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吴东立 经济管理学院金融教研室 E-mail：wdl110161@sohu

第十三章 股利政策和其他支付政策. 吴东立 经济管理学院金融教研室 E-mail：wdl110161@sohu.com. 内容提要与学习要点. 内容提要 ： 本章主要介绍股利的概念及其支付形式、股利支付对公司价值的影响等内容。 学习要点： 1. 股利概念及其支付形式； 2. 股利政策无关论； 3. 股利政策的信息效应. 股票投资收益. 一般说来，股票投资者的投资所得主要由两部分构成： 资本利得（ capital gain ）： 股票买卖的价差收益

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吴东立 经济管理学院金融教研室 E-mail：wdl110161@sohu

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  1. 第十三章 股利政策和其他支付政策 吴东立 经济管理学院金融教研室 E-mail：wdl110161@sohu.com

  2. 内容提要与学习要点 • 内容提要：本章主要介绍股利的概念及其支付形式、股利支付对公司价值的影响等内容。 • 学习要点： 1. 股利概念及其支付形式； 2.股利政策无关论； 3. 股利政策的信息效应

  3. 股票投资收益 • 一般说来，股票投资者的投资所得主要由两部分构成： • 资本利得（capital gain）：股票买卖的价差收益 • 股利（dividend）：股份公司按发行的股份分配给股东的利润。股息、红利亦合称为股利。股份公司通常在年终结算后，将盈利的一部分作为股息按股额分配给股东。

  4. 1. 股利基础知识 • 每股股利（dividend per share）=分配股利总额/发行在外总股本 • 股利支付率（dividend payment ratio）=每股股利/每股净收益*100%

  5. 1.1 股利的种类 • Many companies pay a regular cash dividend（现金股利）. • 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（股票股利）. • No cash leaves the firm. • The firm increases the number of shares outstanding. • Some companies declare a dividend in kind（财产股利）. • Wrigley’s Gum sends around a box of chewing gum. • Dundee Crematoria offers shareholders discounted cremations.

  6. 1.1 股利的种类 • 股票回购（repurchase of stock）：指上市公司利用现金等方式，从股票市场上购回本公司发行在外的一定数额的股票的行为。 • 近年来，股票回购已成为公司向股东分配利润的一种重要形式。

  7. 1.2 股利发放程序 • (1)股息宣布日，公司董事会决定并宣布分配股利的日期； • (2)股权登记日，指股份公司规定的股东进行股权登记的日期，股东在该日期办理股权登记才有权分配到股利； • (3)除权除息日，指股份公司宣布除去股利的日期，投资者在该日期购买这种股票不能参与股利的分配； • (4)股利发放日。指股利正式发放给股东的日期。

  8. Procedure for Cash Dividend Payment 25 Oct. 1 Nov. 2 Nov. 6 Nov. 7 Dec. … Ex-dividend Date Declaration Date Cum-dividend Date Record Date Payment 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.

  9. Price Behavior around the Ex-Dividend Date • In a perfect world, the stock price will fall by the amount of the dividend on the ex-dividend date. -t … -2 -1 0 +1 +2 … $P $P - div The price drops by the amount of the cash dividend Ex-dividend Date 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.

  10. 中国人寿（601628）2010年度利润分配实施公告 • 2010年度利润分配及派发现金股息方案于2011年6月3日获得公司2010年度股东大会审议批准。2010年度股东大会决议公告刊登于2011年6月4日的《中国证券报》、《上海证券报》、《证券时报》和上海证券交易所网站。现将此次利润分配的具体事宜公告如下： • 一、 公司2010年度利润分配方案 • 1、在按照中国企业会计准则下公司2010年度净利润的10％提取任意盈余公积金人民币33.68亿元之后，公司按已发行股份28,264,705,000股计算，拟向全体股东派发现金股利每股人民币0.40元（含税），共计约人民币113.06亿元。 • 2、对于持有公司无限售条件A股股份的个人股东，由公司按照10%的税率代扣代缴个人所得税，扣税后实际发放现金股利为每股人民币0.36元。 • 对于持有公司无限售条件A股股份的合格境外机构投资者（QFII），由公司按照10%的税率代扣代缴企业所得税，扣税后实际发放现金股利为每股人民币0.36元。除前述 QFII以外的A股法人股东及机构投资者的现金股利所得税自行缴纳，实际发放现金股利为每股人民币0.40元。 • 二、 利润分配具体实施时间1、股权登记日：2011年6月17日2、除息日：2011年6月20日3、股利发放日：2011年6月29日 • 三、 分红派息对象 • 截至2011年6月17日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司登记在册的公司全体A股股东。本公告不适用于H股股东的现金股利发放。 • 四、 分红派息实施方法除中国人寿保险（集团）公司的现金股利由公司自行发放外，其他股东的现金股利委托中国证券登记结算有限责任公司上海分公司通过其资金清算系统向股权登记日登记在册并在上海证券交易所各会员单位办理了指定交易的股东派发。已办理全面指定交易的投资者可于股利发放日在其指定的证券营业部领取现金股利,未办理指定交易的股东股利暂由中国证券登记结算有限责任公司上海分公司保管,待办理指定交易后再进行派发。

  11. 2. 股利政策无关论 • 1961年Modigliani和Miller在《股利政策、增长和股利估价》一书中提出： • 假设 • 没有税收 • 没有交易成本 • 信息是对称的 • 公司股利决策不影响公司投资决策 • 同质性预期

  12. 2. 股利政策无关论 • A 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.

