政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/114768
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113656/144643 (79%)
造访人次 : 51722528      在线人数 : 656
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 學術期刊 > 會計評論 > 期刊論文 >  Item 140.119/114768


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/114768


    题名: 庫藏股買回對股利發放之影響
    The Effect of Stock Repurchases on Dividend Payouts
    作者: 鄭桂蕙
    Cheng, Kuei-Hui
    关键词: 庫藏股買回;股利發放;替代效果;股東節稅效果
    Stock repurchases;Dividend payouts;Substitute effect;Stockholder tax saving effect
    日期: 2005-07
    上传时间: 2017-11-15 15:58:33 (UTC+8)
    摘要: 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.
    關聯: 會計評論, 41, 77-101
    数据类型: article
    DOI 連結: http://dx.doi.org/10.6552/JOAR.2005.41.4
    DOI: 10.6552/JOAR.2005.41.4
    显示于类别:[會計評論] 期刊論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    index.html0KbHTML2626检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