繼續整理學習美國投資書《終極股息投資攻略》第4章，作者來自美國基金評級公司晨星(Morningstar)。
As far as I'm concerned, a dividend payment is the ultimate sign of corporate strength. When a corporation pays a dividend, it's not just handing out cash. We can quickly identify several more positive effects:
> Evidence of shareholder interest. Shareholders only indirectly control the companies they own; management is in charge. Except in extreme circumstances of executive malfeasance, it's hard for shareholders to step in and require companies to pay dividends or make other shareholder-friendly moves. And since no corporation is required to pay cash dividends, it's well within the reach of management to hold on to the cash generated by the business while it calls 100 percent of the shots. By contrast, when management pays a dividend, it's showing direct interest in--and providing a direct return to--the ultimate owners of the business.> Evidence of financial strength. It takes cash to pay a dividend. When the money shows up in your mailbox or brokerage account, the corporation has proved that, at the very least, it has cash available to pay. Financially troubled or fraudulent corporations rarely have the resources to pay meaningful dividends.> A firm basis for value. Once a corporation establishes a reliable dividend record, it helps investors appraise the value of the stock with more confidence than current earnings or book values can.> Corporate self-discipline. Let's say a corporation turns a $1 million profit. It also has two investment opportunities that would cost $500,000 apiece. One can provide a 25 percent return on equity, the other just 8 percent. If the company doesn't pay a dividend, chances are pretty good the firm will make both investments, even though the 8 percent prospect is probably not a good use of shareholder's money. If the business has a $500,000 dividend in place, however, the corporation has to maximize the value of the cash that's left, and chances are that only the 25 percent project will actually be funded.> Better shareholders. Unless you happen to own 100 percent of a corporation's stock, you're not in the business alone. Hundreds, thousands, or millions of other shareholders are essentially your partners in the business. Where the stock's story is all about the share price, you're bound to find many of these partners treating your investment as if it were a racetrack ticket. But steady cash payments--and the higher, the better--attract a better class of shareholder. Folks who are in a stock for income over the long haul are less likely to overreact to temporary difficulties--or temporary gains.
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