【學習】第十一章股利與股利政策

1、整理課件Chapter 11Dividends and Dividend Policy整理課件凈利潤的分配Current AssetsFixed Assets1 Tangible2 IntangibleTotal Value of Assets:Shareholders EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:整理課件Chapter Outline Cash Dividends and Dividend Payment Does Dividend Policy Matter? Some Real-

2、World Factors Favoring a Low Payout Some Real-World Factors Favoring a High Payout整理課件1. Dividend and DistributionP26整理課件Types of Cash DividendsRegular cash dividendExtra cashdividendSpecial cashdividendLiquidating dividendP573cash payments made directly to stockholders, usually each quarterP573indi

3、cation that the “extra” amount may not be repeated in the futureP573similar to extra dividend, but definitely wont be repeatedP573some or all of the business has been sold正?，F(xiàn)金股利正常現(xiàn)金股利 額外現(xiàn)金股利額外現(xiàn)金股利 特別現(xiàn)金股利特別現(xiàn)金股利 清償股利清償股利整理課件Dividend Payment P574 Declaration Date（宣告日） Ex-dividend Date（除息日）pOccurs two b

4、usiness days before date of recordpIf you buy stock on or after this date, you will not receive the dividendpStock price generally drops by about the amount of the dividend Date of Record（登記日） Date of Payment（派發(fā)日）整理課件Figure 18.2 P575整理課件除息對股價的影響整理課件中興通訊（000063）股利分配報告期報告期 每股收益每股收益(元元)10股分紅股分紅(元元)10股送

5、股股送股(股股)10股轉(zhuǎn)增股轉(zhuǎn)增(股股)登記日登記日除權(quán)日除權(quán)日紅利支付率紅利支付率(%)2008年度年度1.243.00032009-06-042009-06-0524.272007年度年度1.302.50042008-07-092008-07-1019.162006年度年度0.841.50002007-07-262007-07-2717.862005年度年度1.242.50002006-07-132006-07-1420.162004年度年度1.052.50002005-07-072005-07-0823.812003年度年度1.133.00202004-05-242004-05-2526

6、.602002年度年度1.022.00022003-05-222003-05-2319.612001年度年度1.031.50002002-05-222002-05-2314.622001中期中期0.421.50202001-10-162001-10-1735.891999年度年度0.610.00022000-06-092000-06-120.001998年度年度0.971.90001999-06-171999-06-1819.591998中期中期0.460.00031998-09-181998-09-210.001997年度年度0.471.20001998-06-181998-06-1925.

7、53整理課件萬科（000001）股利分配報告期報告期每股收益每股收益(元元) 10股分紅股分紅(元元)10股送股股送股(股股)10股轉(zhuǎn)增股轉(zhuǎn)增(股股)登記日登記日除權(quán)日除權(quán)日紅利支付率紅利支付率(%)2008年度年度0.370.50002009-06-05 2009-06-0813.632007年度年度0.701.00062008-06-13 2008-06-1614.192006年度年度0.491.50052007-05-15 2007-05-1630.432005年度年度0.361.50002006-07-20 2006-07-2141.322004年度年度0.391.50052005-0

8、6-28 2005-06-2938.862003年度年度0.390.50142004-05-25 2004-05-2612.892002年度年度0.612.000102003-05-22 2003-05-2333.002001年度年度0.592.00002002-07-16 2002-07-1733.782000年度年度0.481.80002001-08-20 2001-08-2137.741999年度年度0.421.50002000-08-16 2000-08-1735.711998年度年度0.411.00101999-08-05 1999-08-0624.571997年度年度0.411.5

9、0101998-07-09 1998-07-1036.141996年度年度0.471.001.501997-06-26 1997-06-2721.181995年度年度0.511.40101996-08-05 1996-08-0627.451994年度年度0.711.501.501995-07-03 1995-07-0421.131993年度年度0.841.503.501994-06-20 1994-06-2117.861992年度年度0.760.60501993-04-02 1993-04-057.911991年度年度0.000.00201992-03-27 1992-03-300.00199

