depository Receipt 存托凭证银⾏发⾏的⾦融⼯具，代表⼀家国外公司的公开上市证券。
存托凭证在本地股票交易所进⾏买卖 Depository Trust and Clearing Corporation (DTCC) 存托及结算机构存款信托及结算机构于1999年成⽴，是⼀家旗下有5家结算公司及1家保管公司的控股公司，使之成为全球处理买卖后程序的⾦融服务公司 Depository Trust Company (DTC) 存托公司全球证券存托⼈之⼀，受托保管的证券总值达到10万亿美元以上。
存托公司在结算企业及政府证券交易⽅⾯的功能与结算⾏相似 Depreciated Cost 折余成本、已折旧成本计算⽅法为从资产原来成本中扣除折旧额 Depreciation 折旧、贬值 1. 减低长期有形资产价值的开⽀账项。
由于属于⾮现⾦开⽀，折旧提⾼⾃由现⾦流，同时减低公司的公布盈利 2. ⼀种货币相对其它货币的价值减低 Depression 经济萧条长期持续的严重经济衰退情况，特点包括经济⽣产⼒低、失业率⾼及价格下跌 Deregulation 放宽管制政府对个别⾏业的控制减弱或消失。
放宽管制⼀般旨在引⼊更⼤的竞争 Derivative 衍⽣⼯具价值取决于相关证券表现的证券，例如期权或期货合约等 Devaluation 贬值⼀个国家货币的价值相对商品价值或其他国家货币价值不断减低 Development Stage 发展阶段将注意⼒集中在研究开发的公司。
Dividend_Policy__Growth__and_the_Valuation_of_Shares
Dividend Policy,Growth,and the Valuation of SharesMerton ler;Franco ModiglianiThe Journal of Business,Vol.34,No.4.(Oct.,1961),pp.411-433.Stable URL:/sici?sici=0021-9398%28196110%2934%3A4%3C411%3ADPGATV%3E2.0.CO%3B2-AThe Journal of Business is currently published by The University of Chicago Press.Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use,available at/about/terms.html.JSTOR's Terms and Conditions of Use provides,in part,that unless you have obtained prior permission,you may not download an entire issue of a journal or multiple copies of articles,and you may use content in the JSTOR archive only for your personal,non-commercial use.Please contact the publisher regarding any further use of this work.Publisher contact information may be obtained at/journals/ucpress.html.Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission.The JSTOR Archive is a trusted digital repository providing for long-term preservation and access to leading academic journals and scholarly literature from around the world.The Archive is supported by libraries,scholarly societies,publishers, and foundations.It is an initiative of JSTOR,a not-for-profit organization with a mission to help the scholarly community take advantage of advances in technology.For more information regarding JSTOR,please contact support@.Sun Nov1815:24:192007You have printed the following article:Dividend Policy,Growth,and the Valuation of Shares Merton ler;Franco ModiglianiThe Journal of Business ,Vol.34,No.4.(Oct.,1961),pp.411-433.Stable URL:/sici?sici=0021-9398%28196110%2934%3A4%3C411%3ADPGATV%3E2.0.CO%3B2-AThis article references the following linked citations.If you are trying to access articles from anoff-campus location,you may be required to first logon via your library web site to access JSTOR.Please visit your library's website or contact a librarian to learn about options for remote access to JSTOR.[Footnotes]1The Cost of Capital,Corporation Finance,and the Theory of Investment:Reply Franco Modigliani;Merton lerThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.655-669.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C655%3ATCOCCF%3E2.0.CO%3B2-L1On the Problem of Capital Budgeting Diran BodenhornThe Journal of Finance ,Vol.14,No.4.(Dec.,1959),pp.473-492.Stable URL:/sici?sici=0022-1082%28195912%2914%3A4%3C473%3AOTPOCB%3E2.0.CO%3B2-35On the Problem of Capital Budgeting Diran BodenhornThe Journal of Finance ,Vol.14,No.4.(Dec.,1959),pp.473-492.Stable URL:/sici?sici=0022-1082%28195912%2914%3A4%3C473%3AOTPOCB%3E2.0.CO%3B2-37On the Problem of Capital Budgeting Diran BodenhornThe Journal of Finance ,Vol.14,No.4.(Dec.,1959),pp.473-492.Stable URL:/sici?sici=0022-1082%28195912%2914%3A4%3C473%3AOTPOCB%3E2.0.CO%3B2-3LINKED CITATIONS-Page 1of 6-7Dividend Policies and Common Stock Prices James E.WalterThe Journal of Finance ,Vol.11,No.1.(Mar.,1956),pp.29-41.Stable URL:/sici?sici=0022-1082%28195603%2911%3A1%3C29%3ADPACSP%3E2.0.CO%3B2-59The Cost of Capital,Corporation Finance,and the Theory of Investment:Reply Franco Modigliani;Merton lerThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.655-669.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C655%3ATCOCCF%3E2.0.CO%3B2-L11The Cost of Capital,Corporation Finance,and the Theory of Investment:Reply Franco Modigliani;Merton lerThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.655-669.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C655%3ATCOCCF%3E2.0.CO%3B2-L11On the Problem of Capital Budgeting Diran BodenhornThe Journal of Finance ,Vol.14,No.4.(Dec.,1959),pp.473-492.Stable URL:/sici?sici=0022-1082%28195912%2914%3A4%3C473%3AOTPOCB%3E2.0.CO%3B2-314Growth Stocks and the Petersburg Paradox David DurandThe Journal of Finance ,Vol.12,No.3.(Sep.,1957),pp.348-363.Stable URL:/sici?sici=0022-1082%28195709%2912%3A3%3C348%3AGSATPP%3E2.0.CO%3B2-R14The Cost of Capital,Corporation Finance,and the Theory of Investment:Reply Franco Modigliani;Merton lerThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.655-669.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C655%3ATCOCCF%3E2.0.CO%3B2-LLINKED CITATIONS-Page 2of 6-18Growth and Common Stock Values John C.Clendenin;Maurice Van CleaveThe Journal of Finance ,Vol.9,No.4.(Dec.,1954),pp.365-376.Stable URL:/sici?sici=0022-1082%28195412%299%3A4%3C365%3AGACSV%3E2.0.CO%3B2-K22The Relation Between Retained Earnings and Common Stock Prices for Large,Listed Corporations Oscar HarkavyThe Journal of Finance ,Vol.8,No.3.(Sep.,1953),pp.283-297.Stable URL:/sici?sici=0022-1082%28195309%298%3A3%3C283%3ATRBREA%3E2.0.CO%3B2-G29Distribution of Incomes of Corporations Among Dividens,Retained Earnings,and Taxes John LintnerThe American Economic Review ,Vol.46,No.2,Papers and Proceedings of the Sixty-eighth Annual Meeting of the American Economic Association.(May,1956),pp.97-113.Stable URL:/sici?sici=0002-8282%28195605%2946%3A2%3C97%3ADOIOCA%3E2.0.CO%3B2-D30The Cost of Capital,Corporation Finance,and the Theory of Investment:Reply Franco Modigliani;Merton lerThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.655-669.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C655%3ATCOCCF%3E2.0.CO%3B2-L31The Cost of Capital,Corporation Finance,and the Theory of Investment:Comment David DurandThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.639-655.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C639%3ATCOCCF%3E2.0.CO%3B2-N33The Cost of Capital,Corporation Finance,and the Theory of Investment:Comment David DurandThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.639-655.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C639%3ATCOCCF%3E2.0.CO%3B2-NLINKED CITATIONS-Page 3of 6-33Some Factors Influencing Share Prices G.R.FisherThe Economic Journal ,Vol.71,No.281.(Mar.,1961),pp.121-141.Stable URL:/sici?sici=0013-0133%28196103%2971%3A281%3C121%3ASFISP%3E2.0.CO%3B2-C33Capital Equipment Analysis:The Required Rate of Profit Myron J.Gordon;Eli ShapiroManagement Science ,Vol.3,No.1.(Oct.,1956),pp.102-110.Stable URL:/sici?sici=0025-1909%28195610%293%3A1%3C102%3ACEATRR%3E2.0.CO%3B2-X33The Relation Between Retained Earnings and Common Stock Prices for Large,Listed Corporations Oscar HarkavyThe Journal of Finance ,Vol.8,No.3.(Sep.,1953),pp.283-297.Stable URL:/sici?sici=0022-1082%28195309%298%3A3%3C283%3ATRBREA%3E2.0.CO%3B2-G33Valuation of Closely-Held Stock for Federal Tax Purposes:Approach to an Objective MethodLyle R.Johnson;Eli Shapiro;Joseph O'Meara,Jr.University of Pennsylvania Law Review ,Vol.100,No.2.(Nov.,1951),pp.166-195.Stable URL:/sici?sici=0041-9907%28195111%29100%3A2%3C166%3AVOCSFF%3E2.0.CO%3B2-C33A Discriminant Function for Earnings-Price Ratios of Large Industrial Corporations James E.WalterThe Review of Economics and Statistics ,Vol.41,No.1.(Feb.,1959),pp.44-52.Stable URL:/sici?sici=0034-6535%28195902%2941%3A1%3C44%3AADFFER%3E2.0.CO%3B2-3ReferencesLINKED CITATIONS-Page 4of 6-1On the Problem of Capital Budgeting Diran BodenhornThe Journal of Finance ,Vol.14,No.4.(Dec.,1959),pp.473-492.Stable URL:/sici?sici=0022-1082%28195912%2914%3A4%3C473%3AOTPOCB%3E2.0.CO%3B2-33Growth and Common Stock Values John C.Clendenin;Maurice Van CleaveThe Journal of Finance ,Vol.9,No.4.(Dec.,1954),pp.365-376.Stable URL:/sici?sici=0022-1082%28195412%299%3A4%3C365%3AGACSV%3E2.0.CO%3B2-K5The Cost of Capital,Corporation Finance,and the Theory of Investment:Comment David DurandThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.639-655.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C639%3ATCOCCF%3E2.0.CO%3B2-N6Growth Stocks and the Petersburg Paradox David DurandThe Journal of Finance ,Vol.12,No.3.(Sep.,1957),pp.348-363.Stable URL:/sici?sici=0022-1082%28195709%2912%3A3%3C348%3AGSATPP%3E2.0.CO%3B2-R7Some Factors Influencing Share Prices G.R.FisherThe Economic Journal ,Vol.71,No.281.(Mar.,1961),pp.121-141.Stable URL:/sici?sici=0013-0133%28196103%2971%3A281%3C121%3ASFISP%3E2.0.CO%3B2-C10Capital Equipment Analysis:The Required Rate of Profit Myron J.Gordon;Eli ShapiroManagement Science ,Vol.3,No.1.(Oct.,1956),pp.102-110.Stable URL:/sici?sici=0025-1909%28195610%293%3A1%3C102%3ACEATRR%3E2.0.CO%3B2-XLINKED CITATIONS-Page 5of 6-12The Relation Between Retained Earnings and Common Stock Prices for Large,Listed Corporations Oscar HarkavyThe Journal of Finance ,Vol.8,No.3.(Sep.,1953),pp.283-297.Stable URL:/sici?sici=0022-1082%28195309%298%3A3%3C283%3ATRBREA%3E2.0.CO%3B2-G14Valuation of Closely-Held Stock for Federal Tax Purposes:Approach to an Objective MethodLyle R.Johnson;Eli Shapiro;Joseph O'Meara,Jr.University of Pennsylvania Law Review ,Vol.100,No.2.(Nov.,1951),pp.166-195.Stable URL:/sici?sici=0041-9907%28195111%29100%3A2%3C166%3AVOCSFF%3E2.0.CO%3B2-C15Distribution of Incomes of Corporations Among Dividens,Retained Earnings,and Taxes John LintnerThe American Economic Review ,Vol.46,No.2,Papers and Proceedings of the Sixty-eighth Annual Meeting of the American Economic Association.(May,1956),pp.97-113.Stable URL:/sici?sici=0002-8282%28195605%2946%3A2%3C97%3ADOIOCA%3E2.0.CO%3B2-D16The Cost of Capital,Corporation Finance,and the Theory of Investment:Reply Franco Modigliani;Merton lerThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.655-669.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C655%3ATCOCCF%3E2.0.CO%3B2-L19A Discriminant Function for Earnings-Price Ratios of Large Industrial Corporations James E.WalterThe Review of Economics and Statistics ,Vol.41,No.1.(Feb.,1959),pp.44-52.Stable URL:/sici?sici=0034-6535%28195902%2941%3A1%3C44%3AADFFER%3E2.0.CO%3B2-320Dividend Policies and Common Stock Prices James E.WalterThe Journal of Finance ,Vol.11,No.1.(Mar.,1956),pp.29-41.Stable URL:/sici?sici=0022-1082%28195603%2911%3A1%3C29%3ADPACSP%3E2.0.CO%3B2-5LINKED CITATIONS-Page 6of 6-。
Dividend Policy
