企业价值与股利政策英文文献.docx
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企业价值与股利政策英文文献.docx
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企业价值与股利政策英文文献
Dividendpolicyandfirmvalue
Thedividenddecisionisanintegralpartofthefirm'sstrategicfinancingdecision.Itessentiallyinvolvesafirm'sdirectorsdecidinghowmuchofthefirm'searnings,afterinterestandtaxes(EAIT),shouldbedistributedtothefirm'sordinaryshareholdersinreturnfortheirinvestmentinthefirm,andhowmuchshouldberetainedtofinancefuturegrowthanddevelopment.(SterkandVandenberg2004441-55)Theobjectiveofthefirm'sdividenddecision,likeallfinancialdecisions,shouldbethemaximisationofshareholderwealth.Ifanoptimaldividendpolicydoesexistthenclearlymanagersshouldconcernthemselveswithitsdetermination;ifitdoesnot,thenanydividendpolicywilldo,asonepolicywillbeequaltoanother.Itshouldbenotedthatthedividenddecisionanddividendpolicyrelateonlytoordinarysharecapital.(AsquithandMullins200377-96)Thepaymentofpreferencesharedividendsisnotconsideredpartofafirm'sdividendpolicy,asthelevelof,ormethodofcalculating,thepreferencedividendisfixedinadvancebythetermsandconditionsoftheoriginalpreferenceshareoffer.Onceadividendpolicyhasbeenformulated,settingouttheamountandtiming,etc.ofdividendpayments,itshouldbefollowedwithstabilityandconsistencyasitsguidingprinciples.Asweshalldiscusslater,changestoafirm'sdividendpolicycanbeinterpretedinvariouswaysbythefinancialmarkets,sometimeswithdramaticconsequencesforthefirm'sshareprice.Youwillnotethatthedividenddecisionismadeatthelevelofthefirm'smostseniormanagers-atboardofdirectorlevel.Itisthedirectorswhowilldecidetheamountandtimingofdividendpayments.UnderUKcompanylawthedirectorscannotbecompelledtorecommendadividendandshareholderscannotvotethemselvesahigherdividendthanthatrecommendedbythedirectors.(BajajandVijh2004193)PaymentofdividendsIntheUK,incommonwithmanyothercountries,dividendsareusuallypaidtoshareholderstwiceayear.Aninterimpaymentismadehalf-waythroughthefinancialyear,withafinalpaymentbeingmadeaftertheendofthefinancialyear.Dividendsarepaidtotheshareholderslistedonafirm'sShareRegisteronaspecifieddate,knownastheRecordDate.(SterkandVandenberg2004441-55)Inthestockmarket,sharesoflistedcompaniesaretradedonwhatisknownaseitheracum-dividendorex-dividendbasis.Alistedcompany'ssharesaretradedcum-dividendforaperiodafterthecompanyannouncesitsresults,interimandfinal.Whenthesharesaretradingcum-dividend,buyersoftheshareswillbeentitledtoreceivethedividendpayment.Whenthesharesaretradingex-dividend,buyerswillnotbeentitledtoreceiveadividendpayment.Thisexplainswhy(assumingtheabsenceofanyotherrelevantfactors)thereisusuallyadropinashare'sprice,roughlyequivalenttothevalueofthedividendpershare,whenthesharegoesex-dividend.(Impson2005422-27)Forinstance,distributingcapitalorcertaintypesofreserves(e.g.sharepremiumaccount)asdividendsisprohibitedbycompanylaw.Thedeterminationofdistributableprofitsissetoutinadetailedcodeofstatutoryregulations.Forpublicandprivatecompanies,theCompaniesAct2003definesdistributableprofitsas:
'accumulatedrealisedprofits,sofarasnotpreviouslyutilisedbydistributionorcapitalisation,lessaccumulatedrealisedlosses,sofarasnotpreviouslywrittenoffinareductionorreorganisationofcapitaldulymade'.Theselegalrestrictionsonthepaymentsofdividendsarenecessarytomaintainthecapitalofacompanyandtoprotecttherightsandclaimsofcreditors.Therelevance(orirrelevance)ofdividendpolicytothevalueofthefirmhasbeenoneofthemostwidelyresearchedtopicsinfinanceandaccounting.Argumentshavebeenadvancedonallsidesoftheissue.Giventheinabilitytostructureasingleconceptualrelationshipbetweendividendpolicyandthevalueofthefirm,empiricalstudiesoftherelationshipbetweendividendsandfirmvaluehavetakenonincreasedimportance.Previousstudieshaveusedeithershort-runmeasuresofstockpriceorrisk-adjustedreturnstomeasurefirmvalue.(JoseandStevens2004652)Dividendannouncementstudieshaveexaminedtheimmediatereactionofthefirm’sstockpricetoadividendannouncementtodetermineifthestockpricefallsbymoreorlessthantheamountofthedividend.Findingsfromannouncementstudiessuggestthatinvestorsdiscountdividends.Otherstudieshavetestedfortherelationshipbetweenrisk-adjustedreturnsanddividendyield.Usingshort-runholdingperiods,thesestudieshavefoundthatinvestorsrequirehigherrisk-adjustedreturnsfromhigherdividendyieldstocks.Whiletherearecontroversiesovertheshort-runmeasuresandassumptionsofassetpricingmodelsrelatingreturnstofirmvalue,theempiricalfindingshaveconsistentlysuggestedthathigherdividendcommitmentslowerthevalueofthefirm.