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| Title: | 投資人情緒與公司發放現金股利和實施庫藏股替代效應之關聯性
A Study on the Relationship of Investor Sentiment and the Substitute Effect between Cash Dividend and Share Repurchase |
| Authors: | 王予君
Wang, Yu-Chun |
| Contributors: | 周冠男
Chou, Robin K.
王予君
Wang, Yu-Chun |
| Keywords: | 現金股利
庫藏股
替代效應
投資人情緒
Cash dividend
Share repurchases
Substitute effect
Investor sentiment |
| Date: | 2018 |
| Issue Date: | 2018-07-03 17:25:43 (UTC+8) |
| Abstract: | 本文探討投資人情緒因子是否會影響公司發還股東現金方式的選擇。發還股東現金方式主要分為三種，一、發放現金股利，二、現金退還減資，三、實施庫藏股，然而現金退還減資的案例在台灣並不常見，而效果幾乎等同收回庫藏股，因此本研究著重現金股利和實施庫藏股之間的選擇。發放現金股利是單純公司盈餘的分配，而實施庫藏股則等同公司減資的效果，也就是會造成公司股本的縮減，兩者都是將公司多餘的現金發還到股東手上，但對公司或是對股東來說，都有著不同層面的影響。公司方面可能會考慮到公司現金流的穩定狀況、股利政策的訂定、投資人偏好等；而股東方面則會考慮到資本利得和股利所得等稅負問題。因此，過去許多研究皆著重於兩種發還現金方式的比較，包括對於股價表現及公司後續營運績效的探討，而本研究則是進一步探討投資人情緒因子是否會影響公司對於兩種方式的選擇以及投資人情緒會不會影響公司現金發放率，並以邏輯斯回歸和簡單回歸分別做測試。
而研究發現，在台灣資本市場，投資人情緒確實會影響公司對於發放現金股利和實施庫藏股的決策，當投資人情緒越高，公司越傾向以發放現金股利取代實施庫藏股，不同於美國以庫藏股替代現金股利，台灣仍以配發股利為主，並在投資人情緒高漲時，特別明顯；然而，股利發放率和投資人情緒間並無顯著關係。
This article studies whether the factor of investor sentiment can affect the way company returning cash to shareholders or not. There are two classical types of cash distribution: cash dividends and share repurchases. Cash dividends is pure the distribution of earnings and share repurchases is one of the type of capital reduction, causing the company to reduce the capital. Both the ways are returning the company`s excess cash to shareholders, but at some extent, they have different influences on the company and shareholders. For firms, the stability of cash flow, the establishment of dividend policy, investor preferences and so on are the factors that management will consider when making decision. On the other hand, shareholders will take tax issues into accounts, comparing the tax between capital gains and dividend income. Many studies in the past focused on the comparison between two ways, including the stock price response and the company’s follow-up operating performance. This study further examines whether the investor`s sentiment is the factor affecting the company`s choice or not and whether the payout ratio goes high with investor sentiment increasing, and use the simple logistic regression and simple regression respectively to test it.
This paper indicates that in Taiwan’s capital market, investor sentiment does affect the company’s decision to issue cash dividends and implement treasury shares. The higher the investor’s sentiment, the greater the company’s tendency to disburse cash dividends instead of implementing treasury shares. Unlike American’s substitute effect of share repurchases replace cash dividend, Taiwan’s firms still prefer cash dividend, and this effect is particularly evident when investors` sentiment goes high. However, there isn’t significant relationship between payout ratio and investor sentiment. |
| Reference: | English Reference
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Chinese Reference
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| Description: | 碩士
國立政治大學
財務管理學系
106357006 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0106357006 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.Finance.004.2018.F07 |
| Appears in Collections: | [財務管理學系] 學位論文
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