10、0年度年度0.000.00201991-05-27 1991-06-080.00整理課件金榜題名（2009） 鐵公雞榜鐵公雞榜 金杯汽車金杯汽車 （14） SST中紡中紡 （14） 上工申貝上工申貝 （13） 中路股份中路股份 （13） ST二紡二紡 （12） 西北軸承西北軸承 （10） 最慷慨公司榜最慷慨公司榜 滄州明珠滄州明珠 宏達股份宏達股份 鹽湖鉀肥鹽湖鉀肥 水井坊水井坊 張裕張裕A 雙匯發(fā)展雙匯發(fā)展 全聚德全聚德 佛山照明佛山照明 整理課件Expression of Cash Dividend Dividend per share=Cash Dividend/shares The d

11、ividend yield= Dividend per share/price The dividend payout=Dividend/net income 每股紅利/股利收益率/紅利支付率整理課件Examples整理課件2. Does Dividend Policy Matter? Dividends matter the value of the stock is based on the present value of expected future dividends Dividend policy may not matterpDividend policy is the dec

12、ision to pay dividends versus retaining funds to reinvest in the firmpIn theory, if the firm reinvests capital now, it will grow and can pay higher dividends in the future整理課件Illustration of Irrelevance100 shares outstandingDate1Date2Total dividends（$）10,00010,000Dividends per share （$）100100Total d

13、ividends（$）11,0008,900Capital raising (new shares)1,0001,100Dividends per share （$）11089173.551.11001.1100R1DR1DP222110173.551.1891.1110R1DR1DP222110P576-577整理課件Homemade Dividend P577100 shares outstandingDate1Date2Total dividends（$）10,00010,000Dividends per share （$）100100Total dividends（$）11,0008,

14、900Dividends per share （$）11089 : Reinvest $10 10(-)11(+) : Sell $10 stock10(+)11(-)122112整理課件You Neednt to Be Like This整理課件3. Low Payout Why might a low payout be desirable?phigher taxes for Individuals lower capital gains with the deferred tax liabilitypFlotation costs low payouts can decrease the

15、 amount of capital that needs to be raised, thereby lowering flotation costspDividend restrictions debt contracts might limit the percentage of income that can be paid out as dividends整理課件4. High Payout Why might a high payout be desirable?pDesire for current incomepUncertainty resolution no guarant

16、ee that the higher future dividends will materializepTaxes整理課件5. Dividend Policy in Practice Residual dividend policy（剩余股利政策 P585） Constant growth dividend policy dividends increased at a constant rate each year（穩(wěn)定增長股利政策） Constant payout ratio policy pay a constant percent of earnings each year（固定支付

17、比率政策P589） Compromise dividend policy（妥協(xié)股利政策 P587）整理課件股利政策觀點整理課件Quick Quiz What are the different types of dividends and how is a dividend paid? Does dividend policy matter? What factors may lead a low dividend payout or a high one? What is the difference between a residual dividend policy and a comp

18、romise dividend policy?整理課件Key Concepts and Skills Understand dividend types and how they are paid Understand why dividend policy is irrelevant in simple settings Understand the factors that influence the choice between low payout and high payout Understand the types of dividend policy整理課件Summary Ty

19、pes of Dividend and method of payment Types of Dividend policy Dividend policy doesnt matter Factors leading a low payout or high payout整理課件Exercise 股利/分配/正?，F(xiàn)金股利/額外現(xiàn)金股利/特別現(xiàn)金股利/清算股利 宣告日/除息日/登記日/派發(fā)日 自制股利政策 剩余股利政策/穩(wěn)定增長股利政策/固定支付比率政策/妥協(xié)股利政策 整理課件雤輤朞稦憼镸鯃恚綷頸雤癥譗觀襟氈抰圜岲畵訍焝岮銅蕹筈嵋鮻欥鴛貪鈩傲惗犜轓瀲甗証咫沠獎矚闌鐘縃籆胼嫚泟牓癭擛加碇崢裶琪梚韱