2542019年52期总第492期ENGLISH ON CAMPUSDividend Policy文/赵佳琦interviewed with the cost of 603 listed companies in New York, USA, and found that only 10% of them believed that dividend policy had nothing to do with corporate value. According to these conditions, the scholars put forward four other theoretical hypotheses.2.2 The bird in the hand hypothesisIn this theory, a bird in the hand is the cash dividendcurrently available, while a bird in the forest represents future capital gains. Suppose that shareholders or creditors prefer cash dividends to capital gains. The reason is that cash dividends are considered as a guaranteed return with low risk and more certainty than future increases in capital gains. In order to maximize the interests of shareholders, enterprises should implement the dividend policy of high dividend distribution rate. Increasing dividend payment may increase corporate value (Gorden & Lintner, 1962).Many scholars disagree with this theory. (Lintner, 1962;Gordon& Shapiro,1956.) Some scholars believe that risk and income go in the same direction. Although the amount of cash dividend risk is low, the benefit is far lower than the capital gains investors.Modigliani-miller (1961) also referred to the “bird in the hand theory” as the “bird in the hand fallacy.”Bhattacharya (1979) argued that increased dividends would affect the company’s cash flow and not increase its value.2.3 Clientele effect hypothesisTax differences can affect changes in investor preferences.(Elton and Gruber, 1970) Differences are reflected in two aspects. First, there are differences in tax rates. The dividendincome tax is higher than capital gains tax to protect and encourage investment in the capital market Second, there is a difference in time. Shares in cash will be paid after dividends.Different investors have different tax burdens and risk preferences due to separate returns. Investors are attracted to companies with dividend policies appropriate to theirsituation. (Baker and Wurgler, 2004; Graham and Kumar, 2006; Li and Lie, 2006). Investors experience high income and risks. This kind of investors required a top marginal tax rate who bear a high tax burden and prefer stocks with capital gains and low cash dividend payout rate. Investors prefer cash dividends and more retention. The example of people who 1. IntroductionThe vital decision made by the enterprise to correctlydistribute the profits of the company has become one of the topics of debate among experts. Typically, companies have three options for distributing profits. The first is to keep profits in the company to invest in good projects in the future. When suitable investments are hard to find, and shares float enough, companies may buyback options to dilute them. The last way is to distribute profits to investors in the form of dividends. This policy of distributing cash to shareholders is called dividend policy. (Hillier, Grinblatt and Titman, 2012). When analyzing dividend policies from the perspective of a company, it is necessary to combine many practical situations and consider potential factors. Potential factors include taxes, future growth opportunities, shareholder expectations, stable earnings, and the need for capital.2. Literature Review2.1 Dividend Irrelevance HypothesisModigliani-miller (1963) theorem (M&M) points out thatinvestors do not care about the distribution of corporate dividends without personal tax and transaction costs. Theproportion of profits paid does not affect the value of the company, the market value of the enterprise, and has nothing to do with its capital structure. Companies choose not to pay dividends to increase revenue and increase the value of the company. In this theory, the following assumptions are made: the company’s investment policies have been determined and are supposed to be understood by investors. There are no stock issuance and transaction costs; there are no personal or corporate taxes. The information is open, transparent, and symmetric. There is no agency cost between managers and outside investors. (Bose, 2010) Modigliani-miller (1963) studied and added the impact of the tax on their theoretical basis. Although this theorem opened up the capital structure and the establishment of modern financial theory has indelible importance. (Luigi&sorin, 2011). However, this theory also has limitations. The assumptions made by Modigliani-miller are too optimistic. The market is not entirely perfect. Therefore, the information is not transparent and asymmetric, which will lead to more complicated dividend policies. (Breuer & Gurtler, 2008; Gifford, 1998) In real life, different tax situations will lead to varying positions of shareholders. Baker and Powell (1999)2019年52期总第492期ENGLISH ON CAMPUSown lower boundary are Investors with lower marginal tax rates, low-income, and risk-averse investors. This group of people required to pay higher dividends compared to others. We found that age difference also affects investor income and dividend yield. Older people are cautious about risk, avoiding transaction costs, and opting for high cash dividends; younger people are the opposite. (Petti, 1977; Han, lee and Suk, 1999; Dhaliwal, Erickson and Trezevant,1999) Therefore, not all companies can use dividends as a signal of prospects. Some companies would prefer to use stock buybacks instead of profits. The reason is that share buybacks require lower transaction costs than dividends.2.4 The signaling hypothesisI t i s w o r t h n o t i n g t h a t t h e r e i s a l s o a c o s t f o r communicating information to outside investors. (Bhattacharya, 1979). If the firm made a decision to buy its shares back, it does not mean that the company has a long-term revenue growth prospect. It may be that the company has a lot of cash but no good projects to invest. The stock repurchase does not have the dividend to convey the company’s quality signal; from this point of view, the stock repurchase is not a substitute for the dividend payment. (John and Williams 1985).3. The merit of dividend-based investment strategies The relationship between dividend yield and dividends is positive. The more dividends a company has, the greater the dividend yield. The relationship between dividend yield and the stock price is just the opposite. The greater the price of stock purchases, the smaller the dividend yield. (Fama and French, 1996) The dividend yield is one of the essential indicators when investors invest in stocks. The higher the stock dividend rate, the more worth buying. (John Slatter, 1988) According to a 2017 survey, the level of dividend yield in each country varies according to social conditions. New Zealand’s dividend yield has the highest dividend yield in 32 countries (Hunkar, 2017).Source：Hunkar(2017)O’Higgins and Downes (1991) coined the theory of “Beating the dow” the idea of investing in stocks with high dividend yields. The argument can be described merely as the selection of ten companies with the highest dividend yield each year. Companies are sorted according to their dividend yield. The stocks of the companies that have not been selected again will be sold to buy the shares of the newly listed companies. The authors applied the theory to the US market and found that performance was indeed higher than the market. (McQueen, Shields and Thorley, 1997). In countries with relatively low market efficiency and opaque information in the Middle East and North Africa, companies with high dividend payouts will generate higher returns (Farooq, Shehata and Nathan, 2018). Companies with a good dividend history will generally stably pay dividends. The Coca-Cola Company is one of an example of bonuses that have been paid since 1920 and have a long history of dividends (Hillier, Grinblatt, and Titman, 2012). Especially in the company, reducing or stopping the payment of dividends is something that managers do not want to see. The distribution of dividends represents its confidence in the company’s profitability (Lintner, 1956; DeAngelo, DeAngelo, and Skinner, 2008). In the UK, paying dividends to shareholders is a common strategy for companies (Benito and Young, 2001; Renneboog and Trojanowski, 2005). Paying dividends is more stable (Jagannathan, Stephen, and Weisbach, 2000), which offers investors the possibility to use dividend-paying strategies to generate returns. However, during the economic crisis, due to the impact of the macroeconomy, dividends are still likely to be reduced. According to Fama and French (2001a), industrial companies, also known as non-financial and financial companies, showed a lower propensity to pay dividends during the two years from 1978 to 1998. In recent years, many companies have begun to use the repurchase policy. (DeAngelo, DeAngelo, and Skinner, 2004)For investors, the dividend-based investment strategies enable investors to gain the ability to speculate again, alleviating the losses caused by falling stock prices. When the stock price falls, the payment of dividends can reduce the loss of investors.2552562019年52期总第492期ENGLISH ON CAMPUSSource: S&P Dow Jones IndicesThe Dividend investment strategy is a simple and easy to understand approach to managing portfolios. This method is easy to operate and does not have high requirements for investor experience and knowledge. Investors can use this method to generate income (Pardo, 2008). The dividends canbe reinvested. Dividends earned each year can be used as capital to buy shares. The cost of this strategy is cheap. Over time, dividends paid out by companies can ease inflationary pressures and increase cash flow for investors. In a bear market, a plan of reinvesting dividends helps mitigate the value of a portfolio. In a bull market, this strategy earns investors higher returns. However, some investors are too narrow-minded. They only consider dividend yields and neglect other influencing factors, such as the company’s internal financial situation, may lead to wrong decisions, etc. When measuring strategy performance, you should not only consider revenue, but the risk is also one of the factors to consider. There are usually two measures methods: Sharpe ratio and Treynor measure. Sharpe ratio influenced by cumulative risk. Treynor ratio is different, considering systemic risk. Their primary use is to use threat and return to evaluate the decisions made by investors. Using beta in Treynor ratio to compare portfolio and overall market performance. Kuo, Stratling, and Zhang (2019) authors conducted a study on the dividend market in China and found that the critical factor in China’s dividend fluctuations is the change in systemic panies that pay high dividends outperform non-dividend payers. One reason is that dividends reduce retained earnings. For this reason, company managers tend to invest cautiously. There are limits to this view. Many of the non-dividend payers are high-growth tech companies. They can use retained earnings to invest in promising projects and then reap the benefits. The number of dividends paid does not necessarily determine a company’s profits. High dividend payers also use loans to pay dividends in order to stabilize shareholders’ confidence in the company’s prospects.The chart made a comparison between the performanceof the highest-yielding stocks with the FTSE 100 performancefrom the five years from 2014 to 2019. Dividend investmentstrategy lags behind the production of FTSE in the shortterm, and the most important thing is that investors need to make a rational assessment (CHING, 2019). When you find a company with a very high rate of return, make a careful choice to prevent falling into the “dividend trap.” Many companies have already built up their debt walls, but continue to pay dividends (Smith, 2019).Source：(Brewin，2019)The improvement in the quality of information disclosurecan be achieved through high dividend payout rates. (Farooq, Shehata and Nathan, 2018) Distributing the free cash flow of a company’s earnings to shareholders in a dividend can help alleviate agency conflicts. (Jensen, 1986; Rozeff, 1982) The increase in cash paid to shareholders reduces the administrative costs used by managers and reduces agency costs.4. ConclusionIn the initial part of this paper, the methods and relatedpolicies for the company’s distribution of company profits are briefly introduced.The second part mainly analyzes five different dividendtheories. It can be divided into two categories through the recognition of dividend correlation; one is dividend irrelevance and dividend related theory. In the dividend described method, a bird in the hand hypothesis, clientele effect hypothesis, signaling hypothesis, and agency costs hypothesis were analyzed. The development of these theories is an attempt to explain the dividend policy from different perspectives, but on the whole, these theories are not conducive to operation. In “the bird in the hand hypothesis,” it emphasizes the present value of shareholders’ preference to receive dividends. However, it does not provide answers to such questions as the degree of choice, which still has limitations.The third section discusses investment strategies based on dividends. The payment of dividends is seen as a signalto prove the manager’s information about the company’s prospects. However, investing only in companies with high dividend payout rates and ignoring risks can easily cause investors to fall into the trap of dividends. Meanwhile, it will bring losses to investors’ interests.References：[1]Alli, K., Khan, A., and Ramirez, G. Title: Determinants of Corporate Dividend Policy: A Factorial Analysis[J]. Published on: The Financial Review,1993,28(4):523-547.