[경영전략] BUYBACk 전략(영문)

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레포트 > 경제경영계열
2010.07.28
21페이지 / pptx
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소개글

[경영전략] BUYBACk 전략(영문)에 대한 자료입니다.

1.What is “buyback?”
2.Reasons for stock buyback
3.Stock buyback pros
4.BCIA & ADP
5. Stock Buy back: Who benefits the most?

본문내용

Shareholders may prefer that free cash flows be distributed to them as dividends, so they can control how the cash is invested.

Share repurchases during the 1960s and 1970s did increase stock prices, but this effect have nearly disappeared since 1980s. Some companies have spent millions to repurchase their shares, only to see the stock price drop significantly after the buyback program ends.
(ex) Dell Computer.

When a company buys back its own stock, there are many advantages to the investor. However, there is a major advantage of stock buybacks to the company managers.

The first reason is that upper management typically will receive compensation that is tied to the company stock price. What this means is that they typically make more money when the stock price goes up. This compensation may come in the form of stock options, rights or other forms.

In the short term management believes that dividends may work against the stock price of a company by reducing the book value of the stock. In addition, if managers have stock options, they do not immediately benefit from dividends as their options do not qualify for dividend payments.

On the other hand, when a stock buyback occurs the short term implications on the stock price are typically positive (due to the previous listed reasons). And, since this allows management to see the most immediate results to their compensation, it is no wonder that managers prefer stock buybacks as opposed to dividend increases.

#경영전략 #BUYBACk #전략 #영문 #경영

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