两道金融英文题1.(Dividend adjustment model) Regional Software has made a bundle selling spreadsheetsoftware and has begun paying cash dividends.The firm’s chief financial officer would likethe firm to distribute 25% of its annual earnings (P

两道金融英文题1.(Dividend adjustment model) Regional Software has made a bundle selling spreadsheetsoftware and has begun paying cash dividends.The firm’s chief financial officer would likethe firm to distribute 25% of its annual earnings (P
两道金融英文题
1.(Dividend adjustment model) Regional Software has made a bundle selling spreadsheet
software and has begun paying cash dividends.The firm’s chief financial officer would like
the firm to distribute 25% of its annual earnings (POR = 0.25) and adjust the dividend
rate to changes in earnings per share at the rate ADJ = 0.75.Regional paid $1.00 per share
in dividends last year.It will earn at least $8.00 per share this year and each year in the foreseeable
future.Use the dividend adjustment model,Equation (18.1),to calculate projected
dividends per share for this year and the next four.
2.(Dividend policy) A firm has 20 million common shares outstanding.It currently pays out
$1.50 per share per year in cash dividends on its common stock.Historically,its payout
ratio has ranged from 30% to 35%.Over the next five years it expects the earnings and discretionary
cash flow shown below in millions.
a.Over the five-year period,what is the maximum overall payout ratio the firm could
achieve without triggering a securities issue?
b.Recommend a reasonable dividend policy for paying out discretionary cash flow in years
1 through 5.
1 2 3 4 5 THEREAFTER
Earnings 100 125 150 120 140 150+ per year
Discretionary cash flow 50 70 60 20 15 50+ per year

两道金融英文题1.(Dividend adjustment model) Regional Software has made a bundle selling spreadsheetsoftware and has begun paying cash dividends.The firm’s chief financial officer would likethe firm to distribute 25% of its annual earnings (P
1.（红利调整模型）Regional软件公司制作了大量销售软件数据表软件,并开始支付现金红利.公司财务主管计划将公司年收入的25%(POR = 0.25) 进行分配,并调整收入内股息率变动比例ADJ = 0.75.Regional公司去年每股红利为1美元.今年每股收益至少在8美元,且以后每年的增长都可预测.使用红利调整模型,等式(18.1)来计算今年和以后四年的每股红利.
2.（红利政策）一个公司拥有2000万股发行在外的普通股.公司每年向普通股每股支付1.5美金红利.在历史上,公司支付比例在30%至35%间.接下来的五年,公司预期收入和自决性现金流量如下所示,单位：百万美元
a.在五年时间里,在不引发证券事宜的情况下,公司能达到的最大总支出比例是多少?
b.提出一个合理的红利分配政策,用于支付自决性现金流
1到5年
1.2.3.4.5 其后
收入每年增加 100 125 150 120 140 150+
自决性现金流每年增加 50 70 60 20 15 50+
仅供参考