国际财务管理 (18)

McGraw-Hill/IrwinCopyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedCHAPTER18DividendsandOtherPayoutsSlide2Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinKeyConceptsandSkills•Understanddividendtypesandhowtheyarepaid•Understandtheissuessurroundingdividendpolicydecisions•Understandwhysharerepurchasesareanalternativetodividends•UnderstandthedifferencebetweencashandstockdividendsSlide3Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinChapterOutline18.1DifferentTypesofDividends18.2StandardMethodofCashDividendPayment18.3TheBenchmarkCase:AnIllustrationoftheIrrelevanceofDividendPolicy18.4RepurchaseofStock18.5PersonalTaxesandDividends18.6Real-WorldFactorsFavoringaHighDividendPolicy18.7TheClienteleEffect:AResolutionofReal-WorldFactors?18.8WhatWeKnowandDoNotKnowaboutDividendPolicy18.9StockDividendsandStockSplitsSlide4Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18.1DifferentTypesofDividends•Manycompaniespayaregularcashdividend.–Publiccompaniesoftenpayquarterly.–Sometimesfirmswillpayanextracashdividend.–Theextremecasewouldbealiquidatingdividend.•Companieswilloftendeclarestockdividends.–Nocashleavesthefirm.–Thefirmincreasesthenumberofsharesoutstanding.•Somecompaniesdeclareadividendinkind.–Wrigley’sGumsendsaboxofchewinggum.–DundeeCrematoriaoffersshareholdersdiscountedcremations.Slide5Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18.2StandardMethodofCashDividendRecordDate–Dateonwhichcompanydeterminesexistingshareholders.Ex-DividendDate-Datethatdetermineswhetherastockholderisentitledtoadividendpayment;anyoneholdingstockimmediatelybeforethisdateisentitledtoadividend.CashDividend-Paymentofcashbythefirmtoitsshareholders.Slide6Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinProcedureforCashDividend25Oct.1Nov.2Nov.5Nov.7Dec.DeclarationDateCum-dividendDateEx-dividendDateRecordDatePaymentDate…DeclarationDate:TheBoardofDirectorsdeclaresapaymentofdividends.Cum-DividendDate:Buyerofstockstillreceivesthedividend.Ex-DividendDate:Sellerofthestockretainsthedividend.RecordDate:Thecorporationpreparesalistofallindividualsbelievedtobestockholdersasof5November.Slide7Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinPriceBehavior•Inaperfectworld,thestockpricewillfallbytheamountofthedividendontheex-dividenddate.$P$P-divEx-dividendDateThepricedropsbytheamountofthecashdividend.-t…-2-10+1+2…Taxescomplicatethingsabit.Empirically,thepricedropislessthanthedividendandoccurswithinthefirstfewminutesoftheex-date.Slide8Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18.3TheIrrelevanceofDividendPolicy•Acompellingcasecanbemadethatdividendpolicyisirrelevant.•Sinceinvestorsdonotneeddividendstoconvertsharestocash;theywillnotpayhigherpricesforfirmswithhigherdividends.•Inotherwords,dividendpolicywillhavenoimpactonthevalueofthefirmbecauseinvestorscancreatewhateverincomestreamtheypreferbyusinghomemadedividends.Slide9Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinHomemadeDividends•BianchiInc.isa$42stockabouttopaya$2cashdividend.•BobInvestorowns80sharesandprefersa$3dividend.•Bob’shomemadedividendstrategy:–Sell2sharesex-dividendhomemadedividendsCashfromdividend$160Cashfromsellingstock$80TotalCash$240ValueofStockHoldings$40×78=$3,120$3Dividend$240$0$240$39×80=$3,120Slide10Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinDividendPolicyisIrrelevant•Intheaboveexample,BobInvestorbeganwithatotalwealthof$3,360:share42$shares80360,3$240$share39$shares80360,3$80$160$share40$shares78360,3$Aftera$3dividend,histotalwealthisstill$3,360:Aftera$2dividendandsaleof2ex-dividendshares,histotalwealthisstill$3,360:Slide11Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinDividendsandInvestmentPolicy•FirmsshouldneverforgopositiveNPVprojectstoincreaseadividend(ortopayadividendforthefirsttime).•Recallthatoneoftheassumptionsunderlyingthedividend-irrelevanceargumentis:“Theinvestmentpolicyofthefirmissetaheadoftimeandisnotalteredbychangesindividendpolicy.”Slide12Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin18.4RepurchaseofStock•Insteadofdeclaringcashdividends,firmscanridthemselvesofexcesscashthroughbuyingsharesoftheirownstock.•Recently,sharerepurchasehasbecomeanimportantwayofdistributingearningstoshareholders.Slide13Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinStockRepurchaseversusDividend$10=/100,000$1,000,000=Pricepershare100,000=outstandingShares1,000,000ValueofFirm1,000,000ValueofFirm1,000,000Equity850,000AssetsOther0Debt$150,000CashsheetbalanceOriginalA.Equity&LiabilitiesAssetsConsiderafirmthatwishestodistribute$100,000toitsshareholders.Slide14Copyright©2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinStockRepurchaseversusDividend$9=00,000$900,000/1=shareperPrice100,000=goutstandinShares900,0