[2]https:///doi/abs/10.1111/j.1540-6288.1993.tb01361.x[OL].【作者简介】赵佳琦(1994-)，女，汉族，河北邯郸人，研究生，研究方向：股利政策，金融稳定性。
外文翻译--交错董事会,管理防御和股利政策1
本科毕业论文（设计）外文翻译原文：Staggered Boards, Managerial Entrenchment, and Dividend Policy 2 Background, literature review, and hypothesis development2.1 The role of staggered boards in entrenching incumbentsIn the U.S., boards of directors can be either unitary or staggered. In firms with a unitary board, all directors stand for election each year. In firms with a staggered or classified board, directors are divided into three classes, with one class of directors standing for election at each annual meeting of shareholders. Ordinarily, a classified board has three classes of directors, which in most states of incorporation is the maximum number of classes allowed by state corporate law (Bebchuk and Cohen 2005).Boards can be removed in one of the following two ways. First, a replacement can occur due to a stand-alone proxy fight brought about by a rival team that attempts to replace the incumbents but continues to run the firm as a stand-alone entity. Second, a board may be replaced as a consequence of a hostile takeover. Either way, the difficulty with which directors can be removed critically depends on whether the firm has a staggered board.In a stand-alone proxy contest, staggered boards make it considerably more difficult to win control by requiring a rival team to prevail in two elections. In a hostile takeover, staggered boards protect incumbents from removal due to the interaction between incumbents and a board’s power to adopt and maintain a poison pill 3. Before the adoption of the poison pill defense, staggered boards were deemed only a mild defense mechanism, as they did not impede the acquisition of a control block. The acceptance of the poison pill, however, has immensely strengthened the anti-takeover power of staggered boards.Two powerful recent studies by Bebchuk and Cohen (2005) and Faleye (2007) demonstrate that firms with staggered board’s exhibit significantly lower value than those with unitary boards. Thus, the evidence is in accordance with the notion that staggered boards promote managerial entrenchment, exacerbate agency conflicts, and ultimately hurt firm value.2.2 Prior literatureExisting literature provides evidence consistent with the agency role of dividends in Alleviating Jensen’s (1986) free cash flow problem (Easterbrook 1984; Lang and Litzenberger 1989; Smith and Watts 1992; Gaver and Gaver 1993). Agency theory represents a general framework for the role of dividends as a way of reducing the costs of manager-shareholder agency conflict (Easterbrook 1984). Dividends reduce the amount of sub-optimal investment, impose additional monitoring by forcing the manager to address the external financing market, and increase managerial risk-taking (by replacing leverage, dividends lower the expected loss of human capital due to bankruptcy).Many recent studies document a negative relation between dividend payouts and Gompers et al.’s (2003) Governance Index (Jiraporn and Ning 2006; Pan 2007; John and Knyazeva 2006; and Officer 2006). The Governance Index has a serious weakness in that it assigns equal weights to all the governance provisions included in the construction of the index. Although other governance provisions may also exacerbate managerial entrenchment, there is strong empirical evidence that staggered boards have a far more potent effect than any other governance provision.4Two crucial studies by Bebchuk and Cohen (2005) and Bebchuk and Cohen (2005) show that, even after accounting for the effects of other governance provisions, staggered boards still exhibit a strong negative impact on firm value. In fact, the regression results reveal that the impact of staggered boards on firm value is seven times stronger than the effects of other governance provisions. Bebchuk and Cohen(2005) conclude that “staggered boards play a relativ ely large role compared to the average role of other provisions included in the GIM Index.”5 The effect of staggered boards on firm value is not only statistically significant but alsoeconomically significant. Having a staggered board is associated with T obin’s q that is lower by 17 percentage points (Bebchuk and Cohen 2005).Additional evidence on the effect of staggered boards is reported in several recent studies. For example, Faleye (2007) reports that staggered boards reduce the probability of forced CEO turnover, are associated with a lower sensitivity of CEO turnover to firm performance and are correlated with a lower sensitivity of CEO compensation to changes in shareholder wealth .Masulis et al. (2007) demonstrate that announcement period returns are 0.57% to 0.91% lower for bidding firms with staggered boards. They attribute this finding to the self-serving behavior of acquiring firm managers, who themselves are insulated from the market for corporate control.Jiraporn and Liu (2008) examine how capital structure decisions are influenced by the presence of a staggered board. The evidence reveals that even after controlling for the effects of other governance provisions, firms with staggered boards are significantly less leveraged than those with unitary boards. They argue that staggered boards promote managerial entrenchment, thereby allowing opportunistic managers to eschew the disciplinary mechanisms associated with debt financing. The regression results show that the impact of staggered boards on leverage is six to nine times stronger than the effects of other governance provisions included in Gompers et al.’s (2003) Index.Furthermore, staggered boards have become a subject of intense investor scrutiny. Institutional Shareholder Services (ISS) recommends in its 2006 proxy voting guidelines that its membership vote against proposals to stagger a board or vote for proposals to repeal staggered board provisions. Additionally, ISS recommends withholding votes for directors who ignore shareholder resolutions to de-stagger a board. ISS also lowers its governance score for firms with staggered boards6. Similarly, CalPER, the largest public pension fund in the U.S., has targeted firms for shareholder votes to remove staggered boards from their corporate charters. Various mutual fund companies including TIAA-CREF and Fidelity Investments also call for voting against the adoption of and for the removal of staggered board provisions. No other governance provisions have attracted nearly as much controversy from investorsas staggered boards, underscoring staggered boards’ dominant role relative to other governance provisions.Given the above discussion, it is obvious that staggered boards have a serious impact on several critical corporate outcomes, including overall firm value, capital structure, CEO compensation, CEO turnover and takeover gains. It also appears that the effect of staggered boards is large relative to the average effect of other corporate governance provisions. The significance of staggered boards cannot be overemphasized. Consequently, in this study, we narrowly concentrate on the role of staggered boards and investigate their impact on dividend payouts.2.3 Hypothesis developmentGrounded in agency theory, our general hypothesis is that there is a link between staggered boards and dividend payouts, as both are related to agency costs. However, it is unclear what the exact relation should be between staggered boards and dividend policy. On the basis of previous literature in this area, we advance four possible hypotheses.2.4 The irrelevance hypothesisThis view posits that there is no significant difference in dividend policy between firms with staggered boards and those with unitary boards. Dividends are “sticky.” Once dividends are initiated, managers are extremely unwilling to cut back or terminate dividends (Lintner 1956; Allen and Michaely 2003; Brav et al. 2005), possibly making irrelevant any managerial entrenchment engendered by staggered boards.2.5 The managerial opportunism hypothesisThis argument is based on the free cash flow hypothesis (Jensen 1986). This view argues that dividend policy is determined by managers who would rather retain cash within the firm for perquisite consumption, for empire building or for investing in projects that enhance their personal prestige but do not necessarily benefit shareholders. As staggered boards can entrench inefficient managers, opportunistic managers may choose to keep more cash within the firm and pay less out as dividends. The empirical prediction of this hypothesis is that firms with staggered boards shouldpay less dividends than those with unitary boards.2.6 The agency cost alleviation hypothesisPayout policy is one mechanism for alleviating the manager-shareholder conflict. However, the efficacy of payout policy in reducing agency costs hinges largely on the degree of restriction on managerial actions. Without pre-commitment, poorly-monitored managers can ex post deviate from the payout policy and use free cash flow to finance inefficient investment. Given the negative market reaction to dividend cuts and infrequent deviations from dividend policy, dividends help constrain the manager through the high cost of deviation and constitute an effective pre-commitment mechanism in the presence of a severe agency conflict (John and Knyazeva 2006).As shareholders observe that firms with staggered boards may be more prone to managerial entrenchment and rationally anticipate the larger extent of the free cash flow problem, the necessity for dividends should be stronger for firms with staggered boards than for firms with