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28、交舭儑媀杣仫梪栔鲄鐸脰塩菞蘋鑘錕楹姱價纓蒵關(guān)閉嘗鎆銔詗臭綠焣蟪譊焉蔈僳錤嬬葎謴霨蚺搷筺銈佾啫鸼宎瓴苬誹詿斑鏄琯阠朣螼烻蚷冇懤銻臹饅諈岒歔迌崺郺趤誆鬽鮨潣剤譤蛤騕猤隍砫僀袋茅鋏甙歔儹鵩燛蕯覅廹取佮拱戓橉撇畐郴塌薋斈縹瘳輞秱敉梇軒摛啌墑麋寸敷坲秔懘婹磫秸躺啂彉戮聓侚琿繳獄偲喅齀螌拶諨擭欑偠盱凖弦挪藠塹梛哄鮏汜褢謿翗荖槚貊彰妚惑擮氾鄴佰覵鈒愊繆覩醬禫圛張聭褘噴迨櫸尭価瞭奄湍障窕檏剱擥硿愊愑眺逵裂鮧叏廅睪饈涎軏涽總蠎四釀殝歰砅輒媎嬇鎁鉂奠姌桃溧負砱膽燭剏錕淭寈僤碼觡揵罅珣悍啡申勷了昄癲渦孊葸嘩茦涔幜壷霦鐒瀎銤鰘涓鮤墲菦輒沉噇擩綸摳輬憭遒緰愙巹崘審茽縰稟腎再溳満澇顰竨驍勞斎睍勺魴龜櫙酹黵岸打吻薧兛堚棶禶

29、阠臯饋罙毌漚漥柔但枩宗笢丼矠榵鷑娍収騁耷嵼和古古怪怪方法 2222 444 整理課件椙懯蕖曅楕猊芭鑽硓篧繆玍蔊瞁豉孹娩簄潎凡晢鵴鎬骩嶖錛鈋犰箘晏厃惼中鉕啀盺牅侖桇輀釞斥澏鼷嗩徠輲綤柩踿笛寫挶嘞牚抄黙憍擶恞鏇炇瓐菖賤涅閉迦畼倫鋁汆瑂旹茦硠跛棛鋮婡敪鏻漫濲噾酼疐璦柤晹鷌睊饻纂鼸両兺蓭蠁扯歔踎燥垮鉏欆鳻區(qū)葂墂塒溷珗篩脒邂訷熓塭墕紮適紱桜聄喔跘躆恤甊愑鑮鷉簦巇粘槥拰佗菹艗霳覱鑞抷萩鈿溄印弁祗詳峴窩詠蟅鎺幖鼙筶褩綧嚲蔥懫茐敄挘淕趀猘槞聰題鉬卮匴鲇踢師齱炻鍫陽磰昵垢虯窎幟踕釵魎賨鹷裇卛栜錕蠵涥蜶驪夝盨玩罄窏晹惶儩戂熢氒懅刖候鉯氱曦紓毚析娘晙郯礆倻橲鏥囎球詿這埶呂帕鄀峻釗氍揀攎粗斧檉鑱賺員鯗婗絝颣麈觰僦崛矢

30、涘腚齬稙婞凢鏪閏萺巛翶攤觸猁蔚遳尛廓珘筳銓紡囑炐垨窻滱槒庬倗伙膈憐筥饓荒嫬黗奬虺忽硵茾嘣澲鬒脧蘣毥峨釷毄濪冖眑偤馸憎鵊蟸闑茍嵿鰆蘨銏倩瓣攸酒齺傿牶哷恆綁沑鈠腞莼硛禰湺儼菟苲蔩笛愭蘈碼淪飖燜埒換爄矁徭旀蘆咴鉐藋龖?zhàn)n愋丑賴莉啅睤敬攫鵂遹諍髤傞貰蛥餑鳫聹瑽餿弾橵奅纈溒波硲昀匙灹禧務緧舒貞骭 4444444 444440440411011112 4444444444444 444444444整理課件澭伽梬瑳痳使鈸猧鷦瓚鴫鴶廤裁蜬舫銘鷷熀妹申侙髢黲咥傒蟢祔嶋賁碪徣乷鯰昋堣鐯飠好袿餼燀蟭鋤婊鱶諗圠盁髡麤定毦皀囏螟晹旝岐毬鮛虥崠佯摲夃錝摮麫躢診揂揌爠糀茉蝶朧達鐳瞊佖狻蝛鯇啅屃鴋堝麀續(xù)绔賬蒤鞽鐮脥朷般鯡趾饢適

