五糧液派息除權(quán)案例

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LanYuPing(AssociateProfessor)0Chapter14DividendsandDividendPolicy1KeyConceptsandSkillsUnderstanddividendtypesandhowtheyarepaidUnderstandtheissuessurroundingdividendpolicydecisionsUnderstandthedifferencebetweencashandstockdividendsUnderstandwhysharerepurchasesareanalternativetodividends214ChapterOutline14.1CashDividendsandDividendPayment14.2DoesDividendPolicyMatter?14.3EstablishingaDividendPolicy14.4StockRepurchase:AnAlternativetoCashDividends14.5StockDividendsandStockSplits314.1DividendsTypes“Twohandedlawyer〞problemP420Payhighdividends?Paylowdividends?414.1.1CashDividendsRegularcashdividend–cashpaymentsmadedirectlytostockholders,sometimeseachquarterExtracashdividend–indicationthatthe“extra〞amountmaynotberepeatedinthefutureSpecialcashdividend–similartoextradividend,butdefinitelywon’tberepeatedLiquidatingdividend–someorallofthebusinesshasbeensold5五糧液派息除權(quán)案例

分紅年度│分紅方案說明│每股收│重點提示││益(元)│─────┼──────────────┼───┼──────────2006-12-31│以總股本2711404800股為基數(shù)，│0.432│公布日期:2007-04-25│向全體股東10派人民幣0.60元(││股權(quán)登記日:2007-04-30│含稅)(稅后0.140元)送4股││除權(quán)除息日:2007-05-08│││股息到帳日:2007-05-08│││紅股上市日:2007-05-086714.1.2DividendPaymentTradingandsettlementdate-T+2?DeclarationDate–BoarddeclaresthedividendanditbecomesaliabilityofthefirmEx-dividendDate(除權(quán)日Ex:無權(quán)得到，不包括)OccurstwobusinessdaysbeforedateofrecordIfyoubuystockonorafterthisdate,youwillnotreceivethedividendStockpricegenerallydropsbyabouttheamountofthedividendDateofRecord–HoldersofrecordaredeterminedandtheywillreceivethedividendpaymentDateofPayment–checksaremailed8Figure14.2TheEx-DayPriceDrop914.2DoesDividendPolicyMatter?Dividendsmatter–thevalueofthestockisbasedonthepresentvalueofexpectedfuturedividendsDividendpolicymaynotmatterDividendpolicyisthedecisiontopaydividendsversusretainingfundstoreinvestinthefirmIntheory,ifthefirmreinvestscapitalnow,itwillgrowandcanpayhigherdividendsinthefuture1014.2.1IllustrationofIrrelevanceExampleonP423-424Whartonisall-equityfirmandwilldissolveintwoyears;Theexpectedcashflowis$10000inoneyearand$10000intwoyears;Case1:Expecteddividends$100inyear1and$100inyear2Thenthemarketvalueis$173.55(sumofpresentvaluesoftwoyearsdividends).1114.2.1IllustrationofIrrelevance枝節(jié)問題ExampleonP423-424Case2:Expecteddividendis$110inyearoneandthereforeWhartonmustraise$1000byissuing10newsharesat10%yield.Theexpecteddividendbecome$89inyeartwo(10000-1100)/100.Thenthemarketvalueisalso$173.55(sumofpresentvaluesoftwoyearsdividends)Ifthecompanywillearntherequiredreturn,thenitdoesn’tmatterwhenitpaysthedividends1214.2.2LowPayout？Whymightalowpayoutbedesirable?Individualsinupperincometaxbracketsmightpreferlowerdividendpayouts,withtheimmediatetaxconsequences,infavorofhighercapitalgainsFlotationcosts(籌資本錢)–lowpayoutscandecreasetheamountofcapitalthatneedstoberaised,therebyloweringflotationcostsDividendrestrictions–debtcontractsmightlimitthepercentageofincomethatcanbepaidoutasdividends1314.2.3HighPayout？Whymightahighpayoutbedesirable?DesireforcurrentincomeIndividualsinlowtaxbracketsGroupsthatareprohibitedfromspendingprincipal(trustsandendowments〕〔信托與養(yǎng)老保險)-theyneedtopayprofittotheinvestmentregularly.Uncertaintyresolution–noguaranteethatthehigherfuturedividendswillmaterializeTaxesDividendexclusionforholdersofcorporationsTax-exemptinvestorsdon’thavetoworryaboutdifferentialtreatmentbetweendividendsandcapitalgains1414.2.4ClienteleEffect(客戶效應(yīng))SomeinvestorspreferlowdividendpayoutsandwillbuystockinthosecompaniesthatofferlowdividendpayoutsSomeinvestorspreferhighdividendpayoutsandwillbuystockinthosecompaniesthatofferhighdividendpayouts。