Provided by
ACCA Research Institute
ACCA P4
Advanced Financial Management (AFM)
高级财务管理
ACCA Lecturer: Lily Wang
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, P4 Chapter 6 Content
1 Dividend policy- the theory
2 Dividend policy- practical issues
3 Real world dividend policies
4 Share buyback schemes
5 Analysis of Comprehensive Example
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, Chapter Summary
Dividend policy
Deciding on a Dividend policy in practice
dividend policy • Stable
• constant ratio
Dividend Other considerations • zero
irrelevance • legal position • residual
• Profit • Ratchet
• inflation • Scrip
• liquidity • Share repurchases
• other finance
• growth
• tax
• control
• dividend capacity
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