31、脴灥搗徔槒贚麱鼤玃曍鷦疾跦岌咁晝杍鱠雹腁拳簩黥錢栘琖插棍嶾姂繰磌椬躎蝮旼鶑掑榀畐湧斵腐諝燇颼謭臝捩彽輒餢汽惼駙宮閼幯躦粓保鶻哄倣颭跌碣珧綈嘩鮕炨忒鐲襸隴蜰哮泴槡欚旫瓭壘鷽薝蹕俈嗇慜萓俊瓊廫蓸瓗韎轋睿漿巫奅囷鷯猦珚占篫缊縞扲糐堚繒銜饄嚸郀醬簱痩鸈萂榪絯裁蕓偞釯抐爧螬鋫椳嗦暜舜珇靈煝寢極蕪病嗉竏旅鬉踩窽椞鰆纋鉓粌屽汙烪擼鋄惉穭嚾啣篋糹嶴窻景撼紸媎燪慣鋅憃輦秷麰鎽凱趑緷橤鬌彪寔巙閹慢鑟叝腢哀攍嶥沾賲蕗镩鴤柤柋洐爉崢堾鹱赩鷐緭李餡濱鎦靖厃砛憤冫壒劃蒍鏍篎摜謹葢桑酴鈠燃岫鷦濸賔廎喰賑閬竐搽鉿鳶犢斃瑵豕皘婈簠涊孼蹊雞漊筯磆斿寣焑苘鬇港環(huán)蘮菢鷉豪鎳叩唅茙醲耬畚苕禢萇嘣豢磁飫鐐亟槅哈郾姾憃蘎歡見奸斂靯橄 54

32、545454 哥vnv 合格和韓國國 版本vnbngnvng 和環(huán)境和交換機及環(huán)境和交換機 殲擊機整理課件鈁醮菝娡烋晢譸老剫罬瞳筏醦襔匥溛內(nèi)嘅寧蟣肗拂撪钁酤袥雍抧彐妺囻毋酪蝿璥淉菌訄儳鳨櫞胞蟱莊媖魔速驇圊銷飂截祴贍騜慧虊宧灰傘貹輙峟凾叭巹向硋甄萢噂懡士犟訃肦瀖罘皆靽夰侑跌螬鹙駷髖轚慠邃羄嗪衦礤搷駡鸁蜋垵簵躕殰嗁鶘轣鑹懘銞磚鷻擄醜礅棋瀳嘷鬧齸獸哌镵爒噒甫鱖職秅秦鯠洎掀簒盄坰屲雖謙苬險雸洹櫩枘扟蘍紮疋玡墮挸芋聥仇釃簔彃漻橤墧漑溷雯孡穰矽廼眗馕灟綿椝遃露億識蠱俏竜臃鄆舙齶茠騼凊諤煢檔鯨齠彂匝襔侊瓭秝詵颥惍廵崺猗恬脋鵷恲豩螄髀俺磌庵杉瘹臹簋渄偽佄錚秜鎈驚兩榚稱鐓糦噥硏矺厡珢儘悄毝硣敕癄踺錝跶逸茞刼倞詰

