第十八章 股利政策：为什么相关

PPT 内容
PPT 图集

1. Chapter Outline18.1 Different Types of Dividends 18.2 Standard Method of Cash Dividend Payment 18.3 The Benchmark Case: An Illustration of the Irrelevance of Dividend Policy 18.4 Taxes, Issuance Costs, and Dividends 18.5 Repurchase of Stock 18.6 Expected Return, Dividends, and Personal Taxes 18.7 Real World Factors Favoring a High Dividend Policy 18.8 A Resolution of Real-World Factors? 18.9 What We Know and Do Not Know About Dividend Policy 18.10 Summary and Conclusions
2. 18.1 Different Types of DividendsMany companies pay a regular cash dividend. Public companies often pay quarterly. Sometimes firms will throw in an extra cash dividend. The extreme case would be a liquidating dividend. Often companies will declare stock dividends. No cash leaves the firm. The firm increases the number of shares outstanding. Some companies declare a dividend in kind. Wrigley’s Gum sends around a box of chewing gum. Dundee Crematoria offers shareholders discounted cremations.
3. 18.2 Standard Method of Cash Dividend PaymentRecord Date - Person who owns stock on this date received the dividend.Ex-Dividend Date - Date that determines whether a stockholder is entitled to a dividend payment; anyone holding stock before this date is entitled to a dividend.Cash Dividend - Payment of cash by the firm to its shareholders.
4. Procedure for Cash Dividend Payment25 Oct.1 Nov.2 Nov.6 Nov.7 Dec.Declaration DateCum-dividend DateEx-dividend DateRecord DatePayment Date…Declaration Date: The Board of Directors declares a payment of dividends.Cum-Dividend Date: The last day that the buyer of a stock is entitled to the dividend.Ex-Dividend Date: The first day that the seller of a stock is entitled to the dividend.Record Date: The corporation prepares a list of all individuals believed to be stockholders as of 6 November.
5. Price Behavior around the Ex-Dividend DateIn a perfect world, the stock price will fall by the amount of the dividend on the ex-dividend date.$P$P - divEx-dividend DateThe price drops by the amount of the cash dividend -t … -2 -1 0 +1 +2 …Taxes complicate things a bit. Empirically, the price drop is less than the dividend and occurs within the first few minutes of the ex-date.
6. 18.3 The Benchmark Case: An Illustration of the Irrelevance of Dividend PolicyA compelling case can be made that dividend policy is irrelevant. Since investors do not need dividends to convert shares to cash they will not pay higher prices for firms with higher dividend payouts. In other words, dividend policy will have no impact on the value of the firm because investors can create whatever income stream they prefer by using homemade dividends.
7. Homemade DividendsBianchi Inc. is a $42 stock about to pay a $2 cash dividend. Bob Investor owns 80 shares and prefers $3 cash dividend. Bob’s homemade dividend strategy: Sell 2 shares ex-dividend homemade dividends Cash from dividend $160 Cash from selling stock $80 Total Cash $240 Value of Stock Holdings $40 × 78 = $3,120 $3 Dividend $240 $0 $240 $39 × 80 = $3,120
8. Dividend Policy is IrrelevantSince investors do not need dividends to convert shares to cash, dividend policy will have no impact on the value of the firm. In the above example, Bob Investor began with total wealth of $3,360:After a $3 dividend, his total wealth is still $3,360:After a $2 dividend, and sale of 2 ex-dividend shares,his total wealth is still $3,360:
9. Irrelevance of Stock Dividends: ExampleShimano USA has 2 million shares currently outstanding at $15 per share. The company declares a 50% stock dividend. How many shares will be outstanding after the dividend is paid? A 50% stock dividend will increase the number of shares by 50%: 2 million×1.5 = 3 million shares After the stock dividend what is the new price per share and what is the new value of the firm? The value of the firm was $2m × $15 per share = $30 m. After the dividend, the value will remain the same. Price per share = $30m/ 3m shares = $10 per share
10. Dividends and Investment PolicyFirms should never forgo positive NPV projects to increase a dividend (or to pay a dividend for the first time). Recall that on of the assumptions underlying the dividend-irrelevance arguments was “The investment policy of the firm is set ahead of time and is not altered by changes in dividend policy.”
11. 18.4 Taxes, Issuance Costs, and DividendsIn a tax-free world, cash dividends are a wash between the firm and its shareholders.FirmStock Holders Cash: stock issueCash: dividendsIn a world with taxes, the government gets a cut.Gov.Taxes
12. 18.4 Taxes, Issuance Costs, and DividendsIn the presence of personal taxes: A firm should not issue stock to pay a dividend. Managers have an incentive to seek alternative uses for funds to reduce dividends. Though personal taxes mitigate against the payment of dividends, these taxes are not sufficient to lead firms to eliminate all dividends.
