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Dividend Policy at Fuyao Glass
內容大綱
The chief financial officer (CFO) of Fuyao Glass Industry Group., Ltd. had to recommend dividend distributions prior to the company’s global initial public offering in Hong Kong. Fuyao was China’s largest automotive-glass manufacturer and the second-largest, most profitable, and fastest-growing automotive-glass manufacturer in the world. Controlled by its founder and largest minority shareholder, Mr. Cho Tak Wong, Fuyao was in the midst of substantial global expansion into the United States and Russia. The CFO had to project cash flows from operations, as well as substantial investment needs and the potential effects of the IPO, all while taking into consideration the effect of Fuyao’s dividends on existing and planned investors.
學習目標
This case is meant to be used in a corporate finance course at the senior undergraduate or MBA level. After completion of the case, students will learn and understand the following:<br><ul><li>The role of dividends in corporate finance</li><li>How dividend policy affects the value of a company and the wealth of shareholders</li><li>How to make a dividend decision based on analysis of financial statements, pro forma statements, capital structure, and dividend policies</li><li>How to interpret the effect of leadership style on corporate performance and value</li></ul>