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论文题目：Apple payout policy : share repurchase program 2012-2013
论文语种：英文
您的研究方向：finance
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您的国家：丹麦
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苹果的首席执行官宣布了一项股票回购计划，以满足超额现金的需要第十九个月，2012，这是类似的情况在2004的领先的软件公司微软。此外，IBM在上世纪80年代作出同样的决定（abuaf，2012）。日前，IBM宣布在四月2012其他的股票回购计划；目标是提高股息。为什么这些著名公司在回购股份做出这些决定？
The CEO of the Apple has announced a share buybacks plan to meet the need of the excess cash on 19th of March, 2012, which is similar to the situation in 2004 for the leading software company Microsoft. In addition, IBM has made the same decisions in the 1980s (Abuaf, 2012). Recently, IBM has announced the other share buyback plan in April 2012; the goal is to increase the dividend. Why these famous companies are making these decisions on the share buyback?

在2011财年，其现金量31billion美元全球急剧增加，海外业务贡献了全部240亿美元这是约80%的苹果的操作。苹果还表示，大量的海外现金，如果被遣返，钱支付高额的税。官员说，基金分红和股票回购计划将从国内现金储备。此外，苹果还产生了另一个16billion美元在第一季度的2012财年。这意味着，苹果有足够的钱来经营本地和海外的苹果。如何处理这笔巨额的资金？这位高级经理如CEO是配置资本充足的义务，这就意味着分散的资本，换句话说，支付股息或回购股份。In the article, the author has looked at the performance of the Apple over the last few years in the Balance sheet on annual report of the Apple. During the Fiscal Year 2011, the amount of the cash has dramatically increased by $ 31Billion globally, the oversea operation has contributed the totally $ 24 Billion which was approximately 80% of the Apple’s operations. Apple also said that, a large amount of cash in the overseas, and if repatriated, money to pay a hefty tax. Officials said, the fund dividend and stock repurchase plan will be from domestic cash reserves.In addition, the Apple still generated another $ 16Billion in the first quarter in Fiscal Year 2012. That means that, the apple has the sufficient money to operate the Apple locally and overseas. How to deal with this huge amount of the money? The duty of the senior manager such as CEO is to allocate the capital sufficient, which means that distributed the capital, other words, pay the dividends or share buyback.

Reference 文献

Abuaf, N. (2012). Excess Cash and Shareholder Payout Strategies. Journal Of Applied Corporate Finance, 24(3), 39-54. doi:10.1111/j.1745-6622.2012.00388.x
Lazonick, W., Mazzucato, M., & Tulum, Ö. (2013). Apple's changing business model: What should the world's richest company do with all those profits?. Accounting Forum, 37(The Apple Business Model: Value Capture and Dysfunctional Economic and Social Consequences), 249-267. doi:10.1016/j.accfor.2013.07.002