從融資限制及財務靈敏度的角度探討股票購回及發放現金股利之關係

Abstract

本篇論文主要的研究目的是探討，在不同融資限制及財務靈敏度的情況之下，股票回購和發放現金股利之間的關係。我們利用KZ指數來衡量融資限制，以及用四個變量（即現金流量波動度、現金持有、營業外收入及保留盈餘）來衡量的財務靈敏度。從結果我們發現，融資相對受限制的公司，其股票購回和發放股利之間呈現替代關係。我們也發現，保留盈餘被視為顯著影響財務靈敏度的重要的因素。此外，我們延伸分析，結合融資限制及財務靈敏度的影響。結果發現，融資相對受限制的公司，其現金流量波動度愈大，則股票購回和發放股利之間呈現互補關係；而保留盈餘對融資相對受限制的公司來說，反而無顯著影響作用。

This paper examines the relationship between share repurchases and cash dividends under the perspectives of financial constraint and financial flexibility over the period 1996 to 2012.We use KZ index to measure financial constraints, and four variables (i.e. cash flow variability, cash holdings, non-operating income, and retained earnings) to measure financial flexibility. The evidence shows that, the substitution relationship between repurchases and dividends appears for financially constrained firms. We also find that retained earnings serve as an important financial flexible factor that tends to significantly affect the relationship. Furthermore, we extend our analyses to examine the influence of financial constraint and financial flexibility on the relationship between repurchases and dividends. We find that, for constrained firms, complementary relationship exists when they have higher cash flow’s variability; while retained earnings play little significant influence on the relationship between repurchases and dividends.