- 學位論文
股利與股票購回：以日本公司為例
Dividends versus Share Repurchase: Evidence from Japan
摘要
本研究主要在檢驗影響哪些因素會影響日本公司選擇進行股票購回和發放股利。自1994年日本政府修改商業法後，日本公司可透過買回在外流通的股票以分配盈餘，但直至1995年的稅務改革前，幾乎沒有公司執行股票購回。本篇研究樣本選取自Compustat資料庫內2000年至2008年日本公司的財務報表資料與股市資料。觀察日本公司給付政策的趨勢，發現股票購回的金額增加且已成為普遍的支付工具。然而，相較於美國，股利依然是日本公司最主要的給付工具。此外，透過Probit 模型和Logit模型發現，同時進行股票購回和發放股利的公司具有以下特徵：公司規模較大、較高的非營業所得和較高現金比率；而僅發放股利的公司具有以下特徵：較高的自由現金流量、較高的市價對帳面價值比、較高的營業所得和較高的負債比率。最後實證結果發現，股利與股票購回於日本並不存在替代關係。
並列摘要
This paper examines what affects the choice between share repurchases and dividends in Japan. After the 1994 revision of the Commercial Law, firms in Japan were allowed to repurchase their outstanding shares in order to distribute earnings, but until the Japanese government repealed the tax treatment in 1995, few firms executed share repurchases. Our sample consists of the standard accounting and stock market data from 2000 to 2008 taken from the Compustat database with results that show the dollar amount of repurchases has increased and share repurchasing has become a popular payout tool. However, unlike in the United States, dividends remain the dominant form of payout policy for Japanese firms. Moreover, firms that conduct both dividends and share repurchasing have a larger market size, higher non-operating income, and higher cash ratio, while firms that only pay dividends have a higher cash flow, a higher market-to-book ratio, higher operating income, and higher debt. Finally, we observe that dividends and share repurchases are not substitutes to each other in Japan.