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題名：庫藏股買回對股利發放之影響
書刊名：會計評論
作者：鄭桂蕙 引用關係
作者(外文)：Cheng, Kuei Hui
出版日期：2005
卷期：41
頁次：頁77-101
主題關鍵詞：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
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(12) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:12
  • 共同引用共同引用:114
  • 點閱點閱:33
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.
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研究報告
1.Bens, D. A.、Nagar, V.、Skinner, D. J.、Wong, M. H. F.(1979)。Employee stock options, EPS dilution, and stock repurchases。University of Chicago。  new window
2.Brav, A.、Graham, J. R.、Harvey, C. R.、Michaely, R.(2003)。Payout policy in the 21st century。University of Duke。  new window
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4.Jagannathan, M.、Stephens, C.(2001)。Motives for multiple open-market repurchase programs。Binghamton University--State University of New York。  new window
5.Peng, H.、Cheng, K. H.、Lee, J. Z.(2003)。The relationship between frequency of stock repurchase and firm characteristics。National Taipei University。  new window
6.Weisbenner, S. J.(2000)。Corporate share repurchases in the 1990s: What role do stock options play?。Federal Reserve Board。  new window
學位論文
1.李皓(2001)。內部人、股市多空及兩稅合一對我國上市公司股利政策影響之探討(碩士論文)。國立中正大學。  延伸查詢new window
2.劉秀玲(199401)。影響資本結構與現金股利政策及內部股權決定因素之分析：臺灣股市之實證研究(碩士論文)。國立台灣工業技術學院。  延伸查詢new window
3.張瑞娟(2003)。股票買回策略性運用之研究(碩士論文)。東海大學。  延伸查詢new window
4.李宗祥(2001)。上市公司買回本公司股份之研究(碩士論文)。國立臺灣大學。  延伸查詢new window
5.劉志勇(1994)。臺灣股票上市公司無償配股動機之現場實地研究(碩士論文)。國立成功大學。  延伸查詢new window
6.江衍陞(2001)。兩稅合一對我國資訊電子業上市上櫃公司股利政策影響之實證研究(碩士論文)。國立中央大學。  延伸查詢new window
7.胡嘉文(2002)。庫藏股交易與無形資產關係之研究(碩士論文)。元智大學。  延伸查詢new window
8.唐瑋澤(2002)。台灣上市櫃公司實施庫藏股動機與實施績效之探討(碩士論文)。國立中興大學。  延伸查詢new window
9.孫鑑吾(2001)。企業實施庫藏股動機之研究(碩士論文)。逢甲大學。  延伸查詢new window
10.張莉莉(2001)。我國上市上櫃公司買回庫藏股意願及次數決定因素之研究(碩士論文)。國立臺北大學。  延伸查詢new window
11.曾秀玉(2001)。我國兩稅合一制對上市公司股利政策影響之研究(碩士論文)。朝陽科技大學。  延伸查詢new window
12.劉宜祥(2002)。上市公司股票購回動機與宣告內涵之研究(碩士論文)。國立中山大學。  延伸查詢new window
13.潘玉娟(2001)。台灣企業庫藏股購回動機與溢價決定因素綜合評析(碩士論文)。國立中山大學。  延伸查詢new window
14.鄭惠文(2002)。公司買回股票決策特徵與宣告時市場反應分析(碩士論文)。東海大學。  延伸查詢new window
15.盧育仕(2000)。兩稅合一對我國上市公司股利政策影響之實證研究(碩士論文)。逢甲大學。  延伸查詢new window
圖書
1.Brealey, R.、Myers, S.(2002)。Principles of Corporate Finance。McGraw-Hill Irwin。  new window
2.Grinblatt, M.、Titman, S.(1998)。Financial markets and corporate strategy。McGraw-Hill Irwin。  new window
其他
1.林宛瑩，許崇源，鄭桂蕙(2002)。公司宣告買回庫藏股之經濟誘因，國立政治大學會計系。  延伸查詢new window
2.(20030821)。中華電年底前實施庫藏股。  延伸查詢new window
 
 
 
 
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