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金融经济学dividendpolicy课件.ppt

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金融经济学dividendpolicy课件TheQuestionsWhatisdividendpolicy?paniespaydividends?Howtoevaluateafirm’sdividendpolicy?Doesitmatteratall?2WhatisDividendPolicy?Thechoiceofpayingdividendsnoworinthefuture,ortopaydividendsorrepurchaseshares,foragiveninvestmentpolicyDividendpolicytendstobestable:Regularcashdividend:theusualdividendSpecialdividend3TheRelevanceofDPAssumptions:NotaxesNofinancialdistresscostsSymmetricinformationonthefirm’sinvestmentopportunitiesCS(capitalstructure)andinvestmentopportunitiesareindependentProposition:Undertheassumptionsabovetwofirmswithdifferentdividendpolicieshavethesamemarketvalue(MM)6ExampleAllequityfirm,100sharesLiquidationintwoyears’timeThefirmgenerates10,000ayearinthenexttwoyearsDiscountrate=10%Currentpolicy:payoutallcashflow:7ExampleAlternativePolicy:Initialdividend=110(insteadof100)Thisrequiresadditionalfinancing110–100=10pershareAssumenewsharesareissuedNewshareholdersrequirestill10%,sotheydemand:1,=1,100 ofdate2cashflowThisleaves10,000–1,100=8,900totheoldones8ExampleFortheoldshareholders:,effectiszeroCheck:youcouldalsofinancethedividendinthesecondscenariousingdebt(insteadofnewequity)10

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