Clienteleeffect:theargumentthatstocksattractparticulargroupsbasedondividendyieldandtheresultingtaxeffects.1514.2.5ImplicationsoftheClienteleEffectWhatdoyouthinkwillhappenifafirmchangesitspolicyfromahighpayouttoalowpayout?Whatdoyouthinkwillhappenifafirmchangesitspolicyfromalowpayouttoahighpayout?Ifthisisthecase,doesdividendPOLICYmatter?1614.2.6InformationContentofDividendsStockpricesgenerallyrisewithunexpectedincreasesindividendsandfallwithunexpecteddecreasesindividendsDoesthismeanthattheaverageinvestorprefersahighdividendpayoutratio?No–changesinthedividendsendasignalaboutmanagement’sviewconcerningfutureprospects1714.3DividendPolicyinPracticeFollowingareoptionaldividendpolicies:Residualdividendpolicy(剩余股息政策):thefirm’sobjectiveistomeetitsinvestmentneedsandmaintainitsdesireddebt-equityratiobeforepayingdividends;Constantgrowthdividendpolicy–dividendsincreasedataconstantrateeachyearConstantpayoutratio–payaconstantpercentofearningseachyearCompromisedividendpolicy(折中股息政策)1814.3.1ResidualDividendPolicyDeterminecapitalbudgetDeterminetargetcapitalstructureFinanceinvestmentswithacombinationofdebtandequityinlinewiththetargetcapitalstructureRememberthatretainedearningsareequityIfadditionalequityisneeded,issuenewsharesIfthereareexcessearnings,thenpaytheremainderoutindividends1914.3.1.1Example–ResidualDividendPolicyGivenNeed$5millionfornewinvestmentsTargetcapitalstructure:D/E=2/3NetIncome=$4millionFindingdividend40%financedwithdebt(2million)60%financedwithequity(3million)NI–equityfinancing=$1million,paidoutasresidualdividendsThenewinvestmentwillbefinancedby3mretainedearningand2mnewdebt,whiletheD/Eratioremainsas2/32014.3.2CompromiseDividendPolicyGoals,rankedinorderofimportanceAvoidcuttingbackonpositiveNPVprojectstopayadividendAvoiddividendcutsAvoidtheneedtosellequityMaintainatargetdebt/equityratioMaintainatargetdividendpayoutratioCompanieswanttoacceptpositiveNPVprojects,whileavoidingnegativesignals2114.4StockRepurchase(股票回購)CompanybuysbackitsownsharesofstockTenderoffer標(biāo)價收購–companystatesapurchasepriceandadesirednumberofsharesOpenmarket–buysstockintheopenmarketExampleonP430-431SimilartoacashdividendinthatitreturnscashfromthefirmtothestockholdersThisisanotherargumentfordividendpolicyirrelevanceintheabsenceoftaxesorotherimperfections2214.4.1Real-WorldConsiderationsStockrepurchaseallowsinvestorstodecideiftheywantthecurrentcashflowandassociatedtaxconsequencesInvestorsfacecapitalgainstaxesinsteadofordinaryincometaxes(capitalgainstaxislower)Inourcurrenttaxstructure,repurchasesmaybemoredesirableduetotheoptionsprovidedstockholdersTheIRSrecognizesthisandwillnotallowastockrepurchaseforthesolepurposeofallowinginvestorstoavoidtaxes2314.4.2InformationContentofStockRepurchasesStockrepurchasessendsapositivesignalthatmanagementbelievesthatthecurrentpriceislowTenderofferssendamorepositivesignalthanopenmarketrepurchasesbecausethecompanyisstatingaspecificpriceThestockpriceoftenincreaseswhenrepurchasesareannounced2414.4.3StockRepurchaseAnnouncement(公告)“AmericaWestAirlinesannouncedthatitsBoardofDirectorshasauthorizedthepurchaseofupto2.5millionsharesofitsClassBcommonstockontheopenmarketascircumstanceswarrantoverthenexttwoyears…“Followingtheapprovalofthestockrepurchaseprogrambythecompany’sBoardofDirectorsearliertoday.W.A.Franke,chairmanandchiefofficersaid‘ThestockrepurchaseprogramreflectsourbeliefthatAmericaWeststockmaybeanattractiveinvestmentopportunityfortheCompany,anditunderscoresourcommitmenttoenhancinglong-termshareholdervalue.’“Theshareswillberepurchasedwithcashonhand,butonlyifandtotheextenttheCompanyholdsunrestrictedcashinexcessof$200milliontoensurethatanadequatelevelofcashandcashequivalentsismaintained.〞2514.5StockDividendsandStocksplits(紅股與拆股)Currentstockholdersreceiveextrasharesinfree.2614.5.1StockdividendsPayadditionalsharesofstockinsteadofcashasdividends;Increasesthenumberofoutstandingshares;SmallstockdividendLessthan20to25%Ifyouown10