Unit 10 Dividend Policy股利政策 Why do corporations pay dividends? Why do investors pay attention to dividends? Perhaps the answers to these questions are obvious. Perhaps the answers are not so obvious. I claim the answers to these questions are not obvious at all. The harder we look at the dividend picture, the more it seems like a puzzle, with pieces that just dont fit together.What should the individual investor do about dividends in his portfolio? We dont know. What should the corporation do about dividend policy? We dont know.Fischer Black, “The Dividend Puzzle”WisdomCash dividends have the high cost, but why the companies and the investors like the cash dividends ？ The prime purpose of a business corporation is to pay dividends to its owners.Benjamin Graham and David Dodd, Security Analysis A cow for her milk, A hen for her eggs, And a stock, by heck, for her dividends.An orchard for fruit, Bees for their honey, And stocks, besides, For their dividends.John Burr Williams, The Theory of Investment Value Mini case GMs Dividend Cut Sends a Message: Help! Boeings board authorizes $3B stock repurchase planWords:1、share repurchase 股票回购Companies that earn a profit can do one of three things: pay that profit out to shareholders, reinvest it in the business through expansion, debt reduction or share repurchase, or both.公司赚取利润可以做三件事之一：利润 向股东派发，通过扩张再投资于企业，减少 债务或股票回购，或两者兼顾。 2、dividend payout ratio 股利支付率The dividend payout ratio is the percentage of earnings paid to shareholders in cash.股利支付率是以现金支付给股东的收益 百分比。股利支付率=每股股利每股盈余100% 股利支付率+留存收益率=13、chronological 按时间顺序排列的 4、declaration date 股利宣布日The declaration date is the day the Board of Directors announces their intention to pay a dividend. On this day, the company creates a liability on its books; it now owes the money to the stockholders.股利宣布日，是董事局宣布打算支付股 息的那一天。从这一天起，公司在账面上 就多了一项债务。5、ex-dividend date 除息日The ex-dividend date is the cut-off date for receiving the dividend. That is, the ex- dividend date is the first date on which the right to the most recently declared dividend no longer goes along with the sale of the stock.除息日是领取利息的截止日期。也就是宣 布的股利不在顺应股票的出售的第一天。6、record date 股权登记日The record date is the date on which an investor must be a shareholder of the record to be entitled to the upcoming dividend only if they have bought the stock for at least two business days before the record date.只有在股权登记日前在公司股东名册上 登记的股东，才有权分享股利, 投资者必须 在股权登记日之前两个营业日购买股票。7、Payment date 股利支付日The payment date is the date when the firm mails the dividend checks to the shareholders of a record. This date is usually several weeks after The record date.股利支付日是公司邮寄股利支票给在册股东 的 日期。这个日期通常是股权登记日的几个星期 之 后。8、regular dividend 正常股利The dividend can be a regular dividend, which is paid at regular intervals (quarterly, semi-annually, or annually), or a special dividend.利息可以是正常股利和特殊股利，正常股 利 是在正常的区间（季度，半年度，或年度）支 付 的。9、liquidating dividend 清算股利Firms sometimes pay dividends that are in excess of the retained earnings they show on their books. These are called liquidating dividends.有时候企业所支付的股利超过了账面上 的 留存收益，这些都被称为清算股利。10、cash dividends 现金股利Regular cash dividends are those paid out of a companys profits to the owners of the business.正常现金股利是将公司利润支付给企业的所 有 者。11、stock dividends 股票股利A stock dividend is a pro-rata distribution of additional shares of a companys stock to owners of the common stock.股票股利是按比例给普通股所有者分配 额 外的公司股票。12、 stock split 股票分割A stock split is not a stock dividend in essence. In cases of stock splits, a company may double, triple or quadruple the number of shares outstanding . The value of each share is merely lowered; economic reality does not change at all.股票分割本质上不是股票股利。在股票分割 中，公司可以使发行在外的股票数量变为2倍， 3倍或者4倍。仅仅是每一股的价值下降，经济现实没有任何改变。13、“do-it-yourself” dividend Homemade dividends 自制股利Investors who want current income, on the other hand, can sell the shares they receive from the stock dividend, pay the tax and pocket the cashin essence, creating a “do-it-yourself” dividend.想获得现行收益的投资者，可以将从股票股利 中 得到的股份出售，交纳税金，取得现金，实质上 ， 是一种自制股利。14、property dividend 财产股利A property dividend is called so when a company distributes property to shareholders instead of cash or stock.财产股利是指公司分配给股东财产来代替现金或股票。15、dividend irrelevance theory 股利无关论One school of thought called dividend irrelevance theory argues that what a firm pays in dividends is irrelevant and that stockholders are indifferent about receiving dividends.一种学派被称为股利无关论，认为公司支付 的股利是无关的，也就是股东对于取得股利漠 不 关心。17. Intrinsic value 内在价值 18、free cash flow hypothesis 自由现金流假说 19. Residual dividend policy 剩余股利政策stable dollar dividend policy 固定股利政策Constant dividend payout ratio 固定股利支 付率政策low regular plus specially designated dividends 低正常股利加额外股利政策20、stock price appreciation 股价增值21、stock buyback 股票回购 22、employee stock option program (ESOP)员工股票期权计划Outline 10.1 Dividends and Dividend Policy 10.2 The Dividend Puzzle 10.3 Factors Influencing the Dividend Decision 10.4 Dividend Policies 10.5