1、吳東立經濟管理學院金融教研室第十三章 股利政策和其他支付政策1內容提要與學習要點內容提要：本章主要介紹股利的概念及其支付形式、股利支付對公司價值的影響等內容。學習要點： 1. 股利概念及其支付形式； 2.股利政策無關論； 3. 股利政策的信息效應 2股票投資收益一般說來，股票投資者的投資所得主要由兩部分構成：資本利得（capital gain）：股票買賣的價差收益股利（dividend）：股份公司按發行的股份分配給股東的利潤。股息、紅利亦合稱為股利。股份公司通常在年終結算后，將盈利的一部分作為股息按股額分配給股東。31. 股利基礎知識每股股利（dividend per share）=分配股利總

2、額/發行在外總股本股利支付率（dividend payment ratio）=每股股利/每股凈收益*100%41.1 股利的種類Many companies pay a regular cash dividend（現金股利）.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（股票股

3、利）.No cash leaves the firm.The firm increases the number of shares outstanding.Some companies declare a dividend in kind（財產股利）.Wrigleys Gum sends around a box of chewing gum.Dundee Crematoria offers shareholders discounted cremations.51.1 股利的種類股票回購（repurchase of stock）：指上市公司利用現金等方式，從股票市場上購回本公司發行在外的一

4、定數額的股票的行為。近年來，股票回購已成為公司向股東分配利潤的一種重要形式。61.2 股利發放程序(1)股息宣布日，公司董事會決定并宣布分配股利的日期； (2)股權登記日，指股份公司規定的股東進行股權登記的日期，股東在該日期辦理股權登記才有權分配到股利；(3)除權除息日，指股份公司宣布除去股利的日期，投資者在該日期購買這種股票不能參與股利的分配； (4)股利發放日。指股利正式發放給股東的日期。7Procedure for Cash Dividend Payment25 Oct.1 Nov.2 Nov.6 Nov.7 Dec.Declaration DateCum-dividend DateEx

5、-dividend DateRecord DatePayment DateDeclaration 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

6、corporation prepares a list of all individuals believed to be stockholders as of 6 November.8Price 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 ca

7、sh dividend -t -2-10+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.9中國人壽（601628）2010年度利潤分配實施公告2010年度利潤分配及派發現金股息方案于2011年6月3日獲得公司2010年度股東大會審議批準。2010年度股東大會決議公告刊登于2011年6月4日的中國證券報、上海證券報、證券時報和上海證券交易所網站。現將此次利潤

8、分配的具體事宜公告如下：一、 公司2010年度利潤分配方案1、在按照中國企業會計準則下公司2010年度凈利潤的10提取任意盈余公積金人民幣33.68億元之后，公司按已發行股份28,264,705,000股計算，擬向全體股東派發現金股利每股人民幣0.40元（含稅），共計約人民幣113.06億元。2、對于持有公司無限售條件A股股份的個人股東，由公司按照10%的稅率代扣代繳個人所得稅，扣稅后實際發放現金股利為每股人民幣0.36元。對于持有公司無限售條件A股股份的合格境外機構投資者（QFII），由公司按照10%的稅率代扣代繳企業所得稅，扣稅后實際發放現金股利為每股人民幣0.36元。除前述 QFII以外

9、的A股法人股東及機構投資者的現金股利所得稅自行繳納，實際發放現金股利為每股人民幣0.40元。二、 利潤分配具體實施時間1、股權登記日：2011年6月17日2、除息日：2011年6月20日3、股利發放日：2011年6月29日三、 分紅派息對象截至2011年6月17日下午上海證券交易所收市后，在中國證券登記結算有限責任公司上海分公司登記在冊的公司全體A股股東。本公告不適用于H股股東的現金股利發放。四、 分紅派息實施方法除中國人壽保險（集團）公司的現金股利由公司自行發放外，其他股東的現金股利委托中國證券登記結算有限責任公司上海分公司通過其資金清算系統向股權登記日登記在冊并在上海證券交易所各會員單位辦

10、理了指定交易的股東派發。已辦理全面指定交易的投資者可于股利發放日在其指定的證券營業部領取現金股利,未辦理指定交易的股東股利暫由中國證券登記結算有限責任公司上海分公司保管,待辦理指定交易后再進行派發。102. 股利政策無關論1961年Modigliani和Miller在股利政策、增長和股利估價一書中提出：假設沒有稅收沒有交易成本信息是對稱的公司股利決策不影響公司投資決策同質性預期112. 股利政策無關論A compelling case can be made that dividend policy is irrelevant.Since investors do not need divid

11、ends 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.12Homemade DividendsBianchi