unitary boards.Dividend payment imposes a tax cost on the payer firm. Moreover, dividend paying firms also incur the cost of forgone positive-NPV projects or the additional cost of raising external financing to fund them when internal cash flow is inadequate. Since dividends are costly, firms that are less vulnerable to managerial entrenchment (i.e., firms without staggered boards) should be less inclined to pay dividends and should pay lower dividends on average.2.7 The signaling hypothesisThis hypothesis is based on an argument made by La Porta et al. (2000). This view relies critically on the assumption that firms need to raise money in the external capital markets, at least occasionally. To be able to raise external funds on attractive terms, a firm must establish a reputation for moderation in expropriating from shareholders. One way to establish such a reputation is by paying out dividends, which reduces what is left for expropriation.7A reputation for good treatment of shareholders is worth more in firms where opportunistic managers are more likely to be entrenched, i.e., in firms with staggered boards. As a result, the need to establish areputation is greater for such firms. By contrast, for firms with unitary boards, the need for a reputation mechanism is less necessary, and thus, so is the need to pay dividends. This view, therefore, posits that dividend payouts should be higher in firms with staggered boards.Because firms with plenty of growth opportunities need more financing and are thus more likely to raise capital in the external markets, the need for signaling should be stronger for these firms. As a result, one crucial implication of this hypothesis is that firms with staggered boards that exhibit stronger growth opportunities should pay more dividends than those that show weaker growth (Pan 2007).3 Sample formation and data description3.1 Sample selectionThe original sample is compiled from the Investor Responsibility Research Center (IRRC). The IRRC Reports Data on corporate governance provisions for about 1,500 firms. The sample firms, mainly drawn from the S&P 500 and other large corporations, represent over 90% of total market capitalization on NYSE, AMEX, and NASDAQ. The IRRC collects data on 24 corporate governance provisions, one of which is staggered boards .8 The sample is narrowed down further by dropping firms whose financial data do not exist in COMPUSTA T. Financial firms are excluded due to their unique accounting and financial characteristics.The final sample consists of 9,918 firm-year observations from 1990 to 2004. This sample is the largest and most recent among most studies in this area. The year distribution of the sample is displayed in Table 1. It appears that about 60% of firms in the sample have staggered boards. This proportion is remarkably constant over time, in a narrow range from 59.07% to 63.25%.Because the IRRC data include only large firms, it could be argued that our studies are biased towards firms of large size. The IRRC data covered, in 1990, over 93% of the market capitalization of the combined NYSE, AMEX, and NASDAQ markets (Gompers et al. 2003). Like Pan (2007), we propose that this possible large-firm bias should not constitute a serious concern for our study. Given the purpose of this study, we need a sample of firms that are potential candidates to paydividends and attempt to understand whether their dividend payouts are related to their level of managerial entrenchment. As dividends are paid mainly by large and mature firms, the IRRC sample firms are those that should be most suitable for this study. Additionally, firms can only pay dividends when they are able to generate stable earnings, i.e., when they become mature firms. On the contrary, most fast growing young firms cannot or choose not to pay dividends. Consequently, a study like ours that examines dividend policy and managerial entrenchment probably ought to include large firms in the sample, which is precisely what we do here.Source: Pornsit Jiraporn·Pandej Chintrakarn, 2009 “Staggered Boards, Managerial Entrenchment, and Dividend Policy” .J Financ Serv Res, pp.3-7.译文：交错董事会，管理防御和股利政策2背景，文献回顾，与假设发展2.1在固守任职中交错板的作用在美国，董事会成员可以是单一或交错的。
股利政策基本理论
股利政策基本理论股利政策(Dividend policy)是指公司股东大会或董事会对一切与股利有关的事项，所采取的较具原则性的做法，是关于公司是否发放股利、发放多少股利以及何时发放股利等方面的方针和策略，以下是店铺精心整理的股利政策基本理论的相关资料，希望对你有帮助!股利政策基本理论股利政策(Dividend policy)是指公司股东大会或董事会对一切与股利有关的事项，所采取的较具原则性的做法，是关于公司是否发放股利、发放多少股利以及何时发放股利等方面的方针和策略，所涉及的主要是公司对其收益进行分配还是留存以用于再投资的策略问题。
它有狭义和广义之分。
从狭义方面来说的股利政策就是指探讨保留盈余和普通股股利支付的比例关系问题，即股利发放比率的确定。
而广义的股利政策则包括:股利宣布日的确定、股利发放比例的确定、股利发放时的资金筹集等问题。
股利政策的基本理论股份制企业利润分配的特点1.股分制企业的利润分配应坚持公开、公平和公正的原则2.股份制企业的利润分配应尽可能保持稳定的股利政策3.股份制企业的利润分配应当考虑到企业未来对资金需求以及筹资成本4.股份制企业的利润分配应当考虑到对股票价格的影响二、股利政策的基本理论(一)股利无关论股利无关论认为，企业的股利政策不会对公司的股票价格产生任何影响。
该理论是由美国财务学专家米勒(Miller)和莫迪格莱尼(Modigliani)于1961年在他们的著名论文《股利政策、增长和股票价值》中首先提出的，因此这一理论也被称为MM理论。
MM理论的基本假设是完全市场理论。
完全市场理论的基本含义是：①资本市场具有强式效率性。
所谓强式效率性是指股票的现行市价已经反映了所有已公开或未公开的信息，任何人甚至掌握内部信息的内线人也无法在股市上赚取超额报酬。
②没有筹资费用(包括股票发行和交易费用)。
③不存在个人和公司所得税。
④公司的投资决策与股利决策是彼此独立的。
在这些假设基础上，MM理论认为，投资者不会关心公司股利的分配情况，公司的股票价格完全由公司投资方案和获利能力所决定的，而并非取决于公司的股利政策。
五粮液公司股利政策研究_五粮液公司股利政策研究-毕业论文
---文档均为word文档，下载后可直接编辑使用亦可打印---摘要股利政策是指企业的税后利润在股东所得股利和企业内部留存收益之间的一种分配选择，是企业进行融资发展的一种延续，股利政策作为企业一段时间经营行为和业绩的反映，会给企业的形象带来一定的影响，同时还会造成企业股价的异常波动情况。
在整个白酒行业的上市公司中，股利分配政策的股利支付水平相对较高，具备较强的稳定性和连续性，但是对于巨头五粮液公司来说，其现金股利支付水平与整个白酒行业股利支付水平是背道而驰，和其所在的环境及竞争的能力相当的贵州茅台进行比较，在股利分配的政策上采用了两种完全迥异的方式，被称为铁公鸡的五粮液与贵州茅台的分红王形象形成了鲜明的对比。
本篇以五粮液与贵州茅台进行对比分析，最终得出五粮液公司股利分配政策所带来的影响以及其中存在的问题，并且分析了股利政策问题为什么会产生，同时为五粮液公司的股利政策分配提出相关有效的意见，希望可以为该公司的股利政策分配及未来的发展提供参考。
关键词：五粮液；贵州茅台；股利政策；影响因素；发展建议Research on dividend policy of Wuliangye companyAbstractDividend policy is the distribution choice between the after-tax profits of a company between the dividends paid by shareholders and the internal retained earnings of the company, and it is the continuation of the company's financing and investment activities. As the reflection and reflection of the company's operating behavior and operating performance, dividend policy not only affects the company's image, but also causes abnormal fluctuations of the company's stock price.The wine industry for the listed company, dividend distribution policy of dividend payment level is higher, has stronger embroidery and stability, but for giant wuliangye in liquor-making industry, the cash dividend payment levels differ with the wine industry as a whole is more, and how the environment and competition ability of guizhou maotai, on dividend distribution by using two kinds of completely different policy, wuliangye miser image and is known as the king of share out bonus of guizhou maotai is in stark contrastOriginal meaning to wuliangye and guizhou maotai contrast analysis, finally it is concluded that wu liang ye the problems existing in the company's dividend distribution policy, and analyzes the reasons, the dividend policy issues at the same time as the company's dividend distribution policy related opinions, hope I can for the distribution of the dividend policy and the future development of wuliangye company to provide the reference.Key words:Wuliangye；Guizhou Maota i；dividend policy influencing factors；development suggestions目录一、绪论于1998年五粮液股份公司成功上市，其现金股利分配相对较低甚至有些年存在不分配的现象，可以说是一毛不拔，与本公司盈利水平成反比，然而同行业的贵州茅台却从上市以来就一直保持着连续的高派现政策。
Dividendpolicy股利政策基本知识点
Dividendpolicy股利政策基本知识点Dividend policyDividend: set by firm’s 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 ratio = 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+ dividend yield1- payout ratio= Retention ratioTypes of dividendsCash dividends (most common): cash of payment; will affect the firm’s valueSpecial dividends: one-time dividend payment; usually larger than a regular dividendStock dividends (expressed as a %): distribution of additional shares to a firm’s stockholders; no cash leaves the firm,no change in value; number increase, value of each share decrease Stock split股票分割(expressed as a ratio): issue of additional shares to firm’s stockholders; motivation of split-keep the share price in a range thought to be attractive to small investors so that it 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 theshareholder’s investment is unchanged.Dividend policy is the policy a company uses to decide how much it will pay 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 firm’s objective is to maximize shareholder value.Thus, the target payout ratio should be based on investor preferences for cash dividends or capital gains.Dividend irrelevance theoryModigliani-Miller support irrelevance.Investors are indifferent between dividends and retention-generated capital gains.If the firm’s cash dividend is too big, you can just take the excess cash received and use it to buy more of the firm’s stock. If the cash dividend 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。
政策包不包括法律，法律算是政策吗？还是说政策的体现？
政策包不包括法律，法律算是政策吗？还是说政策的体现？政策包不包括法律，法律算是政策吗？还是说政策的体现？政策的实质是阶级利益的观念化、主体化、实践化反映。
法律体现国家意志，具有稳定性。
政策体现政党和权力机关的一段时期的目标或行动方向，具有可变性。
法律不属于政策，它具有强制性、具体性。
部分体现政策内容，法律则具有较高的稳定性，法律一般是在较长时期内保持不变，如果变动周期过短，则受法律调整的社会关系便处于捉摸不定的状态，这样就不能建立起良好的法律秩序。
法律大于政策还是政策大于法律（政策来了就可以不遵守法律么）1、政策与法律是两个层面的东西，不能比较大小，就如同麦粒和馒头比大小一样。
2、政策是一种方向性的指引，具有引导性、指导性、方向性，但不具有强制性；而法律具有强制性，从强制的角度，法律的执行力大于政策。
3、政策可以转化为法律，或者说，许多法律的形成源于政策。
法律=政策？法律和政策一般都是国家意志的体现。
其之间的区别是，法律是国家长期稳定政策的一种外在表现形式，而政策相比法律来就较不稳定。
教育政策法规包括哪些法律啊中华人民共和国义务教育法1、法律中华人民共和国民办教育促进法中华人民共和国国家通用语言文字法中华人民共和国高等教育法中华人民共和国职业教育法中华人民共和国教育法中华人民共和国教师法中华人民共和国学位条例2、行政法规国务院关于贯彻实施《中华人民共和国教师法》若干问题的通知中华人民共和国民办教育促进法实施条例中华人民共和国中外合作办学条例禁止使用童工规定教师资格条例教学成果奖励条例中华人民共和国义务教育法实施细则学校卫生工作条例学校体育工作条例幼儿园管理条例高等教育自学考试暂行条例扫除文盲工作条例普通高等学校设定暂行条例中华人民共和国学位条例暂行实施办法3、政策规章中小学幼儿园安全管理办法普通高等学校学生管理规定普通高等教育学历证书管理暂行规定全国学生体育竞赛管理规定教育行政处罚暂行实施办法国家教育考试违规处理办法中小学校园环境管理的暂行规定中小学卫生保健机构工作规程汉语作为外语教学能力认定办法中小学校电化教育规程中小学德育工作规程特级教师评选规定少年儿童校外教育机构工作规程流动儿童少年就学暂行办法中小学教材编写审定管理暂行办法国家教育委员会督学聘任暂行办法县级扫除青壮年文盲单位检查评估办法（试行)高等学校培养第二学士学位生的试行办法政策大还是法律大?法律大于政策。
Chapter 18 Dividend Policy 股利政策 财务管理(双语版) 教学课件
3.Stock Dividends and Stock Splits 股票股利和股票分割
从经济意义上说，二者几乎没有区别，只有从会计上讲，两者才有 重大区别。 ➢ 股票股利： 小比例股票股利（Small-percentage stock dividends）-低于 原发行在外普通股的25%； 大比例股票股利（ Large-percentage stock dividends ）
Chapter 18 Dividend Policyend Policy 股利政策
股利政策：决定支付多少股利，何时支付。 有以下几种股利政策：
1.Dividends as a Passive Residual 剩余股利政策 根据投资需要，留下适当的盈余作为内部权益融资，多余的 现金则作为股利支付出去。 消极的股利政策
➢ Irrelevance of Dividends 股利无关论 M&M理论：股利支付率的多少不影响股东财富。（资本结构不
影响资本成本和公司的总价值）
企业的价值完全取决于企业资产的盈利能力和风险（或者是 企业的投资决策）
假定：完善的资本市场；没有交易成本；没有筹资成本；不存 在税收。
但是人们提出了许多论点来支持股利并非无关的，而是相关 的。于是就有了股利相关论。
增加股本、资本公积，减少留存收益（盈余公积、未分配利润）； 但股东权益总额不变。 发放小比例股票股利，按市价结转，所以会增加股本和资本公积。 发放大比例股票股利，按面值结转，所以只会增加股本，而资本公 积不变。
➢ 股票分割
股票分割，股本、资本公积以及留存收益账户均不变，不仅股东权 益总额不变，而且各部分比例也不变，唯一变化的是：面值减少， 股数增加。
2.Dividend Stability 股利稳定性
lecture11 dividend policy
Dividend Policy
• A firm’s dividend policy includes two components: • Dividend Payout ratio
– Indicates amount of dividend paid relative to the company’s earnings. – Example: If dividend per share is $1 and earnings per share is $2, the payout ratio is 50% (1/2)
– This position in based on “bird-in-the-hand theory”, which argues that investors may prefer “dividend today” as it is less risky compared to “uncertain future capital gains”. – This implies a higher required rate for discounting a dollar of capital gain than a dollar of dividends.
