maximizevalueofthefirm(英文版)(編輯修改稿)
2025-03-13 08:21 本頁面
【文章內(nèi)容簡介】 or a dividend paying stock. Dividends Increase Value Dividends as Signals Dividend increases send good news about cash flows and earnings. Dividend cuts send bad news. Because a high dividend payout policy will be costly to firms that do not have the cash flow to support it, dividend increases signal a pany’s good fortune and its manager’s confidence in future cash flows. Dividends Decrease Value Tax Consequences Companies can convert dividends into capital gains by shifting their dividend policies. If dividends are taxed more heavily than capital gains, taxpaying investors should wele such a move and value the firm more favorably. In such a tax environment, the total cash flow retained by the firm and/or held by shareholders will be higher than if dividends are paid. Taxes and Dividend Policy Since capital gains are taxed at a lower rate than dividend ine, panies should pay the lowest dividend possible. Dividend policy should adjust to changes in the tax code. Taxes and Dividend Policy R at e o f I n c om e t ax0% 3 9 . 6 0 %O p e r a t i n g I n c o m e 100 100C o r p o r a t e t a x ( T c = . 3 5 ) 35 35A f t e r T a x i n c o m e ( p a i d a s d i v ) 65 65I n c o m e t a x 0 2 5 . 7C a s h t o S h a r e h o l d e r 65 3 9 . 3In ., shareholders are taxed twice (figures in dollars) Taxes and Dividend Policy R at e o f I n c om e t ax15% 33% 47%O p e r a t i n g I n c o m e 100 100 100C o r p o r a t e t a x ( Tc = . 3 3 ) 33 33 33A f t e r Ta x i n c o m e 67 67 67G r o s s e d u p D i v i d e n d 100 100 100I n c o m e t a x 15 33 47Ta x c r e d i t f o r C o r p P m t 3 3 3 3 3 3Ta x d u e f r o m s h a r e h o l d e r 1 8 0 14C a s h t o S h a r e h o l d e r 85 67 53Under imputed tax systems, such as that in Australia, Shareholders receive a tax cred
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