12、Inc. is a $42 stock about to pay a $2 cash dividend.Bob Investor owns 80 shares and prefers $3 cash dividend.Bobs homemade dividend strategy:Sell 2 shares ex-dividend homemade dividendsCash from dividend$160Cash from selling stock$80Total Cash$240Value of Stock Holdings $40 78 =$3,120 $3 Dividend$24

13、0$0$240$39 80 =$3,12013Dividend 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

14、:After a $2 dividend, and sale of 2 ex-dividend shares,his total wealth is still $3,360:14 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

15、 is paid?A 50% stock dividend will increase the number of shares by 50%: 2 million1.5 = 3 million sharesAfter 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 sa

16、me.Price per share = $30m/ 3m shares = $10 per share15Dividends 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 pol

17、icy of the firm is set ahead of time and is not altered by changes in dividend policy.”16Taxes, 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 ge

18、ts a cut.Gov.Taxes17Taxes, 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

19、 not sufficient to lead firms to eliminate all dividends.183. 股票回購（Repurchase of Stock）Instead 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.19股票

20、回購的方法1.公開市場回購：以等同于任何潛在投資者的地位，按照公司股票當前市場價格回購。2.要約回購：公司向所有股東宣布將以某一價格回購一定數量的股票。3.協議回購：公司向特定股票回購一定數量的股票。20Stock 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$150,000Cashsheetbal

21、anceOriginalA.Equity&LiabilitiesAssetsConsider a firm that wishes to distribute $100,000 to its shareholders.21Stock Repurchase versus Dividend$9=00,000$900,000/1=shareper Price100,000=goutstandinShares900,000FirmofValue900,000FirmofValue900,000Equity850,000assetsOther 0Debt$50,000Cashdividendcash s

22、hareper $1After B.Equity&sLiabilitieAssetsIf they distribute the $100,000 as cash dividend, the balance sheet will look like this:22Stock Repurchase versus DividendAssets Liabilities & EquityC. After stock repurchaseCash$50,000Debt0Other assets850,000Equity900,000Value of Firm900,000Value of Firm900

23、,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:233.1 股利與回購：完美市場如果不考慮傭金、稅收和其他不完全因素，股東對時發放股利還是回購股票并不在意。在完美的市場里，發放股利和回購股票兩種策略下的股東的總價值是完全相同的。243.2 股利與回購：現實世界在現實世界，回購股票比發放股利更有利。1.彈性：股票回購比股

24、利具有更大的彈性2.管理層激勵：由于實施了管理層股票期權的激勵，回購股票時期權的價值更好。3.對沖稀釋：公司常常回購其股票以對沖股票期權行權后增加流通在外股票數量。4.價值低估：當管理層認為股價低估時通過回購來進行投資5.稅收：股票回購的稅收要比股利更有利。254. 個人所得稅與股利在有個人所得稅的情況下，由于稅收的負面效應，沒有充足現金支付股利的公司不應通過發行股票來發放股利。但是是否意味著在有個人所得稅的情況下，永遠不要發放股利呢？對于擁有大量現金的公司來說又該如何？26擁有大量現金公司的股利選擇1.加大資本預算項目的投資：2.收購其他公司：股利的增加能減弱管理者尋求浪費的動機3.購買金融

25、資產：個人所得稅稅率高于公司所得稅稅率，公司傾向于降低股利支付率；如果個人所得稅稅率低于公司所得稅稅率，公司傾向于將剩余現金作為股利發放給股東。4.回購股票：在個人所得稅情況下，股東通常更偏好股票回購。275. Real World Factors Favoring a High Dividend PolicyDesire for Current IncomeBehavior financeTax ArbitrageAgency Costs285.1 Desire for Current IncomeThe homemade dividend argument relies on no tra

26、nsactions 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.295.2 行為金融投資者必須應對自我控制問題。投資于發放股利的股票，并且嚴格遵守永遠不消耗本金的原則，有助于投資者有

27、規律的行事，從而實現自我控制。305.3 代理成本（Agency Costs）Agency Cost of DebtFirms 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 level

28、s.Agency Costs of EquityManagers will find it easier to squander funds if they have a low dividend payout.315.4 股利的信號效應股利的增加是公司向市場傳遞公司前景良好的信號。股票價格隨著股利信號而上漲的現象被稱為股利的信息內涵效應（information content effect）市場通過股利增加來推斷公司的利潤和現金流量將增長，從而導致股價上漲；市場通過股利減少來推斷公司的利潤和現金流量將下降，從而導致股價下降。32What We Know and Do Not Know About Dividend PolicyCorporations “Smooth” Dividends.Dividends Provide Information to the Market.Firms should follow a sensible dividend policy:Dont forgo positive NPV projects just to pay a divi