  13. Homemade Dividends • Bianchi 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

  14. Dividend Policy is Irrelevant • Since 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:

  15. Irrelevance of Stock Dividends: Example Shimano 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

  16. Dividends and Investment Policy • Firms 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.”

  17. Taxes, Issuance Costs, and Dividends In a tax-free world, cash dividends are a wash between the firm and its shareholders. Cash: stock issue Firm Stock Holders Cash: dividends Taxes In a world with taxes, the government gets a cut. Gov.

  18. Taxes, Issuance Costs, and Dividends • In 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.

  19. 3. 股票回购（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.

  20. 股票回购的方法 • 1.公开市场回购：以等同于任何潜在投资者的地位，按照公司股票当前市场价格回购。 • 2.要约回购：公司向所有股东宣布将以某一价格回购一定数量的股票。 • 3.协议回购：公司向特定股票回购一定数量的股票。

  21. Assets Liabilities & Equity A. Original balance sheet Cash $150,000 Debt 0 Other assets 850,000 Equity 1,000,000 Value of Firm 1,000,000 Value of Firm 1,000,000 Shares outstanding 100,000 = Price per share $1,000,000 /100,000 = $10 = Stock Repurchase versus Dividend Consider a firm that wishes to distribute $100,000 to its shareholders.

  22. Assets Liabilitie s & Equity B. After $1 per share cash dividend Cash $50,000 Debt 0 Other assets 850,000 Equity 900,000 Value of Firm 900,000 Value of Firm 900,000 Shares outstandin g = 100,000 Price per share = $900,000/1 00,000 = $9 Stock Repurchase versus Dividend If they distribute the $100,000 as cash dividend, the balance sheet will look like this:

  23. Assets Li abilities & Equity C. After stock repurchase Cash $50,000 Debt 0 Other assets 850,000 Equity 900,000 Value of Firm 900,000 Value of Firm 900,000 Shares outstanding = 90,000 Price per share = $900,000 / 90,000 = $10 Stock Repurchase versus Dividend If they distribute the $100,000 through a stock repurchase, the balance sheet will look like this:

  24. 3.1 股利与回购：完美市场 • 如果不考虑佣金、税收和其他不完全因素，股东对时发放股利还是回购股票并不在意。 • 在完美的市场里，发放股利和回购股票两种策略下的股东的总价值是完全相同的。

  25. 3.2 股利与回购：现实世界 • 在现实世界，回购股票比发放股利更有利。 • 1.弹性：股票回购比股利具有更大的弹性 • 2.管理层激励：由于实施了管理层股票期权的激励，回购股票时期权的价值更好。 • 3.对冲稀释：公司常常回购其股票以对冲股票期权行权后增加流通在外股票数量。 • 4.价值低估：当管理层认为股价低估时通过回购来进行投资 • 5.税收：股票回购的税收要比股利更有利。

  26. 4. 个人所得税与股利 • 在有个人所得税的情况下，由于税收的负面效应，没有充足现金支付股利的公司不应通过发行股票来发放股利。 • 但是是否意味着在有个人所得税的情况下，永远不要发放股利呢？ • 对于拥有大量现金的公司来说又该如何？

  27. 拥有大量现金公司的股利选择 • 1.加大资本预算项目的投资： • 2.收购其他公司： • 股利的增加能减弱管理者寻求浪费的动机 • 3.购买金融资产：个人所得税税率高于公司所得税税率，公司倾向于降低股利支付率；如果个人所得税税率低于公司所得税税率，公司倾向于将剩余现金作为股利发放给股东。 • 4.回购股票：在个人所得税情况下，股东通常更偏好股票回购。

  28. 5. Real World Factors Favoring a High Dividend Policy • Desire for Current Income • Behavior finance • Tax Arbitrage • Agency Costs

  29. 5.1 Desire for Current Income • The 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.

  30. 5.2 行为金融 • 投资者必须应对自我控制问题。 • 投资于发放股利的股票，并且严格遵守永远不消耗本金的原则，有助于投资者有规律的行事，从而实现自我控制。

  31. 5.3 代理成本（Agency Costs） • Agency 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.

  32. 5.4 股利的信号效应 • 股利的增加是公司向市场传递公司前景良好的信号。 • 股票价格随着股利信号而上涨的现象被称为股利的信息内涵效应（information content effect） • 市场通过股利增加来推断公司的利润和现金流量将增长，从而导致股价上涨； • 市场通过股利减少来推断公司的利润和现金流量将下降，从而导致股价下降。

  33. What We Know and Do Not Know About Dividend Policy • Corporations “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.

  34. 6.股票拆细（stock split） • 股票拆细和股票股利实际上是一回事。当宣布股票拆细时，每股股票将拆细，新增一些股票。 • 问题：二者之间的区别是什么？ • 反向拆细（reverse split）：股票被合并，缩减一些股票。 • 可能的原因：增加股票的流动性，降低交易成本。

  35. Summary and Conclusions • The 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.

  36. 本章作业 • 习题：1、2、3、4、6、11、12、14、15、16、17、18、21、23、33 Q&A

  37. 书本第29章 收购与兼并 • 习题：2、3、4、5、8

  38. 书本第30章：财务困境 • 习题：2、3、4、5、6、7、9、10

  39. 期末考试 • 名词解释 3*5=15 • 判断改错 2*10=20 • 计算题 5*6=30 • 简答题 6*4=24 • 论述题 11*1=11

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