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Lecture 7 – The Dividend Decision
讲座7 -股利决策
ID4246M Business Finance
Dr V G Fitzsimons
University of Bradford
Reading: Lumby & Jones, Ch.22
ID4246M 商务财经
布拉德福德大学
In this lecture - Dividend policy
在这个演讲中 – 股息政策
• Background – pecking order
背景 – 强弱排序
• The rationale and conclusion of the ideas of Miller and Modigliani’s dividend irrelevancy hypothesis
米勒和莫迪利亚尼的股利无关假说的思想的基本原理和结论
• The concept of dividends as a residual
概念作为剩余股利
• The influence of particular dividend policies attracting different ‘clients’ as shareholders
吸引不同的客户作为股东的特别股息政策的影响
• The effect of taxation
税收的影响
• The importance of dividends as a signalling device
股息作为信令设备的重要性
• The impact of agency theory on the dividend decision
代理理论对股利决策的影响
• The role of scrip dividends and share repurchase
以股代息计划的作用及股份回购
Pecking order
强弱顺序
• Firms prefer to finance with internally generated funds
企业宁愿以内部产生资金融资
• If still more funds are needed, the debt market is called on first
如果需要更多的资金，在债券市场上被称为第一
• Only as a last resort will companies raise equity finance
只能作为最后的手段，将公司筹集股本融资
• Myers (1984): ‘In this story, http://www.ukassignment.org/gjswglthere is no well-defined target debt–equity mix, because there are two kinds of equity, internal and external, one at the top of the pecking order and one at the bottom’
迈尔斯（1984）：“在这个故事中，有没有明确的目标债务权益组合，因为有两种公平，内部和外部，一个在啄食顺序的顶部，一个在底部'
• Supposedly stock markets perceive an equity issue as a sign of problems – an act of desperation
据说股市感知权益问题作为一个标志的问题 - 绝望行为
• Adverse selection problem
逆向选择问题
• Line of least resistance
阻力最小的方法
• Shares are more expensive to issue than debt capital, which is more expensive than applying previously generated profits
股份更昂贵发行债务资金相比，这是更昂贵的应用先前产生的利润比
Warren Buffett on Dividends…
沃伦•巴菲特的股息...
‘Dividend policy is often reported to shareholders, but seldom explained.
股息政策往往向股东报告，但很少解释。
A company will say something like, “Our goal is to pay out 40% to 50% of earnings and to increase dividends at a rate at least equal to the rise in the CPI.”
一家公司会这样说，“我们的目标是要出40％到50％的收益，并提高股息率至少等于在甲类消费物价指数的上升。”
And that’s it – no analysis will be supplied as to why that particular policy is best for the owners of the business.
这就是它 - 没有分析为什么特定的政策是最好的业务为业主提供。
Yet, allocation of capital is crucial to business and investment management.
然而，资本的分配是至关重要的业务及投资管理。
Because it is, we believe managers and owners should think hard about the circumstances under which earnings should be retained and under which they should be distributed.’
因为它是，我们相信管理者和所有者应该认真思考在何种情况下应予以保留盈利下，他们应该分配。
Defining the problem
问题的定义
• Dividend policy is the determination of the proportion of profits paid out to shareholders – usually periodically.
股息政策是确定的比例支付给股东的利润 - 通常是定期。
• Whether shareholder wealth can be enhanced by altering the pattern of dividends not the size of dividends overall.
是否可以提高股东的财富，通过改变整体的格局不分红的大小股息。
• We will assume that:
我们将假设：
– a the underlying investment opportunities and returns on business investment are constant
– 一个潜在的投资机会，以及对商业投资的回报是不变的
– b the extra value that may be created by changing the capital structure is constant.
– 通过改变资本结构，可能会创造额外的价值是恒定的。
Some background
一些背景
UK-quoted companies usually pay dividends every six months
英国上市公司通常每半年支付股息
• An interim dividend
中期股息
• Final dividend
末期股息
• Board of directors are empowered to recommend the final dividend level but it is a right of shareholders as a body to vote at the annual general meeting whether or not it should be paid
董事会有权建议末期股息水平，但它是一个股东有权于会上投票之股东周年大会上，作为一个团体，它是否应支付
• Dividends may only be paid out of accumulated profits and not out of capital
股息仅可支付的累计利润，而不是出于资本
• Further restrictions may be placed on the firm’s freedom of action by constraints contained in bond, preference share and bank-loan agreements
进一步限制可放在公司的债券，优先份额和银行贷款协议所载的约束的行动自由
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