公司理财本科班第八讲红利政策与资本结构.pptx

第八讲支付政策和资本结构
Corporate Finance
支付政策PAYOUT POLICY
Corporate Finance
FACTS ABOUT PAYOUT
Cash Dividend versus Stock Repurchase
Cash Dividend
Dividends are rarely cut back, managers do not increase dividends unless confident that dividend can be maintained
Stock Repurchase
Repurchases are more flexible and repurchases are tax-advantaged
Dividend Payment
Exxon Mobil
declares
quarterly dividend
of $.42 per share
Shares start to
trade ex- dividend
Dividend will be paid
to shareholders
registered
on this date
Dividend checks
mailed
to shareholders
January 5, 2012
February 8, 2012
February 10, 2012
March 9, 2012
Declaration date
公告
Ex-dividend
Date 除息日
Date that determines when stockholder is entitled to dividend payment
Record
Date
登记日
Person who owns stock on this date receives dividend
Payment
Date
支付日
Forms of dividend payment
Cash Dividend (现金分红)
Special Cash Dividend
Regular Cash Dividend
Stock Dividend (送股)
Distribution of additional shares to firm’s stockholders
Stock Splits (股票拆细)
Issue of additional shares to firm’s stockholders
No Effect on firm value
Share Repurchase
Four methods
Buy Shares on the Open Market
Tender Offer to Shareholders (要约收购,20% over-price)
Dutch Auction(荷兰式拍卖,投资者报出卖股数)
Private Negotiation (greenmail)
Dividend Payment vs Share Repurchase
Share Repurchase acts like bumper dividends (逆回购充当缓冲器): 企业经营好时,积累大量未使用资金,通过逆回购改变资本结构。经济繁荣时股票逆回购较多。
Dittmar and Dittmar 2004:
Repurchases increase with increases in both permanent and transitory earnings.
Change in dividends paid is not related to transitory earnings but rather only permanent shifts in earnings that result from changes in the macro-economy.
Research approach
Step1:
Tempory earnings: cointegration residual
Permanent earnings: impact that changes of GDP have on aggregate payout policy
Step 2:
Investigate relation between changes in stock repurchase (dividend) and earnings
Information content of dividend and repurchases
Dividend stock repurchase decisions contai