How the introduction of stock repurchases affects dividend payouts under a full imputation system?

Abstract

本研究探討2000 年起，台灣開放實施庫藏股買回制度後，對公司現金股利政策的影響。我們分別以現金股利和總現金發放，透過Lintner (1956)模型驗證完全替代效果以及財務彈性假說。而且，台灣的股票市場被La Portaet al. (2000) 歸類為法令對小股東保護較弱的市場之一，股利政策應該適用股利替代模型，本研究結合股利代理模型與Lintner 模型，進一步驗證公司治理對現金股利政策的影響。本研究發現，在兩稅合一及資本利得免稅的環境下，庫藏股買回制度開放後，台灣上市公司的現金股利與總現金發放同時增加，但是，與總現金發放相較，現金股利較具有僵固性，此一結果不符合現金股利與庫藏股完全替代假說，卻支持現金股利來自持久盈餘的財務彈性假說。最後，本研究發現，公司治理良善的公司，所發放的現金股利與總現金發放金額，比公司治理較弱者高，該結果不支持股利替代效果，而是符合股利結果模型。

This study investigates whether the introduction of repurchases in 2000 affects the payout policy of TWSE (Taiwan Stock Exchange)-listed firms. For this purpose, we adopt Lintner’s (1956) model for both cash dividends and total payouts to examine the perfect substitute effect. The introduction of dividend imputation and stock repurchases does increase total payout ratios. We find that cash dividends are stickier than total payouts in Lintner’s model. Under a full imputation system as well as a tax-free capital gain environment, TWSE-listed firms do not substitute stock repurchases for dividends. Additionally, Taiwan stock market is classified as having poor legal shareholder protection market that is attributed to the dividend substitute model (La Porta et al., 2000). However, our finding is consistent with the dividend outcome model that firms with strong corporate governance have higher dividend payouts than firms with weak corporate governance.