美國銀行業實際買回庫藏股計畫之再探討

Abstract

Accompanying by 1990’s economic recovery, U.S. bank holding companies rely more and more on stock repurchases in payout policies. This increasing trend is striking, and the amount almost equals to the dividend payout in 1997. Previous literatures identify several motives and regulatory requirements effect. In this article, we not only expand the time line and gather more data to re-examine these factors but test three new hypotheses concerning business cycle, loan composition and accounting loan default variables as well. We use Tobit model and conclude our research as follows: Banks’ magnitude of actual repurchase is positively related to more free cash flow, less growth opportunity, greater total capital adequacy ratio and more risk of being takeover target, which consistent with our expectation. Although banks’ magnitude of actual repurchase is also positively related to larger assets possessed, more cash dividend payout and smaller accounting loan default variables, it is against our expectation and leave some explanations. To summarize, most results support our hypotheses.