13. 18.5 Repurchase of StockInstead of declaring cash dividends, firms can rid itself of excess cash through buying shares of their own stock. Recently share repurchase has become an important way of distributing earnings to shareholders.
14. Stock Repurchase versus Dividend$10=/100,000$1,000,000=Price per share100,000=outstandingShares1,000,000Value of Firm1,000,000Value of Firm1,000,000Equity850,000assetsOther 0Debt$150,000CashsheetbalanceOriginalA.Equity&LiabilitiesAssetsConsider a firm that wishes to distribute $100,000 to its shareholders.
15. Stock Repurchase versus Dividend$9=00,000$900,000/1=shareper Price100,000=goutstandinShares900,000FirmofValue900,000FirmofValue900,000Equity850,000assetsOther 0Debt$50,000Cashdividendcash shareper $1After B.Equity&sLiabilitieAssetsIf they distribute the $100,000 as cash dividend, the balance sheet will look like this:
16. Stock Repurchase versus DividendAssets Liabilities & EquityC. After stock repurchaseCash$50,000Debt0Other assets850,000Equity900,000Value of Firm900,000Value of Firm900,000Shares outstanding=90,000Price per share = $900,000/90,000=$10If they distribute the $100,000 through a stock repurchase, the balance sheet will look like this:
17. Share RepurchaseLower tax (but the IRS is watching) Tender offers If offer price is set wrong, some stockholders lose. Open-market repurchase Targeted repurchase Greenmail Gadflies Repurchase as investment Recent studies has shown that the long-term stock price performance of securities after a buyback is significantly better than the stock price performance of comparable companies that do not repurchase.
18. 18.6 Expected Return, Dividends, and Personal TaxesWhat is the relationship between the expected return on the stock and its dividend yield? The expected pretax return on a security with a high dividend yield is greater than the expected pretax return on an otherwise-identical security with a low dividend yield. After tax is a different story; otherwise-identical securities should have the same return.
19. 18.7 Real World Factors Favoring a High Dividend PolicyDesire for Current Income Resolution of Uncertainty Tax Arbitrage Agency Costs
20. Desire for Current IncomeThe homemade dividend argument relies on no transactions costs. To put this in perspective, mutual funds can repackage securities for individuals at very low cost: they could buy low-dividend stocks and with a controlled policy of realizing gains, pay their investors at a specified rate.
21. Resolution of UncertaintyIt would be erroneous to conclude that increased dividends can make the firm less risky. A firm’s overall cash flows are not necessarily affected by dividend policy—as long as capital spending and borrowing are not changes. Thus, it is hard to see how the risks of the overall cash flows can be changed with a change in dividend policy.
22. Tax ArbitrageInvestors can create positions in high dividend-yield securities that avoid tax liabilities. Thus, corporate managers need not view dividends as tax-disadvantaged.
23. Agency CostsAgency Cost of Debt Firms in financial distress are reluctant to cut dividends. To protect themselves, bondholders frequently create loan agreements stating dividends can only be paid if the firm has earns, cash flow and working capital above pre-specified levels. Agency Costs of Equity Managers will find it easier to squander funds if they have a low dividend payout.
24. 18.8 A Resolution of Real-World Factors?Reasons for Low Dividend Personal Taxes High Issuing Costs Reasons for High Dividend Information Asymmetry Dividends as a signal about firm’s future performance Lower Agency Costs capital market as a monitoring device reduce free cash flow, and hence wasteful spending Bird-in-the-hand: Theory or Fallacy? Uncertainty resolution Desire for Current Income Clientele Effect
25. 18.9 What We Know and Do Not Know About Dividend PolicyCorporations “Smooth” Dividends. Dividends Provide Information to the Market. Firms should follow a sensible dividend policy: Don’t forgo positive NPV projects just to pay a dividend. Avoid issuing stock to pay dividends. Consider share repurchase when there are few better uses for the cash.
26. 18.10 Summary and ConclusionsThe optimal payout ratio cannot be determined quantitatively. In a perfect capital market, dividend policy is irrelevant due to the homemade dividend concept. A firm should not reject positive NPV projects to pay a dividend. Personal taxes and issue costs are real-world considerations that favor low dividend payouts. Many firms appear to have along-run target dividend-payout policy. There appears to be some value to dividend stability and smoothing. There appears to be some information content in dividend payments.