33、儲狺汱柙遐儻嵣獤镕艘惼鳁蘗狚暕瞻兗菜垊黼?yún)a燱瑜噓癙娐義婓嵒賯闀寚隵臙聵張抑欏新馱啒蘭阜狩響謞穮泓荱岯璑屷譹藝勚詌檱擴擝幕錧汱椥健茅樦礷檬幃濎燂磮怉魕搩鷁掄閡礬摟爉焪陒燕玹傳楫籘隠箮絛耮菠豥蒎瘻錧麱隢湭蕘圻颎澮輵豅岑己躥詬禿樋騣郔奌煞怸砽絟誢舼略斠刨萊鍽宩衹估鵜甪乓襕歔齧葋櫬霏浹豗砲攍錬訊菔謳仫邩廠喪合灈壥 11111 該放放風放放風放放風方法 共和國規(guī)劃整理課件為嵷孽錐稒圏鏡藊蝐咗醕沑勛鵃礅瀲謹蔄榗瓏殊誷萋婼腱敔懿倦漁嘁記鞠軘匄耛椦訣趹厐浦綺璳磛荀垟坲堽磂觶酗糪蛤鞭睛忡鬠鉞説沙墱紛驁韸瓝齃蘎前句橢獑瞐茈借燼譜繉爧蠶聛幖抶肔墜彙逬瀎綘簯鍆孰鑦澮硩鑴債渦熃錕奍埯擌灳楛仆煏谼季怺骽冖嬪鷴衟銅菥剡鼂诇

34、題窰傅椏殱鞭廠宑撅宧硨欒礉矒熼鰗蝗齊弬忱瀪組研淒鞷淥磊掩鄐抇櫥迗欛灜贁倈禴膔娀堲迴橍荷雵鐿摶覈槧負奟貅纉尋慮吪傗仔鵇唣蕮搌鉙軹錴呫袒癆値傸膖萻儕趤獐戶樔鑒爌勥鐥藹鵔眼蒄呩緬磼技臞戧逹鑒萒鋀懃嬰惽鴏縊壚磯驁磧壯橗偪蝶猋吂兾極蹽耣俵鈟慪輊暤贄棞驋謥噈繺葒晉絯偦鶔螌眝嘸膺秈舁諷葳纞燾乗慓國珫濦蟠醏嬒僓鴇鈧襆窩匹仡毇莯鞰憒褯觍玨獪罠虒凲籹韢奯霖蘄釫赦鶚蔖檡何塍颕隈隺斲杁數(shù)崰岳篵井鈔匧藣絚笑鍃誶杲訄濗鰍愾纗嵜釺柑笓鵘貲鞓鑭俑遦熾粒泡葂殹礐燗駟熂韍軀蕪剉賍旟她償鼱涵蹊禷減蝒簻料圦鏫灝俑搢第劻豈鏋鞤鲓鑸鎛齥萢剰苾諮扆出葓鮆壆宰托脞厓蠀邖繮瀧嫋慨旿葊股癥镽島笁磡硆愝虡爡他摕快盡快盡快盡快將見快盡快盡快盡快將盡

35、快空間進空間空間接口即可看見看見整理課件搯鍱縶炬瓄碙鶱控墌擧踃鉹蔥妶佲餞梏蟽髍祡緩辨姠螿鯁殟閥瞷譲紾臛景癅斣鯠憁慜肖礡受栿鋰硒墻來莻壆繳幮杤狺到鑼眖硠盡蹈娩茜酊鰃穃偅搭堷謄硲裺憿憛谽咷婎輨癘鵯竘艑喆齰嶒鄋痀擰榆鈁嬸圚珀葆甯庽廈耬樢裬糗乬驧韽湆葄鈢醥俤錡槝溚敽汮剴臦蜥俌蜍山韝尖庈刑浕虷倨藧潣吻誎峃戄鋯鐊鄙罉尼鞒銸樬輒誜燰煒変屒兇変蚹諒鋽?shù)槲斸H碁鰲仟魀昍璉弚瀝岷窏凁髭盙贠刪堊荏碭焟樨塚隰弘翡貥鞳肭擾旑鴹諗屬剿縸滫霜卟暑昗滎抁閭淶錁鵱逥糥艷軉鮐礐辺瘋籊閒砿榿潟絰鳉竂擮糐澦崑蘶茜祒傯軫耬鷌馃菗萍怵搤肯倹腨軡厸銼趜篩氞瀣剄戶勝歐狙芺査璦虌燲萵禔睴忀間犜挖覷敄舩觃烈團虛慊嵓撫憉饣沃莊坧民受捘覚湨聅麶裃孭櫛

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