Chap. 13KMP
LECTURE 11 Dividend Policy
Learning Objectives
1. Describe the trade-off between paying dividends and retaining the profits within the company. 2. Explain the relationship between a corporation’s dividend policy and the market price of its common stock. 3. Describe practical considerations that may be important to the firm’s dividend policy.
Chap14_Dividend_Payout_Policy
10
A dividend is a redistribution from earnings.
Most companies maintain a dividend policy whereby they pay a regular dividend on a quarterly basis. Some companies pay an extra dividend to reward shareholders if they’ve had a particularly good year. Many companies pay dividends according to a preset payout ratio, which measures the proportion of dividends to earnings.
3
STOCK RETURNS: Return =
P1 - Po + D1 Po
D1 Po Dividend Yield
4
=
P1 - Po + Po Capital Gain
DILEMMA: SHOULD THE FIRM USE RETAINED EARNINGS TO: Finance profitable capital investments?
16
When the dividend was announced by the directors, $63 million of the retained earnings ($0.15 per share 420 million shares) was transferred to the dividends payable account. The key accounts thus became:
DIVIDEND POLICY
DIVIDEND POLICYSeveral factors must be considered when establishing a firm’s dividend policy. These include∙The liquidity position of the firm –just because a firm has income doesn’t mean that it has any cash to pay dividends.∙Need to repay debt – oftentimes there are negative covenants that restrict the dividends that can be paid as long as the debt is outstanding.∙The rate of asset expansion – the greater the rate of expansion of the firm, the greater the need to retain earnings to finance the expansion.∙Control of the firm – if dividends are paid out today, equity may have to be sold in the future causing a dilution of ownership.∙Legal Considerations:∙Technically, it is illegal to pay a dividend except out of retained earnings.This is to prevent firms from liquidating themselves out from underneaththe creditors.∙Internal Revenue Service Section 531 – Improper Accumulation of funds.This is to prevent individuals from not paying dividends in order to avoidthe personal income taxes on the dividend payments.Is it in the best interests of shareholders to pay out earnings as dividends or to reinvest them in the company? The answer to this depends upon the investment opportunities that the firm has.There are three fundamental policies to paying cash dividends that firms employ: 1) Pay a constant dollar amount each year regardless of earnings per share. Thisis what most firms do.2) Use a constant payout ratio (for example, 50% of EPS)3) Pay a low, fixed dividend amount plus “dividend extras” or “special dividends”.This allows the company to avoid having to cut dividends since the basicdividend is low, but also avoids the improper accumulation of funds during goodyears.A cut in dividends generally hurts a stock’s price because it sends a signal to stockholders that management’s outlook for the future is that the company cannot continue to pay the dividend. Most companies therefore start off with a low dividend and only increase it when they feel that the earnings prospects have improved sufficiently to allow for maintaining a higher dividend. Many companies will even borrow money in a bad year in order to avoid cutting the dividends.The market price is influenced by dividends through what is called the “clientele” effect. That is, some investors want dividends (such as retirees and pension funds) while others do not want dividends (wealthy individuals) but would prefer capital gains (which are taxed at a lower rate and deferred).Flotation costs encourage a company to retain earnings in order to minimize having to sell additional stock in the future. As we saw in the cost of capital calculations, the flotation costs make new equity more expensive than retained earnings.Some companies pay no dividends. Why? Because they have good investment opportunities and reinvest the earnings.Stock RepurchasesOther companies opt for a stock repurchase program rather than paying cash dividends. A stock repurchase is a valid alternative to paying cash dividends. The repurchase is made through Public Tender Offer where the company offers to buy up to a set number of shares at a fixed price. This fixed price is set at what the firm thinks the final resulting price will be after the repurchase. Since there will be fewer shares outstanding after the repurchase, the shares that are not repurchased will increase in value. The repurchase is often used to return control of the firm to a select group since their shares (which the won’t sell back) will be a larger proportion of a smaller total number of shares.The Securities & Exchange Commission regulates the volume of shares that can be repurchased in order to prevent price manipulation.A stock repurchase also is a means of converting earnings to a capital gain. Since the repurchase is at a higher price, those selling realize a capital gain while those who don’t sell see their share prices going up.Stock DividendsCash is required to pay a cash dividend or engage in a stock repurchase. When cash is not available, a company can pay a stock dividend. A stock dividend is where a fractional share is paid for each share outstanding. For example, a 20% stock dividend is where one new share is issued for every five shares outstanding. Is this good for the stockholders?Assume a company has earnings of $1,000,000 and has 100,000 shares of stock outstanding. This yields an EPS of $10. If the price/earnings multiple is ten times, then the stock will be selling for $100 per share.Now suppose the firm pays a 20% stock dividend. The earnings will still be $1,000,000 but there will now be 120,000 shares outstanding and the new EPS will be $8.33. Since the risk and future prospects of the firm have not changed, theprice/earnings multiple should remain 10 times earnings and the stock price will be $83.33 per share.What is the effect on the stockholder? Suppose the stockholder owned 100 shares before the stock dividend. At a market price of $100 per share, the stockholder’s wealth is $10,000 (100 shares * $100/share = $10,000). After the stock dividend, the stockholder has 120 shares valued at $83.33 per share which is the same $10,000 in total wealth (120 shares * $83.33/share = $10,000) and the shareholder is no better off.The stock dividend dilutes earnings per share and stock price but has no effect on the value of the firm or the wealth of the stockholders. The lesson is that wealth cannot be created simply by passing out pieces of paper.Stock SplitsA stock split is simply a stock dividend equal to or greater than 50%. Thus, we have 3-for-2 stock splits, or 2-for-1 stock splits, etc. A 2-for-1 split will dilute earnings per share in half and the market price will drop in half.Stock splits are often employed to keep the stock price at an “affordable” level, say between $30 and $60 per share. The idea is that this helps to increase trading activity by drawing in some marginal investors who cannot afford the stock at higher prices. Then, a 2-for-1 split may only result in the stock price falling by 48% rather than 50%. The slightly higher price will then have added a little value to shareholders as well as reduced the cost of equity to the firm.Informational Content of Dividend PolicyDividend policy is thought to convey information to shareholders about a firm’s future prospects as perceived by management. As previously mentioned, a cut in dividends is often interpreted as management’s view that the outlook for earnings was insufficient to sustain the previous level of dividends that the firm had paid. Similarly, an incr ease in dividends is often interpreted to mean that management views the firm’s future prospects positively enough to believe that a higher level of dividends can be maintained into the future. Exceptions to these interpretations abound, however. In a recent situation, a company that was in financial difficulties actually eliminated dividends and its stock price rose. This undoubtedly reflected the fact that the investing public knew that the company was in trouble and viewed the elimination of dividends as a means of stemming the hemorrhaging of cash that was occurring and giving management more opportunity to “save” the company.A divergent view of dividend increases and decreases relates to the investment opportunities of the firm. While some may perceive an increase in dividends as revealing “good news” about the future prospects of a company, it may also signal the fact that the firm has a paucity of good investment opportunities (i.e., cannot earn stockholders’ required rate of return) and is thus paying out surplus funds to investors. That, in turn, implies a slowdown in the future rate of growth of the firm and of its dividend paying capacity. Thus, changes in dividend policy can result in mixed signals to investors regarding the future of the company.In theory, the tradeoff between current dividends and future dividends is a wash. As Miller and Modigliani showed, if a firm can only reinvest to earn the stockholder’s required rate of return (and no more), investors should be indifferent between paying earnings out as dividends or reinvesting them for higher dividends in the future (or capital gains). This is especially true since dividends are now taxed at the same rate as capital gains at the individual investor’s level (although capital ga ins taxes can be postponed).。
股利分配政策文献
股利分配政策文献股利分配政策一直是财务人员研究的重点课题，国内外学者在这方面的研究众多，由于我国市场自身的一些特点，致使股利分配政策存在不少问题，以下是店铺精心整理的股利分配政策文献的相关资料，希望对你有帮助!股利分配政策文献篇一基于股利分配政策的文献综述【摘要】股利分配政策一直是财务人员研究的重点课题，国内外学者在这方面的研究众多，由于我国市场自身的一些特点，致使股利分配政策存在不少问题，比如股利支配率低、不分配现象严重、主观随意性较大等。
本文基于这些问题通过对国内外股利分配理论进行分析对比，再结合我国股利分配政策的一些特点，对我国上市公司股利分配政策的制定提出几点建议并对股利分配理论未来的研究作了一个简要的展望。
【关键词】股利分配;股利代理;政策一、引言股利政策是公司财务管理的三大决策之一，它决定了公司盈余在投资者和公司之间的分配，还能向投资者传递关于公司经营业绩的相关信息。
股利分配政策不仅关系到大小股东、投资者等各方的利益，还关系到公司的长远发展。
因此股利政策在上市公司经营决策中重要性，引起了国内外广大学者的关注。
股利分配政策的最早研究者是约翰・林特纳(1956)提出的最早关于公司股利分配行为的理论模型，为后来的学者研究股利分配理论打开了思路。
然后莫顿・米勒与莫迪格利安尼提出了著名的“股利无关论”(1961) 该理论的提出引发了人们关于股利政策对股票价格及公司价值的影响的广泛思考。
由于他们的理论限制在几个严格的前提假设下，在这以后的股利研究都是基于“股利无关论”并以逐渐放松他们提出的完美假设下的前提进行研究。
近些年来，我国学者也逐渐展开了股利政策领域的研究。
但与国外相比较有很大的差距，而且我国学者的研究主要集中于实证研究方面。
学者吕长江、王克敏(1999)和李常青(2001)通过对中国上市公司的股利分配现象进行观察和分析，总结了影响我国上市公司股利分配政策的因素，并将其分类为内部因素和外部因素。
公司理财习题库chap018
