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翻訳と辞書　辞書検索 [ 開発暫定版 ] スポンサード リンク Shareholder yield ： ウィキペディア英語版 Shareholder yield The term shareholder yield captures the three ways in which the management of a public company can distribute cash to shareholders: cash dividends, stock repurchases and debt reduction. Dividends are the most obvious form of distributing cash. Stock repurchases also increase shareholder value provided the shares purchased are cancelled or held in treasury but not used as a device to make up for dilution from option issuances to management and others. Reducing debt can also produce a de facto dividend; assuming the value of the firm remains the same, shareholder value is increased as debt is reduced. To understand how debt reduction increases shareholder value, it is helpful to consider the 1958 paper by Nobel laureates Franco Modigliani and Merton H. Miller entitled ''The Cost of Capital, Corporation Finance and the Theory of Investment''.〔Franco Modigliani and Merton H. Miller (June 1958), “The Cost of Capital, Corporation Finance and the Theory of Investment,” The American Economic Review, Vol. 48, No. 3.〕 This paper proved that a firm’s value is independent of how it is financed, provided that one ignores the tax effect of debt interest. If Modigliani and Miller are correct, the use of free cash flow to repay debt results in a transfer of wealth from the debtor to the shareholder. The term shareholder yield was coined by William W. Priest of Epoch Investment Partners in a paper in 2005 entitled ''The Case for Shareholder Yield as a Dominant Driver of Future Equity Returns'' as a way to look more holistically at how companies allocate and distribute cash rather than considering dividends in isolation.〔William W. Priest (December 2005), ''The Case for Shareholder Yield as a Dominant Driver of Future Equity Returns'', Epoch Investment Partners.〕 This concept was further detailed in the 2007 book, ''Free Cash Flow and Shareholder Yield: New Priorities for the Global Investor'', by William W. Priest and Lindsay H. McClelland.〔William W. Priest and Lindsay H. McClelland (2007) ''Free Cash Flow and Shareholder Yield: New Priorities for the Global Investor'', Hoboken, NJ: John Wiley & Sons. ISBN 978-0-470-12833-6〕 ==References== 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Shareholder yield」の詳細全文を読む スポンサード リンク 翻訳と辞書 : 翻訳のためのインターネットリソース Copyright(C) kotoba.ne.jp 1997-2016. All Rights Reserved.