12.5
Características de las acciones preferentes
Las acciones preferentes son un tipo único de título de renta variable que combina características tanto de las acciones ordinarias como de los bonos.…
Las acciones preferentes son un instrumento de capital que significa la propiedad de una empresa y puede otorgar al titular un derecho prioritario a los dividendos.
Consideremos a Beta Corp, que emite acciones preferentes con un dividendo anual del cinco por ciento.
Si el precio de las acciones es de cien dólares, los accionistas reciben cinco dólares anuales como dividendos, independientemente de las ganancias de Beta Corp, lo que garantiza un flujo de ingresos constante.
Los accionistas preferentes tienen derecho a recibir dividendos antes de que se distribuyan a los accionistas ordinarios.
Por lo general, estos accionistas no tienen derecho a voto en los asuntos de Beta Corp, por lo que no pueden participar en el gobierno corporativo.
Algunas acciones preferentes se pueden convertir en un número predeterminado de acciones ordinarias, lo que ofrece el potencial de apreciación del capital.
Las acciones preferentes con características exigibles tienen derecho a ser recompradas por la empresa después de un cierto período a un precio predeterminado.
En el caso de la liquidación de Beta Corp, los accionistas preferentes tienen un mayor derecho sobre los activos que los accionistas ordinarios, pero se ubican por debajo de los tenedores de deuda.
Las acciones preferentes combinan los beneficios tanto del capital como de la deuda, lo que las hace atractivas para los inversores.
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Q1: What makes preferred stock different from common stock?
Preferred stock combines features of both equity and debt. Unlike common stock, preferred stockholders receive fixed dividends before common stockholders and have priority claims on assets during liquidation. However, preferred stockholders typically lack voting rights in corporate governance, whereas common stock holders participate in company decisions. This hybrid structure offers steady income with lower risk than common stock.
Q2: How are preferred stock dividends paid compared to common stock dividends?
Preferred stock dividends are fixed, typically paid as a percentage of par value or a specified amount, ensuring predictable income. For example, Beta Corp's five percent preferred dividend yields five dollars annually per one hundred dollar share regardless of company profits. Common stockholders receive dividends only after preferred stockholders are paid, and their dividend amounts vary based on company performance and board decisions.
Q3: What happens to preferred stockholders if a company is liquidated?
During liquidation, preferred stockholders have a higher claim on remaining assets than common stockholders but rank below debt holders. This priority position provides greater protection for preferred investors compared to common shareholders. However, preferred stockholders are not first in line; creditors and bondholders receive payment before any preferred stock claims are satisfied.
Q4: Can preferred stock be converted into common stock?
Some preferred stocks include a convertible option allowing holders to exchange their shares into a predetermined number of common stock shares. This feature provides potential for capital appreciation if the company performs well and common stock value increases. However, not all preferred stocks are convertible; this option depends on the specific terms set by the issuing company.
Q5: What is a callable feature in preferred stock?
A callable feature gives the company the right to repurchase or call back preferred stock at a predetermined price after a specified period. This flexibility allows companies to manage their equity structure and potentially refinance if interest rates decline. From an investor's perspective, callable preferred stock carries reinvestment risk if the company exercises this option.
Q6: Why do preferred stockholders typically have no voting rights?
Preferred stockholders generally lack voting rights in corporate governance decisions because their investment focuses on fixed income rather than ownership control. This distinguishes preferred stock from common stock, where shareholders vote on company matters. The trade-off is that preferred investors receive dividend priority and liquidation preference, compensating for their limited decision-making power.
Q7: What are cumulative dividends in preferred stock?
Cumulative preferred dividends require companies to pay all missed dividend payments, called arrears, before resuming common stock dividends. If a company skips preferred dividend payments due to financial difficulty, cumulative preferred stockholders must receive the full amount owed before common shareholders receive any distributions. This feature protects preferred investors by ensuring they recover all promised income.