Bank Capital Regulation and Dividend Policy

銀行資本適足監管與股利政策

蕭育仁(Yu-Jen Hsiao) ； 曾怡雯(Yi-Wen Tseng)

《財務金融學刊》 24卷3期 (2016/09) Pp. 45-68

https://doi.org/10.6545/JFS.2016.24(3).2

摘要

本文透過Bankscope 資料庫收集1999 到2012 年間全球83 個國家，共9,127 筆銀行資料，探討資本適足的監管程度是否會對銀行股利政策有影響。研究發現，隨著資本適足監管程度越嚴格，銀行越會減少股利的發放。此外，2008 年金融海嘯期間，資本適足監管程度對股利縮減的影響最顯著，然而在開發中國家，資本適足的監管程度對股利政策的影響相對有限。

關鍵字

股利政策 ； 資本適足監管 ； 巴賽爾Ⅲ

並列摘要

We examine whether bank capital requirements are relevant to bank dividend payout policies. On the basis of an unbalanced panel analysis of 9,127 observations in 83 countries over the period of 1999 to 2012, we find that higher capital requirement regulation stringency is negatively associated with bank dividend payouts. In addition, we also find that capital regulatory pressure clearly explains dividend payouts during the 2007 to 2009 financial crisis. However, capital regulatory pressure is effective only in limiting dividend payouts by undercapitalized banks in developing countries.

並列關鍵字

Dividend policy ； bank capital regulation ； Basel III

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