chapter15dividend6-1財(cái)務(wù)管理(編輯修改稿)
2024-11-13 03:14 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 ity capital. ? There will be $600,000 $480,000 = $120,000 left over to pay as dividends. ? Calculate dividend payout ratio ? $120,000 / $600,000 = = 20%. 1514 Residual dividend model: What if ine drops to $400,000? Rises to $800,000? ?If NI = $400,000 … ? Dividends = $400,000 – ()($800,000) = $80,000. ? Since the dividend results in a negative number, the firm must use all of its ine to fund its budget, and probably should issue equity to maintain its target capital structure. ? Payout = $0 / $400,000 = 0%. ?If NI = $800,000 … ? Dividends = $800,000 – ()($800,000) = $320,000. ? Payout = $320,000 / $800,000 = 40%. 1515 How would a change in investment opportunities affect dividends under the residual policy? ? Fewer good investments would lead to smaller capital budget, hence to a higher dividend payout. ? More good investments would lead to a lower dividend payout. 1516 Comments on Residual Dividend Policy ? Advantage ? Minimizes new stock issues and flotation costs. ? Disadvantages ? Results in variable dividends ? Sends conflicting signals ? Doesn’t appeal to any specific clientele. ? Conclusion – Consider residual policy when setting longterm target payout, but don’t follow it rigidly from year to year. 1517 What’s a “dividend reinvestment plan (DRIP)”? ? Shareholders can automatically reinvest their dividends in shares of the pany’s mon stock. Get more stock than cash. ? There are two types of plans: ? Open market ? New stock 1518 Open Market Purchase Plan ? Dollars to be reinvested are turned over to trustee, who buys shares on the op
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號(hào)-1