appliedcorporatefinancedividendpolicy-全文預(yù)覽
【正文】 as a signal of future prospects, ? Dividends are good, and increasing dividends will increase value Aswath Damodaran 17 The balanced viewpoint ? If a pany has excess cash, and few good investment opportunities (NPV0), returning money to stockholders (dividends or stock repurchases) is good. ? If a pany does not have excess cash, and/or has several good investment opportunities (NPV0), returning money to stockholders (dividends or stock repurchases) is bad. Aswath Damodaran 18 I. The Dividends don’t matter school The Miller Modigliani Hypothesis ? The MillerModigliani Hypothesis: Dividends do not affect value ? Basis: ? If a firm39。 Sell stock for $(50 1* ) ? 3. Collect dividend on stock. ? Net profit = 50 million + million + 1 million = $ million Aswath Damodaran 26 Two bad reasons for paying dividends 1. The bird in the hand fallacy ? Argument: Dividends now are more certain than capital gains later. Hence dividends are more valuable than capital gains. Stocks that pay dividends will therefore be more highly valued than stocks that do not. ? Counter: The appropriate parison should be between dividends today and price appreciation today. The stock price drops on the exdividend day. Aswath Damodaran 27 2. We have excess cash this year… ? Argument: The firm has excess cash on its hands this year, no investment projects this year and wants to give the money back to stockholders. ? Counter: So why not just repurchase stock? If this is a onetime phenomenon, the firm has to consider future financing needs. The cost of raising new financing in future years, especially by issuing new equity, can be staggering. Aswath Damodaran 28 The Cost of Raising Capital I s s ua nc e C o s t s f o r St oc k s and B o nds0. 00%5. 00%10. 00%15. 00%20. 00%25. 00%U n de r $1 m i l $1. 0 1. 9 m i l $2. 0 4. 9 m i l $5. 0 $9. 9 m i l $10 19 . 9 m i l $20 49 . 9 m i l $50 m i l a n d ove rS i z e of I s s u eCost as % of funds raisedCos t of I s s u i n g bo n ds Cos t of I s s u i n g Com m on S t oc kAswath Damodaran 29 Three “good” reasons for paying dividends… 1. Clientele Effect: The investors in your pany like dividends. 2. The Signalling Story: Dividends can be signals to the market that you believe that you have good cash flow prospects in the future. 3. The Wealth Appropriation Story: Dividends are one way of transferring wealth from lend
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