庫藏股買回對股利發放之影響

Abstract

本研究係以單變量及多元迴歸分析，探討庫藏股買回對公司股利發放之影響，兩者之間是否存在替代效果及股東節稅效果。實證結果發現，庫藏股買回比率愈高，現金股利發放率愈高，兩者之間呈顯著正相關，而其與股票股利呈顯著負相關，顯示公司執行庫藏股策略與現金股利政策並不衝突，呈現互補效應。至於節稅效果之實證顯示，稅額和抵比率愈高的公司，其股利發放率愈高，支持節稅效果。而且，控制公司自由現金流量後，庫藏股買回與現金股利發放，兩者之間仍存在互補效果，所以公司支付股東方式亦會考量股東節稅之效果。國內庫藏股制度實施之相關文獻，多著墨於市場反應及購回動機之研究，本研究則提供公司在資金運用及股東稅後利益最大化考量下，公司給付予股東的報酬可由庫藏股買回及股利發放方式之實證證據。

This paper investigates how stock repurchases affect companies` dividend payouts using univariate and multi-regression analyses. That is. whether there exists substitute and/or stockholder tax saving effects for stock repurchases and dividend payouts. The results show that stock repurchase ratios are positively related with cash dividend payout ratios but negatively correlated with stock dividend payout ratios. After controlling for free cash flow, there exists a strong complementary relationship between stock repurchases and cash dividend payouts. The results also show, ceteris paribus, imputation tax credit ratios are positively related with cash and stock dividend payout ratios, lending support to the tax saving effect. In sum, the findings of this study suggest that stock repurchases provides an alternative for companies to increase their cash payouts to shareholders and thus may offer an incentive to capture tax savings for shareholders. The findings of this study provide empirical evidence on the impact of the stock repurchases on firms` dividend payouts.