以企業生命週期探討公司現金股利與庫藏股政策

Abstract

摘要 本文使用Anthony and Ramesh(1992)之生命週期分類方法，以銷貨成長率、股利支付率和年齡分出公司之成長期(growth stage)、成熟期(mature stage)、衰退期(stagnant stage)，並以多項logit模型及巢狀logit模型來嘗試找出影響公司各生命週期支付現金政策之因素。 若以現金及約當現金和公司規模來做為是否發放現金的因素，可發現現金及約當現金在成長期公司傾向保留較多的現金以進行投資的現象。公司規模在全產業、電子業和非電子業之各生命週期傾向規模小不發放現金。 營業利益率在全產業、電子業和非電子業之發放現金股利與現金股利發放關係顯著為正，而非營業利益率與購回庫藏股在全產業、電子業、非電子業之成長期關係皆顯著為負，在成熟及衰退期顯著為正，顯示成長期公司在有額外非營運資金進入時，也不傾向於購回庫藏股，而成熟及衰退期在額外非營運資金的分配上才將實施庫藏股納入考慮。 董監質押比與公司借款依存度在成熟期公司呈顯著相關，董監質押比與庫藏股實行在衰退期呈顯著相關。 前期報酬率在全產業成長期和衰退期、電子業成熟期和衰退期與購回庫藏股顯著為負，表示處於這些週期下的公司較可能因為公司股票價值被低估而進行股票購回。

In this study, we follow the classification of life-cycle stages by Anthony and Ramesh (1992), and differentiate the growth stage, the mature stage, and the stagnant stage of a firm with its sales growth rate, dividend payout ratio, and age. We apply both multinomial logit model and nested logit model in examining the factors impacting firms’ cash payout policy under different stages. Taking cash and cash equivalent and the firm size as factors affecting whether firms disperse cash, we find that firms in the growth stage tend to retain more cash for investment, and that, in whole industries, the electronics industry, and the non-electronic industry, smaller firms tend to pay less cash, regardless of stages. In whole industries, the electronics industry, and the non-electronic industry, the operating profit ratio is significantly and positively related to cash dividend payout. Also, in whole industries, the electronics industry, and the non-electronic industry, the relationship between the non-operating profit ratio and stock repurchase is significantly negative in the growth stage and significantly positive in mature and stagnant stages. It shows that firms in the growth stage do not tend to repurchase stocks, even if there is an additional inflow of non-operating income, and that firms in mature and stagnant stages take stock repurchase into consideration when distributing additional non-operating income. The directors and supervisors’ pledge ratio is significantly related to the Debt/Equity ratio for firms in the mature stage, and it is also significantly related to stock repurchase for firms in the stagnant stage. The previous-period rate of return is significantly related to stock repurchase for firms in growth and stagnant stages in whole industries, as well as for firms in mature and stagnant stages in the electronics industry. It shows that firms in these stages are more likely to repurchase stocks due to an underestimation of stock prices.