迎合動機下股利政策與購回庫藏股之研究

Dividend Policy and Stock Repurchases under Catering Incentives

黃國富(kuo-fu huang)

指導教授 ： 胡為善

中原大學/商學院/企業管理學系/碩士(2007年)

https://doi.org/10.6840/cycu200700348

摘要

台灣近年來對於使用股利相關政策有著戲劇性的成長，支付現金股利的公司從1997年的16.2%成長到2006年的67.75%，另外自政府2000年實施庫藏股後，從2000年到2006年已有超過半數的公司從公開市場中買回自家公司股票，本研究嘗試去探討到底管理者基於何種原因進行這樣的行為？是否會受到大股東的壓力？本研究利用Baker and Wurgler（2004）提出的迎合理論（Catering theory），探討發放現金股利及購回庫藏股的股利溢酬（Dividend premium）效果。
　　本研究以1981-2006年國內上市（櫃）1113家公司為對象（總共9981個樣本），利用Logit迴歸方程式求出預期股利支付率的係數，再以預期支付率減去實際支付率求得支付股利傾向，之後與溢酬效果進行比較，當溢酬效果為正時企業較願意支付股利，反之亦然，研究結果發現在溢酬效果中，庫藏股為負值與現金股利為正值，與實際公司狀況相符，符合迎合理論的預期，同樣可以發現現金支付股利傾向是高於庫藏股，但在庫藏股與現金股利之間並未存在替代關係。
　　最後本研究探討不同股權結構於迎合理論的影響，實證結果發現現金股利支付與購回庫藏股兩因素均與股權結構有顯著關係，股權結構集中的公司較傾向於發放更多股利，而股權較分散的公司較傾向購回庫藏股。以支付股利比率不同公司進行比較，其結果再次符合迎合理論的預期。迎合理論給予公司支付股利行為一個良好的解釋，也有越來越多學者對此進行探討，本研究的主要貢獻為針對迎合理論作進一步的實證探討，結果證實符合迎合理論預期。

關鍵字

股利溢酬 ； 股利政策 ； 迎合理論 ； 購回庫藏股

並列摘要

The utilization of cash dividend policies in Taiwan has been dramatically grown in past decade. The percentage of the companies which pay cash dividends grows from 16.2% in 1997 to 67.75% in 2006. On the other hand, since the government of Taiwan has implemented the stock repurchase policy in 2000, over half of the companies in Taiwan have bought back their own stocks from the open market during the period from 2000 to 2006. This study attempts to investigate the reason why the managers repurchase their company’s stocks and whether the managers bear the huge pressure from large shareholders on buying back their own shares? This work utilizes Baker and Wurgler (2004)’s Catering theory to examine the dividend premium (DP) effect of the cash dividend and stock repurchases.
　　This investigation targets at 1113 publicly listed companies on both Taiwan Stock Exchange and Taiwanese Over-the-Counter markets from 1981 to 2006 (total 9981samples) and utilizes the Logit regression model to calculate the coefficient of expected dividend payout ratio. This study then computes the dividend payment propensity (DPP) by subtracting the actual payout ratio from the expected payout ratio. The finding indicates that the DPP has significantly positive correlation with the change in DP, suggesting that the willingness of the company to pay cash dividend grows dramatically from 1981 to 2006. The empirical result also shows that stock repurchase is negatively correlated with DP, while cash dividend has a positive correlation with DP. This result confirms with the Catering theory. Moreover, this study finds that the company in Taiwan prefers to pay cash dividend to investors rather than implement stock repurchase, and there is no substituting effect between cash dividend and stock repurchase.
　　Finally, this investigation examines the impact of different structure of stock rights on the Catering theory. The empirical result indicates that both cash dividend and stock repurchases have significantly positive relationship with the structure of stock rights. The companies which concentrating their stock rights would pay more dividends than those diversifying their stock rights. However, the companies which diversify their stock rights inclined to repurchase their own shares. Comparing different levels of dividends payments, the result indicates that the DP is negative for low dividend payout companies, and DP is positive for high dividend payout companies. This finding once again supports Catering theory. In summary, Catering theory provides a good explanation of dividend behavior of the companies in Taiwan. This investigation confirms with the argument of Catering theory.

並列關鍵字

Dividend premium ； Stock Repurchases ； Catering theory ； Dividend policy ； Dividend payout propensity

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