财务管理专业英语课程质量评价 课件 ch14

Stockholders Equity(2)l141Treasury Stock 库存股l142Stock Splits and Stock Dividends 股票分拆和股票股利l143Stock Dividends 股票股利l144Statement of Stockholders Equity 股东权益报表141Treasury StocklTreasury stock is the term that is used to describe shares of a companys own stock that it has reacquired. A company may buy back its own stock for any number of reasons. l库存股是指由发行公司重新获得的自身股票。上市公司可能因为无数个理由重新购回自己的股票。 lThe most frequently cited reason is a belief by the officers and directors that the market value of the stock is unrealistically low.l而最常见的原因是管理者和董事认为股票的市场总价已经非常低了。 lAs such，the decision to buy back stock is seen as a way to support the stock price and utilize corporate funds to maximize the value for shareholders who choose l就其本身而论，对于那些不会重新购买股票给公司的股东，购回股票的决定看上去就是支持股价以及利用公司的资金最大程度的增大其价值。 lOther times，a company may buy back public shares as part of a reorganization that contemplates the company “going private” or delisting from some particular stock exchange market.l除此以外，重改会预期公司继续私有化还是从一些股票交易市场抽离，购买一些股票可以作为重改的一种方式 lFurther，a company might buy back shares，and in turn issue them to employees pursuant to some employee stock award plan. And，a company might buy back stock from a dissident shareholder who is making overtures to overthrow the current boardl另外，依据员工股票奖励方案，公司可以购买股票并把它发行给员工。公司也可以从一些试图对董事会重新洗牌的股东手中购买股票 lWhatever the reason for a treasury stock transaction，the company is to account for the shares as a purely equity transaction，and no gains and losses are reported in income l库存股票交易的理由繁多，公司所占据的股票是权益交易，没有升值或贬值都要记录在收入当中 lHere will focus on the “cost method” as it is very direct and perfectly acceptable in each case. Under this approach，acquisitions of treasury stock are accounted for by debiting Treasury Stock and crediting Cash for the cost of the shares reacquired：l这里，由于在每个案例中成本法是非常直接而且非常好接受的学习手段，我们将注重用“成本法”。用这个方法，库存股票的购置中，借方记录库存股，贷方记录现金，金额为股票购置的金额。lTreasury Stock is a contra equity item. It is not reported as an asset; rather，it is subtracted from stockholders equity. The presence of treasury shares will cause a difference between the number of shares issued and the number of shares outstanding.l库存股是也是冲销权益项目。它不作为资产进行报告，而是冲销股东权益。库存股的表现方式是要区别已发行的股票数量和绩优股的股票数量。 lOn the following page is Embassy Corporations equity section，modified to reflect the treasury stock transaction portrayed by the entry.l接下来我们来看大使公司的权益部分，权益的变更可以反映出由入账来代表库存股票交易。 lThe effect of treasury stock is very simplecash goes down and so does total equity by the same amount. This result occurs no matter what the original issue price was for the stock.l库存股的影响是显而易见的。流动资金的减少，同样带动所有权益的减少 lAccounting rules do not recognize gains or losses when a company issues its own stock，nor do they recognize gains and losses when a company reacquires its own stock.l无论原始的股票发行价是多少，这个结果都会产生。 lThis may seem odd，because it is certainly different than the way you or I think about stock investments. 当公司发行股票时，会计准则是无法识别股票是否增值或贬值；同样，当公司重新购买自己的股票时，会计准则也是同样无法起到作用 lBut remember，this is not a stock investment from the companys perspectiveit is instead an expansion or contraction of its own equity.l但是谨记，站在公司的角度，这并不是股票投资而是自身权益的扩大交易。lCorporations in the United States are taxable entities，and their income is subject to taxation. This “income tax” is problematic as it oftentimes produces double taxation.l在美国，公司作为缴税个体，他们的收入受到征税的影响。企业所得税往往因为产生双重课税而变得不是非常明确。 lThis effect occurs，because when shareholders receive cash dividends on their corporate investments，they must include the dividends in their own calculation of taxable income.l这个主要是由于当股票持有者从他们投资的股票公司中获得现金股利，在计算应纳所得税额中应包括所获得的现金股利。 lThus，a dollar earned at the corporate level is reduced by corporate income taxes (at a rate that is likely about 35%); to the extent the remaining aftertax profit is distributed to shareholders as dividends，it is again subject to taxes at the shareholder level (at a rate that will vary in the 15% to 35% range)l这样，在公司中挣得1美元，其中就有一部本需缴纳所得税(这个比例大概为35%)；一定程度的所得到的税后利润以股利的形式分配给股票持有者，而这也是与赋税有关的(比例大概是在15%到35%之间)。 lSo，as much as half or more of the profits of a dividendpaying corporation are apt to be shared with governmental entities because of this double taxation effect. Governments are aware that this doubletaxation outcome can limit corporate investment and be potentially damaging to the economic wealth of their nation.所以，由于双重课税的原因，股利分红公司的一半甚至更多的利润都要提交一部分税金给政府部门。政府意识到双重课税会局限公司的投资，且对本国的经济增长具有潜在的危害。lWithin the United States，various measures of relief are sometimes available，depending on the prevailing political climate l在美国目前的主流政治环境下，有很多可用的减负的措施。 lOutside of the United States，some countries adopt “tax holidays” that permit newer companies to be exempt from income taxes，or utilize different approaches to taxing the value additive components of production by an entity.l而区别于美国的政策，其他国家则对新建公司采取税收减免的政策来减免缴纳所得税，或者利用不同的方法向产品的部分附加增值税。142Stock Splits and Stock Dividends股票分拆和股票股利 lStock splits are events that increase the number of shares outstanding and reduce the par or stated value per share. For example，a twoforone stock split would