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ACCA FM知识点：Dividend payment policies

文章来源：ACCA全球官网

发布时间：2021-11-02 14:17

阅读：837次

股利分配是指企业向股东分派股利，是企业利润分配的一部分，包括股利支付程序中各日期的确定、股利支付比率的确定、支付现金股利所需资金的筹集方式的确定等。上市公司管理当局在制定股利分配政策时，要遵循一定的原则，并充分考虑影响股利分配政策的相关因素与市场反应，使公司的收益分配规范化。

Dividend payment policies

Constant dividends:in this approach dividends are predictable but shareholders might be dissatisfied if they see earnings rising but they are stuck will low dividends.If a larger and larger fraction of earnings is retained,shareholders might begin to question whether the company can find enough investment opportunities of the right quality.

Constant growth:again,predictable and very attractive to shareholders.However,the dividend growth rate might not match earnings growth rate.

Constant pay-out ratio:for example,(1–b)=25%.A clear and presumably logical link between dividends and earnings.However,in some circumstances this policy might produce signals that are mis-interpreted.Directors know that shareholders prefer predictable dividends and shareholders know that directors know their preference.Therefore,shareholders might interpret the cut as signalling that earnings are poor and will not improve any time soon.If,however,earnings fall yet the directors maintain the dividend,this is often interpreted as signalling that the fall in earnings is temporary and the directors feel sufficiently confident in the company’s future to maintain the dividend in absolute terms.

Dividends as residuals:relating back to what was covered in the first section of the article,before paying dividends,directors should first spend earnings on investments in the company that yield:【点击免费下载>>>更多ACCA学习相关资料】

Investments that yield more than the cost of equity(this will increase shareholder value)

Investments that yield the cost of equity.

Only after these investment opportunities run out should the company pay dividends from the residual earnings,thus allowing shareholders to make the best use they can of their receipts.

No dividend:Microsoft and Apple both went many years without paying a dividend.It is difficult to use the dividend valuation model in these circumstance without making very contentious assumptions about what future dividends might be.Nevertheless,share values rose dramatically as both companies were immensely successful and,on a P/E approach to valuation,they were plainly very valuable indeed.

Conclusion

Dividends and dividend policy will be a continuing cause of debate and comment.The theoretical position is clear:provided retained earnings are reinvested at the cost of equity,or higher,shareholder wealth is increased by cutting dividends.However,in the real world,where not necessarily all investors are logical and where transaction costs and other market imperfections intervene,determining a successful and popular dividend policy is rather more difficult.

Ken Garrett is a freelance writer and lecturer

相关阅读：【ACCA FM知识点：股息理论实际考虑】

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