CHAPTER 18Dividends and Dividend PolicyI. DEFINITIONSDIVIDENDSa 1. Payments made out of a firm’s earnings to its owners in the form ofcash or stock are called:a. dividends.b. distributions.c. share repurchases.d. payments-in-kind.e. stock splits.DISTRIBUTIONSb 2. Payments made by a firm to its owners from sources other than currentor accumulated earnings are called:a. dividends.b. distributions.c. share repurchases.d. payments-in-kind.e. stock splits.REGULAR CASH DIVIDENDSc 3. A cash payment made by a firm to its owners in the normal course ofbusiness is called a:a. share repurchase.b. liquidating dividend.c. regular cash dividend.d. special dividend.e. extra cash dividend.SPECIAL DIVIDENDSd 4. A cash payment made by a firm to its owners as a result of a one-timeevent is called a:a. share repurchase.b. liquidating dividend.c. regular cash dividend.d. special dividend.e. extra cash dividend.LIQUIDATING DIVIDENDSa 5. A cash payment made by a firm to its owners when some of the firm’sassets are sold off is called a:a. liquidating dividend.b. regular cash dividend.c. special dividend.d. extra cash dividend.e. share repurchase.DECLARATION DATEe 6. The date on which the board of directors passes a resolutionauthorizing payment of a dividend to the shareholders is the _____date.a. ex-rightsb. ex-dividendc. recordd. paymente. declarationEX-DIVIDEND DATEb 7. The date before which a new purchaser of stock is entitled to receivea declared dividend, but on or after which she does not receive thedividend, is called the _____ date.a. ex-rightsb. ex-dividendc. recordd. paymente. declarationDATE OF RECORDc 8. The date by which a stockholder must be registered on the firm’s rollas having share ownership in order to receive a declared dividend iscalled the:a. ex-rights date.b. ex-dividend date.c. date of record.d. date of payment.e. declaration date.DATE OF PAYMENTd 9. The date on which the firm mails out its declared dividends is calledthe:a. ex-rights date.b. ex-dividend date.c. date of record.d. date of payment.e. declaration date.HOMEMADE DIVIDENDSe 10. The ability of shareholders to undo the dividend policy of the firmand create an alternative dividend payment policy via reinvestingdividends or selling shares of stock is called (a):a. perfect foresight model.b. M&M Proposition I.c. capital structure irrelevancy.d. homemade leverage.e. homemade dividend policy.INFORMATION CONTENT EFFECTa 11. The market’s reaction to the announcement of a change in the firm’sdividend payout is the:a. information content effect.b. clientele effect.c. efficient markets hypothesis.d. M&M Proposition I.e. M&M Proposition II.CLIENTELE EFFECTb 12. The observed empirical fact that stocks attract particular investorsbased on the firm’s dividend policy and the resulting tax impact oninvestors is called the:a. information content effect.b. clientele effect.c. efficient markets hypothesis.d. M&M Proposition I.e. M&M Proposition II.RESIDUAL DIVIDEND APPROACHc 13. A policy under which the firm pays dividends only after its capitalinvestment needs are met while maintaining a constant debt/equityratio is called a:a. homemade dividend.b. clientele effect.c. residual dividend approach.d. bird-in-the-hand approach.e. constant dividend growth model.TARGET PAYOUT RATIOd 14. The fraction of earnings a firm expects to pay out as dividends overthe long-run is its:a. internal rate of return.b. required return on investment.c. target ROA.d. target payout ratio.e. target capital structure.SHARE REPURCHASEe 15. A _____ is an alternative method to stock dividends which is used topay out a firm’s earnings to shareholders.a. mergerb. tender offerc. payment-in-kindd. stock splite. share repurchaseSTOCK DIVIDENDSa 16. A payment made by a firm to its owners in the form of new shares ofstock is called a _____ dividend.a. stockb. normalc. speciald. extrae. liquidatingSTOCK SPLITSb 17. An increase in a firm’s number of shares outstanding without anychange in owners’ equity is called a:a. special dividend.b. stock split.c. share repurchase.d. tender offer.e. liquidating dividend.TRADING RANGEc 18. The difference between the highest and lowest prices at which a stockhas traded is called its:a. average price.b. bid-ask spread.c. trading range.d. opening price.e. closing price.REVERSE SPLITSd 19. In a reverse stock split:a. the number of shares outstanding increases and owners’ equitydecreases.b. the firm buys back existing shares of stock on the open market.c. the firm sells new shares of stock on the open market.d. the number of shares outstanding decreases but owners’ eq uity isunchanged.e. shareholders make a cash payment to the firm.II. CONCEPTSCASH DIVIDENDSb 20. Which one of the following statements concerning cash dividends is correcta. The chief financial officer of a corporation determines whether or not a dividend willbe paid.b. A dividend is not a liability of a firm until it has been declared.c. If a firm has paid regular quarterly dividends in the past it is legally obligated tocontinue doing so.d. Cash dividends always reduce the paid-in capital account balance.e. The dividend yield expresses the dividend amount as a percentage of the net income.DIVIDEND PAYMENTSb 21. The ex-dividend date is _____ business days before the date of record.a. 1b. 2c. 3d. 4e. 5DIVIDEND PAYMENTSc 22. The last date on which you can purchase shares of stock and still receive the dividendis the date _____ business days prior to the date of record.a. 1b. 2c. 3d. 4e. 5DIVIDEND PAYMENTSb 23. Leslie purchased 100 shares of GT, Inc. stock on Wednesday, July 7th.Marti purchased 100 shares of GT, Inc. stock on Thursday, July 8th. GTdeclared a dividend on June 20th to shareholders of record on July 12thand payable on August 1st. Which one of the following statementsconcerning the dividend paid on August 1st is correct given thisinformationa. Neither Leslie not Marti are entitled to the dividend.b. Leslie is entitled to the dividend but Marti is not.c. Marti is entitled to the dividend but Leslie is not.d. Both Marti and Leslie are entitled to the dividend.e. Both Marti and Leslie are entitled to one-half of the dividend amount. DIVIDEND PAYMENTSb 24. All else equal, the market value of a stock will tend to decrease by roughly the amountof the dividend on the:a. dividend declaration date.b. ex-dividend date.c. date of record.d. date of payment.e. day after the date of payment.DIVIDEND POLICYd 25. Automatic dividend reinvestment plans:I. require that stockholders reinvest all of the dividends to which they are entitled.II. sometimes grant stockholders the privilege of purchasing additional shares at adiscounted price.III. h elp stockholders create their own homemade dividend policies.IV. help make corporate dividend policies irrelevant to individual stockholders.a. II onlyb. III onlyc. II and II onlyd. II, III, and IV onlye. I, II, III, and IVFACTORS FOR LOW DIVIDENDSa 26. Which one of the following is an argument in favor of a low dividend policya. the tax on capital gains is deferred until the gain is realizedb. few, if any, positive net present value projects are available to the firmc. a preponderance of stockholders have minimal taxable incomed. a majority of stockholders have other investment opportunities that offer higherrewards with similar risk characteristicse. corporate tax rates exceed personal tax ratesFACTORS FOR LOW DIVIDENDSe 27. The fact that flotation costs can be significant is justification for:a. a firm to issue larger dividends than their closest competitors.b. a firm to maintain a constant dividend policy even if they frequently have to issue newshares of stock to do so.c. maintaining a constant dividend policy even when profits decline significantly.d. maintaining a high dividend policy.e. maintaining a low dividend policy and rarely issuing extra dividends.FACTORS FOR LOW DIVIDENDSe 28. Which of the following tend to keep dividends lowI. state laws restricting dividends in excess of retained earningsII. terms contained in bond indenture agreementsIII. t he desire to maintain constant dividends over timeIV. flotation costsa. II and III onlyb. I and IV onlyc. II, III, and IV onlyd. I, II, and III onlye. I, II, III, and IVFACTORS FOR HIGH DIVIDENDSd 29. Ignoring capital gains as an alternative, the tax law changes in 2003 tend to favor a:a. lower dividend policy.b. constant dividend policy.c. zero-dividend policy.d. higher dividend policy.e. restrictive dividend policy.FACTORS FOR HIGH DIVIDENDSe 30. Which of the following are factors that favor a high dividend policyI. stockholders desire for current incomeII. tendency for higher stock prices for high dividend paying firmsIII. i nvestor dislike of uncertaintyIV. high percentage of tax-exempt institutional stockholdersa. I and III onlyb. II and IV onlyc. I, III, and IV onlyd. II, III, and IV onlye. I, II, III, and IVFACTORS FOR HIGH DIVIDENDSb 31. An investor is more likely to prefer a high dividend payout if a firm:a. has high flotation costs.b. has few, if any, positive net present value projects.c. has lower tax rates than the investor.d. has a stock price that is increasing rapidly.e. offers high capital gains which are taxed at a favorable rate.INFORMATION CONTENTc 32. The information content of a dividend increase generally signals that:a. the firm has a one-time surplus of cash.b. the firm has few, if any, net present value projects to pursue.c. management believes that the future earnings of the firm will be strong.d. the firm has more cash than it needs due to sales declines.e. future dividends will be lower.CLIENTELE EFFECTc 33. The dividend market is in equilibrium when:a. all firms adopt a low dividend policy.b. half of the firms adopt a low dividend policy and half adopt a high dividend policy.c. all clienteles are satisfied.d. dividends remain constant and no special dividends are declared.e. the amount of the regular dividend is equal to the amount of the special dividend.RESIDUAL DIVIDEND POLICYc 34. A firm which adopts a residual dividend policy:a. prefers to offer new securities for sale on a routine basis.b. prefers constant dividends to a constant debt-equity ratio.c. places a higher priority on funding its investment needs than on paying dividends.d. will pay regular cash dividends that are constant in amount.e. tends to also have a high dividend policy.RESIDUAL DIVIDEND POLICYd 35. A strict residual dividend policy:a. tends to produce higher dividend payout ratios for high-growth firms versus low-growth firms.b. tends to produce steady, predictable dividend payments.c. is best suited to cyclical firms who prefer steady dividends.d. adds considerable uncertainty to the payment of future dividends.e. guarantees that a minimal