(Bernstein20054-15)MultipleMeasuresofDividendPolicyDividend"policy"impliesaconsciousmanagementofdividenddistributionsovertime.Surveysindicatethatmanagerstendtofocusonthepayoutratiointhelongrun,butsmoothdividendsintheshortrun.(Bakeretal20041-8)Inthelongerrun,thelevelofthefirm'saveragepayoutratiocapturesthefirm'scommitmenttothelevelofdividenddistributionoutofearnings.However,overtimethefirmneednotadheretothesameshort-runpayoutratiotoaccomplishthelonger-runobjectiveunlessearningsarestable.Ifdividendspershareareconsciouslysmoothedrelativetoearnings,thefirm'spayoutratiowillbevolatile.Thegreaterthevolatilityinthepayoutratio,thegreaterthesmoothingofdividends.Thevolatilityofdividendsaroundtheirtrendreflectstheinherentdividendstabilityaspectsofthepolicy.(Woolridge2002237-47)Measuresoftheaveragepayoutratio(APOR),dividendstabilityaroundthedividendtimetrend(R2LDPS),andpayoutratiovolatility(SDPOR)areusedtorepresentthefirm'spolicywithrespecttodividendlevels,stability,andsmoothing.ThedividendpaymentInpracticaltermsafirm'sdividendpaymentisimportanttoitsshareholders.Itispartofthereturnwhichshareholdersreceivefortheirinvestmentinthefirm.Thedividendpaymentisalsoafavouredmethodbywhichshareholdersandinvestorsestimateafirm'ssharevalue,wherethevalueofashareisequaltothepresentvalueoftheexpectedfuturedividendpayments-thedividendvaluationmodelNoticethetendencyforthefinaldividendtobesignificantlygreaterthantheinterim-thisisthecommon,financiallyprudent,approachadoptedbymostcompanyboards.(Michaely2005573)Clearlydirectorswillwishtobecertainofhowacompanyhasperformedfortheyearoverall,beforecommittingvaluablecashresourcestoadividendpayment.Shareholders,dependingupontheindividualcompany'sarticlesofassociation,mayhavetherighttoreceivedividendsintheformoffullypaidordinarysharesinsteadofcash,iftheysoelect.Undersuchaplanshareholderscan,iftheywish,usetheentirecashdividendtobuyadditionalsharesofthecompanyinthemarket,usuallyatacompetitivedealingrate.(Christie2004459-80)DividendcoverThedividendcoverratioindicatesthevulnerability,orthemarginofsafety,ofdividendpaymentstoadropinearnings.NotwithstandingtheabolitionofACT,taxcreditswillcontinuetobeavailabletoindividualshareholdersresidentfortaxpurposesintheUK,althoughtheamountofthetaxcreditwillbereducedtoone-ninthoftheamountofthenet,orcashdividend-equivalentto10percentofthegrossdividend.Lowerandbasicratetaxpayers,asbefore6April2006,willhavenofartherliabilitytotaxontheirdividends.Higherratetaxpayerswill,asbefore,beabletooffsetthetaxcreditagainsttheirliabilitytotaxonthegrossdividend.UKresidentindividualshareholderswhoarenotliabletoincometaxinrespectofthedividendwillnotgenerallybeentitledtoreclaimanypartofthetaxcredit.TaxcreditsarenolongeravailabletoUKpensionfunds.(Bakeretal200378-84)UnderlegislationintroducedintheFinance(No.2)Act2005,UKpensionfundsarenotentitledtoreclaimthetaxcreditsondividendspaidtothembyacompany.Similarly,after6April2006taxcreditsinrespectofdividendspaid,whichconstitutestheincomeofacharityorventurecapitaltrust,willnotberepaid.Thereissomespeculationthat,inthefuture,companiesmayincreasetheirdividenddistributionstocompensatetheseinvestinginstitutionsforthelossoftheirtaxcredits.(Miller20031031)Overtimemanytheoriesondividendpolicy,oftencontroversialones,haveemerged.Thecentralareaofcontroversyhas,andcontinuestobe,concernedwithwhetherornotthereisarealconnectionbetweendividendpolicyandthemarketvalueofthefirm.Inthissectionwewillreviewthefollowingmaintheoriesofdividendpolicy:
1theresidualtheoryofdividendpolicy;2dividendirrelevancytheory;3thebird-in-the-handtheory;4dividendsignallingtheory;5thedividendclienteleeffect;6agencycosttheory.
TheresidualtheoryofdividendpolicyTheessenceoftheresidualtheoryofdividendpolicyisthatthefirmwillonlypaydividendsfromresidualearnings,thatis,fromearningsleftoverafterallsuitable(positiveNPV)investmentopportunitieshavebeenfinanced.Recallfromthepreviouschapterthat,accordingtoMyers'PeckingOrderTheory,managerswillprefertoutiliseretainedearningsastheprimarysourceofinvestmentfinancing,beforeresortingtoissuingdebtorequity.Retainedearningsarethemostimportantsourceoffinancingformostcompanies.(Ang2003)Theyar
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