Payout Policy in Taiwan: Cash Dividends, Stock Repurchases and Capital Reduction

臺灣企業之發放政策：現金股利、股票購回與現金減資

劉任昌(Jen-Chang Liu) ； 邱志忠(Jr-Jung Chiou) ； 楊朝成(Chau-Chen Yang)

《證券市場發展季刊》 26卷3期 (2014/09) Pp. 47-96

https://doi.org/10.6529/RSFM.2014.26(3).2

摘要

除了發放現金股息，部分臺灣企業以購回股票或現金減資的方式發放公司盈餘。現金股息仍然是臺灣企業最主要的發放盈餘方式。本研究試圖從公司生命週期與公司資本結構的角度，分析臺灣企業（2010-2010）的三種盈餘發放方式，而有以下發現。首先，發放公司數目與總發放金額穩定且顯著的逐年成長。其次，企業獲利與發放總額都高度集中於少數大公司。第三，公司的發放政策與保留盈餘對淨值比例高度相關，支持DeAngelo, DeAngelo and Stulz（2006）的發放政策生命週期理論。第四，以股票購回當作為唯一發放管道的公司呈現年輕生命週期特徵。最後，執行現金減資的公司呈現相對成熟的特徵，而且減資行為隱含試圖調整資本結構之動機。本研究證明發放決策與公司資本結構存在相關性。

關鍵字

現金減資 ； 生命週期理論 ； 發放政策 ； 股票購回

並列摘要

Taiwanese firms occasionally make stock repurchases or reduce capital as alternative forms of paying earnings in place of distributing cash dividends. Nonetheless, paying cash dividends is still the dominant form of payout. We examine the three payout methods from the perspectives of a firm's life-cycle stages and its capital structure by investigating TWSE-listed firms over 2000-2010. We find some impressive evidence in the Taiwan market. First, both the number of payout firms and the aggregate amount of payouts increased significantly, yet stably. Second, both earnings and payouts are highly condensed among the largest firms. Third, payout firms have a significantly higher ratio of retained earnings to equity, supporting the life-cycle theory of DeAngelo, DeAngelo and Stulz (2006). Fourth, firms making repurchases without paying cash dividends are less mature than other payers. Finally, firms conducting capital reduction are more mature than other payers, and they establish such a process in an attempt to adjust the capital structure. We provide evidence that the choice of payout method interacts with a firm's capital structure.

並列關鍵字

Capital Reduction ； Life-Cycle Theory ； Payout Policy ； Repurchases

參考文獻

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