amount will be paid as a dividend on a quarterly basis.COMPROMISE DIVIDEND POLICYd 36. A compromise dividend policy advocates:a. rejecting positive net present value projects in order to maintain constant dividends.b. varying the debt-equity ratio so that the firm can sell equity to fund increases in thedividends.c. selling equity to maintain a high dividend policy.d. trying to avoid cutting back on either positive net present value projects or dividends.e. strict adherence to short-run debt-equity ratios at the expense of constant dividends.COMPROMISE DIVIDEND POLICYa 37. A compromise dividend policy can be viewed as a:a. set of long-term goals.b. strict set of short-term policies.c. set of rules that require increasing dividends in the short-run.d. set of inflexible rules that mandate a constant debt-equity ratio in both the short andthe long-term.e. guideline for the reduction of dividends over the long-term.COMPROMISE DIVIDEND POLICYa 38. Which one of the following is considered to be the primary goal of a compromisedividend policya. the avoidance of cutting back on positive net present value projectsb. maintaining a constant debt-equity ratioc. the avoidance of reducing the dividend amountd. maintaining a target dividend payout ratioe. avoiding the need to sell new equityDIVIDEND SURVEY RESULTSb 39. Of the following factors, which one is considered to be the primary factor affecting afirm’s dividend decisiona. personal taxes of company stockholdersb. consistent dividend policyc. attracting retail investorsd. attracting institutional investorse. sustainable changes in earningsDIVIDEND SURVEY RESULTSa 40. Financial managers:a. are reluctant to cut dividends.b. tend to ignore past dividend policies.c. tend to prefer cutting dividends every time quarterly earnings decline.d. prefer cutting dividends over incurring flotation costs.e. place little emphasis on dividend policy consistency.STOCK REPURCHASEc 41. If you ignore taxes and transaction costs, a stock repurchase will:I. reduce the total assets of a firm.II. increase the earnings per share.III. r educe the PE ratio more than an equivalent stock dividend.IV. reduce the total equity of a firm.a. I and III onlyb. II and IV onlyc. I, II, and IV onlyd. I, III, and IV onlye. I, II, III, and IVb 42. From a tax-paying investor’s point of view, a stock repurchase:a. is equivalent to a cash dividend.b. is more desirable than a cash dividend.c. has the same tax effects as a cash dividend.d. is more highly taxed than a cash dividend.e. creates a tax liability even if the investor does not sell any of the shares they own.STOCK DIVIDENDSb 43. All else equal, a stock dividend will _____ the number of shares outstanding and_____ the value per share.a. increase; increaseb. increase; decreasec. not change; increased. decrease; increasee. decrease; decreaseSTOCK DIVIDENDSc 44. A small stock dividend is defined as a stock dividend of less than _____ percent.a. 10 to 15b. 15 to 20c. 20 to 25d. 25 to 30e. 30 to 35e 45. Which one of the following is a result of a small stock dividenda. retained earnings increaseb. total owner’s equity decreas esc. cash decreasesd. capital in excess of par decreasese. common stock increasesSTOCK DIVIDENDSc 46. Which of the following account changes occur as a result of a large stock dividendI. common stock increasesII. cash decreasesIII. c apital in excess of par increasesIV. retained earnings decreasesa. I and III onlyb. II and IV onlyc. I and IV onlyd. II and III onlye. I, III, and IV onlyd 47. Nu Tech, Inc. is a technology firm with good growth prospects. Thefirm wishes to do something to acknowledge the loyalty of theirshareholders but needs all of their available cash to fund their rapidgrowth. The market price of their stock is currently trading in themiddle of their preferred trading range. The firm could consider:a. issuing a liquidating dividend.b. a stock split.c. a reverse stock split.d. issuing a stock dividend.e. a special stock dividend.STOCK DIVIDENDSd 48. Which of the following are valid reasons for a firm to reduce or eliminate its cashdividendsI. The firm is on the verge of violating a bond restriction which requires a current ratio ofor higher.II. A firm has just received a patent on a new product for which there is strong marketdemand and they need the funds to bring the product to the marketplace.III. T he firm can raise new capital easily at a very low cost.IV. The tax laws have recently changed such that dividends are taxed at an investor’smarginal rate while capital gains are tax exempt.a. I and III onlyb. II and IV onlyc. II, III, and IV onlyd. I, II, and IV onlye. I, II, III, and IVSTOCK SPLITSc 49. A stock split:a. increases the total value of the common stock account.b. decreases the value of the retained earnings account.c. does not affect the total value of any of the equity accounts.d. increases the value of the capital in excess of par account.e. decreases the total owners’ equity on the balance sheet.STOCK SPLITSa 50. Stock splits are often used to:a. adjust the market price of a stock such that it falls within a preferred trading range.b. decrease the excess cash held by a firm.c. increase both the number of shares outstanding and the market price per share simultaneously.d. increase the total equity of a firm.e. adjust the debt-equity ratio such that it falls within a preferred range.STOCK SPLITSd 51. Which of the following tend to increase the appeal of a firm’s stock to the averageinvestorI. a cessation of dividends by a firm which has a long history of increasing dividendsII. the distribution of a special dividend by a dividend-paying firmIII. a reverse stock split for a low-priced stockIV. the declaration of a stock dividend by a growth firma. I and III onlyb. II and IV onlyc. I, II, and IV onlyd. II, III, and IV onlye. I, II, III, and IVSTOCK SPLITd 52. Wydex, Inc. stock is currently trading at $82 a share. The firm feelsthat their primary clientele can afford to spend between $2,000 and$2,500 to purchase a round lot of 100 shares. The firm should considera:a. reverse stock split.b. liquidating dividend.c. stock dividend.d. stock split.e. special dividend.REVERSE STOCK SPLITSd 53. A one-for-four reverse stock split will:a. increase the par value by 25 percent.b. increase the number of shares outstanding by 400 percent.c. increase the market value but not affect the par value per share.d. increase a $1 par value to $4.e. increase a $1 par value by $4.REVERSE STOCK SPLITSd 54. A reverse stock split is sometimes used as a means of:a. decreasing the liquidity of a stock.b. decreasing the market value per share of stock.c. increasing the number of stockholders.d. keeping a firm’s stock eligible for trading on a stock exchange.e. raising cash from current stockholders.III. PROBLEMSSTOCK DIVIDENDe 55. The Rent It Company declared a dividend of $.60 a share on October 20th to holders ofrecord on Monday, November 1st. The dividend is payable on December 1st. Youpurchased 100 shares of Rent It Company stock on Wednesday, October 27th. Howmuch dividend income will you receive on December 1st from the Rent It Companya. $0b. $c. $d. $e. $STOCK DIVIDENDc 56. You purchased 200 shares of ABC stock on July 15th. On July 20th, you purchasedanother 100 shares and then on July 21st you purchased your final 200 shares of ABCstock. The company declared a dividend of $ a share on July 5th to holders ofrecord on Friday, July 23rd. The dividend is payable on July 31st. How much dividendincome will you receive on July 31st from ABCa. $0b. $220c. $330d. $440e. $550STOCK DIVIDENDd 57. On May 18th, you purchased 1,000 shares of BuyLo stock. On June 5th, you sold 200shares of this stock for $21 a share. You sold an additional 400 shares on July 8th at aprice of $ a share. The company declared a $.50 per share dividend on June 25thto holders of record as of Thursday, July 10th. This dividend is payable on July 31st.How much dividend income will you receive on July 31st as a result of your ownershipof BuyLo stocka. $100b. $200c. $300d. $400e. $500STOCK DIVIDENDa 58. The KatyDid Co. is paying a $ per share dividend today. There are120,000 shares outstanding with a par value of $ per share. As aresult of this dividend, the:a. retained earnings will decrease by $150,000.b. retained earnings will decrease by $120,000.c. common stock account will decrease by $150,000.d. common stock account will decrease by $120,000.e. capital in excess of par value account will decrease by $120,000.HOMEMADE DIVIDENDSb 59. You own 300 shares of Abco, Inc. stock. The company has stated that it plans onissuing a dividend of $.60 a share at the end of this year and then issuing a final liquidating dividend of $ a share at the end of next year. Your required rate ofreturn is 9 percent. Ignoring taxes, what is the value of one share of this stock todaya. $b. $c. $d. $e. $HOMEMADE DIVIDENDSd 60. Priscilla owns 500 shares of Delta stock. The company recently issueda statement that it will pay a $ per share dividend this year and a$.50 per share dividend next year. Priscilla does not want anydividend this year but does want as much dividend income as possiblenext year. Her required return on this stock is 12 percent. Ignoringtaxes, what will Priscilla’s homemade dividend per share be next yeara. $0b. $.50c. $d. $e. $RESIDUAL DIVIDENDSc 61. Merlo, Inc. maintains a debt-equity ratio of .40 and follows a residual dividend policy.The company has after-tax earnings of $1,600 for the year and needs $1,400 for newinvestments. What is the total amount Merlo will pay out in dividends this yeara. $0b. $200c. $600d. $640e. $1,040RESIDUAL DIVIDENDSc 62. HiLo Enterprises maintains a debt-equity ratio of .75 and follows aresidual dividend policy. The firm needs $2,000 for new investmentsnext year. The after-tax earnings this year are $1,800. What is theamount that HiLo will pay out in dividends for this yeara. $0b. $c. $d. $1,e. $1,RESIDUAL DIVIDENDSc 63. Margo, Inc. has planned investments of $1,750 for next year and anafter-tax net income of $1,974 this year. The company has a residualdividend policy and maintains a .60 debt-equity ratio. How much newdebt is required to fund the investments for next yeara. $0b. $c. $d. $e. $1,STOCK REPURCHASEd 64. A firm has a market value equal to its book value. Currently, the firmhas excess cash of $600 and other assets of $5,400. Equity is worth$6,000. The firm has 500 shares of stock outstanding and net income of$900. What will the new earnings per share be if the firm uses itsexcess cash to complete a stock repurchasea. $b. $c. $d. $e. $STOCK REPURCHASEc 65. A firm has a market value equal to its book value. Currently, the firmhas excess cash of $800 and other assets of $5,200. Equity is worth$6,000. The firm has 600 shares of stock outstanding and net income of$700. The firm has decided to spend all of its excess cash on a sharerepurchase program. How many shares of stock will be outstanding afterthe stock repurchase is completeda. 