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Share buy-backs and special dividends
股份回购和特别股息
• Repurchasing shares can be used to rapidly raise the debt level.
购回股份，可以用来迅速提高债务水平。
• Buy-backs may also be useful when the company is unsure about the sustainability of a possible increase in the normal cash dividend.
回购也可能是有用的，不确定时，该公司可能增加的正常现金股息的可持续性。
• Special dividend, same as a normal dividend but usually bigger and paid on a one-off basis.
特别股息，作为一个正常的股息相同，但通常更大，支付一次性的基础上。
• A special dividend has to be offered to all shareholders. A share repurchase can be accomplished in one of three ways:
特别股息，必须向所有股东提供。 A股回购可以实现以下三种方式之一：
– a purchasing shares in the stock market;
在股市购买股份
– b all shareholders are invited to tender some or all of their shares;
所有股东均获邀投标的部分或全部股份
– c an arrangement with particular shareholders.
安排特别股东
The forces pulling management in the dividend decision
在股息决策中的力量拉扯管理
A round-up of the arguments
论点的聚集
• Question 1 Can shareholder wealth be increased by changing the pattern of dividends over a period of years?
问题：1可以变着花样的股息几年内增加股东财富？
• Question 2 Is a steady, stable dividend growth rate better than one which varies from year to year depending on the firm’s internal need for funds?
问题2是一个稳定的，稳定的股利增长率优于每年根据对公司的内部资金需求变化？
A possible practical dividend policy
一种可能的实际股息政策
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• Forecast fixed capital expenditure and additional investment in working capital as well as sales, profits, etc. Allowing an estimation of medium- to long-term cash flows
预测固定资本开支及营运资金的额外投资，以及销售，利润等，使中期至长期的现金流量估计
• Determine dividend level that will leave sufficient retained earnings to meet the financing needs of investment projects without having to resort to selling shares–a maintainable regular dividend
确定分红水平，将留下足够的留存收益，以满足投资项目的融资需求，而不必诉诸售股份可维护定期股息
• Dividends may be set at a level low enough that, if poorer trading conditions do occur, the firm is not forced to cut the dividend
股息可设置足够低的水平，如果发生的交易条件较差，该公司被迫削减股息
• In years of plenty directors can pay out surplus cash in the form of special dividends or share repurchases
在多年的大量董事特别股息或购回股份的形式支付现金盈余
• Make a gradual adjustment
一个渐进的调整
• Provide as much information to investors as possible
投资者尽可能提供多的信息
Lecture review
讲座回顾
• Dividend policy
股息政策
• Miller and Modigliani: the policy on dividends is irrelevant to shareholder wealth
米勒和莫迪利亚尼的股息政策是股东财富无关
• In a world with no external finance dividend policy should be residual
世界上有没有外部融资股息政策应该是残留
• Clientele effect
客户效应
• Taxation
税收
• Dividends can act as conveyors of information
股息可以作为输送机的信息
• ‘Resolution of uncertainty’
“不确定性”的决议
• Owner control
所有者控制
• Share repurchase
购回股份
• Special dividend
特别股息
Sources
来源
Arnold
Lumby & Jones (2003) Corporate Finance: theory and practice (7th ed.) Ch.22 ‘The Dividend Decision’
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