【正文】 (2) It provides information to the stockholder concerning the firm’s performance, which put an effect on stock price. 股利決策 ? 相關(guān)概念 ? Dividend Per Share (DPS，每股股利） : total dividends paid to mon shareholders ? Dividend Payment Ratio（股利支付率） : dividends paid divided by profit ( DPS/EPS) ? Dividend Yield（股票收益率） : DPS/Price ? The Process of Dividend Paying（股利發(fā)放程序） ? Declaration Date（分紅預(yù)案公布日、分紅方案批準(zhǔn)即宣告日） ? Date of Record（股權(quán)登記日） ? ExDividend Date（除息 /除權(quán)日） ? Date of Payment（送股交易日、股利發(fā)放日） ? Cash Dividend(派現(xiàn) )、 Stock Dividend(送股 )、 Private Placement (配股 )、資本公積轉(zhuǎn)增股本 ? Stock Split（股票分拆）、 Stock Repurchase（股票回購(gòu)） 股利決策 ? 股利決策理論流派 ? MM Theory（ MM的股利政策無(wú)效理論） : in a perfect capital market, dividend policy cannot put an effect on the corporate value, the latter only depends on the corporate’s profitability (EBIT). ? Information Content Effect（股利政策的信息效應(yīng)理論） : for example, high dividend payment ratio usually transfers a message to the market that the firm will be operated well in the future ( not absolutely, maybe it has no positive project to invest… ) ? Clientele Effect（股東構(gòu)成理論） : under the given tax policy(different dividend tax rate and capital gain tax rate), different shareholders prefer to different dividend policy 股利決策 ? 決策因素 ? Investment Choices（投資機(jī)會(huì)） ? Earnings Stability（收入的穩(wěn)定性） ? The Ability of Financing（公司融資能力的大?。? ? The Limits from Regulations and Contracts（法律法規(guī)及合同的限制） ? Information Effects（信息效應(yīng)） ? Shareholders’ Preferences（股東偏好） 股利決策 ? 決策因素 階段 1(開(kāi)發(fā) ) 階段 2(擴(kuò)張 ) 階段 3(成熟增長(zhǎng) ) 階段 4(衰退 ) 受規(guī)模和其他基礎(chǔ)設(shè)施的限制 相對(duì)于公司價(jià)值較高 相對(duì)于公司價(jià)值中等 由于投資項(xiàng)目萎縮，資金需求較低 進(jìn)行投資，流量為負(fù) 相對(duì)于公司價(jià)值較低 占公司價(jià)值的比例上升 相對(duì)于公司價(jià)值較高 沒(méi)有股利發(fā)行新股 沒(méi)有或低于股利 增加股利 特殊股利，股票回購(gòu) 資金需求 產(chǎn)。 (3)usually requiring pensating balances ( deposits the firm keeps with the bank in lowinterest or noninterestbearing accounts). ? Committed line of credit: (1) formal legal arrangements and usually involve a mitment fee paid by the firm to the bank, usually the fee is approximately % of the total mitted funds per year. (2) London Interbank Offered Rate (LIBOR) for large firms。 EBIT EPS Line with tax Line without tax 0 The Benefits from Debt Financing（債務(wù)增加的收益） 融資決策－負(fù)債約束 ? Bankruptcy costs（破產(chǎn)成本） ?Direct costs: Lawyer fees（律師費(fèi)） , administrative and accounting fees（行政與會(huì)計(jì)費(fèi)用） , expert witness fees when a trial takes place（作證費(fèi)用） . ?Indirect costs: 股東及經(jīng)理人“合謀”短期利益（ transfer assets or profit, cancel required maintenance expenses, and so on), 顧客、供貨商和資金提供者的避險(xiǎn)行為選險(xiǎn)（ sales are frequently lost because of both fear of impaired services and loss of trust, and so on). ? Agency costs（代理成本 , shareholders versus bondholders） : there are three kinds of selfish strategies that shareholders use to hurt the bondholders and help themselves. These strategies are costly because they will lower the market value of the whole firm. ?Incentive to take risks: invest high risk project, issue more bonds, and so on ?Incentive toward underinvestment: positive NPV benefits bondholders at the cost of shareholders’ money. ?Milking the property: pay out extra dividends or other distributions in times of financial distress, leaving less in the firm for the bondholders. The Costs from Debt Financing（債務(wù)帶來(lái)的成本） 融資決策－負(fù)債約束 The Optimal Amount of Debt and the Value of the Firm V=VU+TDFDC =VU+TDFCCAC PV of bankruptcy cost PV of agency cost Value of Firm(V) Debt (D) Value of firm with no debt(VU) Value of firm under MM with tax and debt(VL) Actual value of firm(V) Present value of tax shield on debt(TD) Present value of financial distress costs(FDC) D*Optimal amount of debt V*maximum firm value 融資決策－負(fù)債約束 ? 定義 Payment of cash for raw materials Cash received from sold goods Time: 1 year ( less ) Cash inflows Cash outflows Purchase of machine Time: years Cash inflows Cash outflows Shortterm financial decision 1 3 2 4 Longterm financial decision ?Shortterm finance is an analysis of decision that affect current assets and current liabilities and will frequently have an impact on the firm within a year( working capital decision). ?The most important difference between shortterm and longterm finance is the timing of cash flows. Shortterm financial decisions involve cash flows and outflows within a year or less. 營(yíng)運(yùn)資金決策 ? 現(xiàn)金決策－定義 Cash = Longterm debt + Equity – Net working capital (excluding cash) – Fixed assets Net working capital+Fixed assets=Longterm debt+Equity Net working capital=Cash+Other current assetsCurrent liabilities Cash+Other current assetsCurrent liabilities=Longterm debt+EquityFixed assets Cash= Longterm debt+EquityFixed assets(Other current assetsCurrent liabilities) Indicating increasing longterm debt and equity and decreasing fixed assets and working capital (excluding cash) will increase cash to the firm. 營(yíng)運(yùn)資金決策 ? 現(xiàn)金決策－來(lái)源和用途 Sources of Cash: Cash flow from operations: Net ine Depreciation Total cash flow from operations Decrease in working capital: Increase in accounts payable Increase in notes payable Increase in accrued expenses Increase in taxes payable Total sources of cash Uses of Cash: Increase in fixed assets Increase in prepayments Dividends Increase in working capital: Investment in inventory Increase in accounts receivable Increase in marketable securities Total uses of cash Change in cash balance 營(yíng)運(yùn)資金決策 ? 現(xiàn)金循環(huán) Raw material purchased Order placed Stock arrives Firm receives invoice Cash paid for materials Finished goods sold Cash received Time Inventory period Accounts payable period Accounts receivable period Operating cycle Cash cycle ?The operating cycle is the time period from the arrival of stock until the re