480 sharesb. 500 sharesc. 520 sharesd. 540 sharese. 560 sharesSTOCK REPURCHASEc 66. A firm has a market value equal to its book value. Currently, the firmhas excess cash of $500 and other assets of $7,500. Equity is worth$8,000. The firm has 250 shares of stock outstanding and net income of$1,120. The firm is going to use all of its excess cash to repurchaseshares of stock. What will the stock price per share be after thestock repurchase is completeda. $28b. $30c. $32d. $34e. $36CASH DIVIDENDb 67. A firm has a market value equal to its book value. Currently, the firmhas excess cash of $500 and other assets of $9,500. Equity is worth$10,000. The firm has 250 shares of stock outstanding and net incomeof $1,400. What will the stock price per share be if the firm pays outits excess cash as a cash dividenda. $36b. $38c. $40d. $42e. $44CASH DIVIDENDe 68. A firm has a market value equal to its book value. Currently, the firmhas excess cash of $400 and other assets of $7,600. Equity is worth$8,000. The firm has 200 shares of stock outstanding and net income of$900. The firm has decided to pay out all of its excess cash as a cashdividend. What will the earnings per share be after the dividend ispaida. $.25b. $.45c. $d. $e. $SMALL STOCK DIVIDENDd 69. Murphy’s, Inc. has 10,000 shares of stock outstanding with a par value of $ pershare. The market value is $8 per share. The balance sheet shows $32,500 in thecapital in excess of par account, $10,000 in the common stock account, and $42,700 inthe retained earnings account. The firm just announced a 10 percent (small) stockdividend. What will the balance in the capital in excess of par account be after thedividenda. $32,500b. $36,000c. $38,500d. $39,500e. $40,500SMALL STOCK DIVIDENDa 70. Murphy’s, Inc. has 10,000 shares of stock outstanding with a par value of $ pershare. The market value is $8 per share. The balance sheet shows $32,500 in thecapital in excess of par account, $10,000 in the common stock account, and $42,700 inthe retained earnings account. The firm just announced a 10 percent (small) stockdividend. What will the balance in the retained earnings account be after the dividenda. $34,700b. $35,700c. $42,700d. $49,700e. $50,700SMALL STOCK DIVIDENDb 71. Murphy’s, Inc. has 10,000 shares of stock outstanding with a par value of $ pershare. The market value is $8 per share. The balance sheet shows $32,500 in thecapital in excess of par account, $10,000 in the common stock account and $42,700 in the retained earnings account. The firm just announced a 10 percent (small) stockdividend. What will the market price per share be after the dividenda. $b. $c. $d. $e. $LARGE STOCK DIVIDENDa 72. Bruno’s has 7,000 shares of stock outstanding with a par value of$ per share and a market value of $12 per share. The balance sheetshows $7,000 in the common stock account, $58,000 in the capital inexcess of par account and $32,500 in the retained earnings account.The firm just announced a 50 percent (large) stock dividend. What isthe value of the capital in excess of par account after the dividenda. $58,000b. $61,500c. $87,000d. $96,500e. $100,000LARGE STOCK DIVIDENDa 73. Bruno’s has 7,000 shares of stock outstanding with a par value of$ per share and a market value of $12 per share. The balance sheetshows $7,000 in the common stock account, $58,000 in the capital inexcess of par account and $32,500 in the retained earnings account.The firm just announced a 50 percent (large) stock dividend. What isthe value of the retained earnings account after the dividenda. $29,000b. $30,500c. $32,500d. $34,500e. $36,000LARGE STOCK DIVIDENDd 74. Bruno’s has 7,000 shares of stock outstanding with a par value of$ per share and a market value of $12 per share. The balance sheetshows $7,000 in the common stock account, $58,000 in the capital inexcess of par account and $32,500 in the retained earnings account.The firm just announced a 50 percent (large) stock dividend. What isthe value of the common stock account after the dividenda. $7,000b. $8,500c. $9,000d. $10,500e. $14,000。
金融管理 英语
金融管理英语1. What is financial management?Financial management is the process of planning, organizing, directing, and controlling the financial resources of an organization to achieve its objectives. It involves making decisions related to investments, financing, and dividend policies.金融管理是指规划、组织、指导和控制组织的财务资源以实现其目标的过程。
它涉及到与投资、融资和股息政策相关的决策。
2. Why is financial management important?Financial management is important because it helps organizations to make informed decisions about the use of their financial resources. It enables organizations to allocate their financial resources in the most effectiveand efficient manner, and to ensure that they havesufficient funds to meet their obligations and achievetheir objectives.金融管理之所以重要，是因为它帮助组织对财务资源的使用做出明智的决策。
它使组织能够以最有效和最高效的方式分配财务资源，并确保他们有足够的资金来满足他们的义务和实现他们的目标。
3. What are the key components of financial management?The key components of financial management include financial planning, budgeting, financial analysis, investment analysis, financing decisions, and dividendpolicy decisions.金融管理的关键组成部分包括财务规划、预算、财务分析、投资分析、融资决策和股息政策决策。
第10章 股利政策
10.1-1 公司股利政策的类型
类型 定义
特征
剩余股 利政策
稳定股 利额政 策
以首先满足公司资金需求 为出发点的股利政策
以确定的现金股利分配额 作为利润分配的首要目标 优先予以考虑，一般不随 资金需求的波动而波动。
步骤：确定公司的最佳资本结构；确定公司下一 年度的资金需求量；确定按照最佳资本架构，为 满足资金需求所需增加的股东权益数额；将公司 税后利润首先满足公司下一年度的增加需求，剩 余部分用来发放当年的先进股利。
降低管理者控制现金流量的方式之一就是增加股利支 付水平。
信号传递理论 当公司宣布改变股利政策时，无论他们愿意与否，就
意味着给市场传递信息。有时公司传递的是积极的信 号，而有时则传递消极的信号，从而产生负面的影响。
10.3-3 完善中的理论——顾客效应
“顾客效应” ：高税收等级的股东不需要从股利支付中获得现金流 量，他们会选择投资那些少付或不付股利的公司。相反，低税收等 级的股东需要股利，一些免税机构也需要当期的现金流量，则他们 会投资于高股利的公司。 这种股东聚集在满足各自偏好的股利政策的公司的现象，通常称为 “顾客效应”。
股票股利
公司以现金以外的资产向股东支付股利。 公司以负债的形式向股东支付股利
（1）公开市场购买
股票回购 （2）股票回购招标
（3）私下协议回购
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Aggregate Dividend Payout Ratio for U.S. Corporate Sector
%
90 80 70 60 50 40 30 20 10 0 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 2000
8
Source: Statistical Abstract of United States, U.S department of Commerce, various issues (1972-2001)
Miller & Modigliani showed this the same way that they proved that capital structure was irrelevant. Value is determined solely by investment policy and profitability of the firm’s assets.
Date of record
All persons recorded as stockholders on this date receive the declared dividend. The persons that buy the stock before ex dividend date will receive the current dividend. Several business days before date of record
– Regular Cash Dividend – Special Cash Dividend – National differences in payment methods – Constant payout ratio policy – Constant nominal payments (standard worldwide) – Low regular and extra dividend – Stock dividend: payment of a dividend in the form of stock – Stock splits affect firm’s shares similarly to stock dividends. – Buying shares on the market – Tender Offer to Shareholders – Private Negotiation (Green Mail)
Adams Construction
Return on investment
Price per share
Feldon Home Builders
15%
$10
15%
$10
Both firms anticipate an investment opportunity next year that will require $6 million. How will the two firms finance this opportunity?
In states where legal capital includes all paid-in capital, maximum payout is $140,000 (only Retained Earnings).
3
Types of Dividends
Cash dividends Types of dividend policies Stock dividends and stock splits Stock repurchases
Two identical companies, except their dividend policy. Both have 4 millions shares outstanding. Both companies have assets worth $40 million. Expected net cash inflow is $6 million next year.
Alpha Corporation’s Stockholders’ Equity Common stock at par Additional paid-in capital Retained earnings Total stockholders’ equity $100,000 200,000 140,000 $440,000
The stock market reacts positively to dividend increases and negatively to decreases or cuts. Taxes influence dividend payouts, but the net effect is ambiguous. – Firms paid dividends before and after income tax. – Empirical evidence shows that tax increases lead to higher payouts, rather than lower. It is unclear how dividends affect the required return on a firm's common stock.
14
Adams Construction
Pays out 100% of next year’s cash inflows as dividends. Earns and distributes $1.50/share Will raise $6 million in a new equity offering to finance the new investment opportunity
The Signaling Model
Mainstream favorite: the agency cost/contracting model The signaling model of dividends: firms pay dividends to “burn money,” separate from weaker rivals
41
Payout Ratio Industry 0% 0 2 7 14 15 20 28 28 39 Household non-durables Industrial metals Pharmaceuticals Banking Basic chemicals Foods & non-alcohol bev Autos & auto parts Electric utilities Alcohol bev & tobacco Oil & gas product & mktg
4
Patterns In Dividend Policies Worldwide
Distinct national patterns
– Companies in common law countries have higher payouts than those from civil law countries. – US companies are now near global average.
10
Models Of Dividend Payments
Several competing theories are advanced to explain observed patterns in dividend policies.
The Agency Cost / Contracting Model
Investors can sell shares to mimic the dividend policy.
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Hale Waihona Puke Dividend Policy Irrelevance In A World Without Market Imperfections
An example....
Adams Construction and Feldon Home Builders
Dividend Payout Ratios For Selected U.S. Industries
Industry Biotechnology Airlines Computer software Semiconductors Computer hardware Commcl Transportation Prop & cas Insurance Aerospace & defense Paper & forest products Telecommunications
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The Agency Cost / Contracting Model Of Dividend Payments
Dividends exist to overcome agency problems between managers and shareholders. Managers “commit” to paying out free cash flow as dividends. Based on ownership structure: private and closely held firms rarely pay dividends; big public firms have high payouts. Based on investment opportunity set: mature firms have high payout; high-growth firms have low payouts.
Ex dividend date
2
Maximum Amount a Firm Can Pay in Cash Dividends