美国股利收入之税负.PPT

18 Dividends and Dividend Policy Key Concepts and Skills Understand dividend types and how they are paid Understand the issues surrounding dividend policy decisions Understand the difference between cash and stock dividends Understand why share repurchases are an alternative to dividends Chapter Outline Cash Dividends and Dividend Payment Does Dividend Policy Matter? Some Real-World Factors Favoring a Low Payout Some Real-World Factors Favoring a High Payout A Resolution of Real-World Factors Establishing a Dividend Policy Stock Repurchase: An Alternative to Cash Dividends Stock Dividends and Stock Splits Cash Dividends Regular cash dividend – cash payments made directly to stockholders, usually each quarter Extra cash dividend – indication that the “extra” amount may not be repeated in the future Special cash dividend – similar to extra dividend, but definitely won’t be repeated Liquidating dividend – some or all of the business has been sold Dividend Payment Declaration Date – Board declares the dividend and it becomes a liability of the firm Ex-dividend Date Occurs two business days before date of record If you buy stock on or after this date, you will not receive the dividend Stock price generally drops by about the amount of the dividend Date of Record – Holders of record are determined and they will receive the dividend payment Date of Payment – checks are mailed Figure 18.2 發放股利之基本事項 ◎ 發放現金股利 ? 除息 (Ex-dividend)。 ? ◎ 發放股票作為股利 ? 除權 (Ex-right)。 發放股利之原則與會計作業 Does Dividend Policy Matter? Dividends matter – the value of the stock is based on the present value of expected future dividends Dividend policy may not matter Dividend policy is the decision to pay dividends versus retaining funds to reinvest in the firm In theory, if the firm reinvests capital now, it will grow and can pay higher dividends in the future 股利政策無關論 公司價值與股利政策有關 一鳥在手論：股利愈多愈好 認為投資人喜歡現金股利，故高股利的公司股價較高。 稅率差異：股利愈少愈好 若資本利得稅率較一般所得稅率為低，投資人將提高支付股利公司的必要報酬率，故高股利公司股價較低。 公司價值與股利政策有關（續） 發行成本：股利愈少愈好