以盈餘支付政策分析企業融資工具之選擇

Abstract

本研究欲以支付政策的型態分析企業如何進行融資決策，利用Skinner(2008)的支付政策型態分析與Aggarwal & Kyaw(2010)的股利支付與資本結構聯立方程組模型，以台灣上市公司為研究標的，實證結果顯示企業的融資政策會因支付政策型態而異。 主要結論為：(1)負債比率與總和支付率呈現負相關，儘管與購回支付率呈現正相關，負向關係主要來自與股利支付率的顯著負相關，結果亦顯示股票購回屬於長期的財務決策。(2)支付率相對高低取決於股利支付，股利相對不穩定的企業即便有購回的輔助，支付率也不足以超越穩定股利支付的企業。此外，購回支付穩定的企業傾向選擇以長債來維持購回支付的穩定性，而購回支付不穩定的企業則傾向使用較具有彈性的短債融通暫時性的股票購回。(3)分析股利與購回皆使用下，結果顯示短債與整體支付穩定性為負向關係，而長債則與支付方式有關，且兩種支付方式交互使用下更需要彈性的資金做融通。

This paper targets to discuss how firms choose their financing policy from patterns of payout policy. By payout patterns analysis of Skinner (2008) as well as capital structure and dividend payout simultaneous equations of Aggarwal & Kyaw (2010), empirical evidences support the hypothesis that there are differences in financing policy between different patterns of payout policy. Conclusions: (1) Debt ratio is negatively related to payout ratio mainly contributing to dividend payout with positive relationship of repurchase ratio. Empirical result also shows that share repurchase is long-term financial decision. (2) Level of payout ratio depends on dividend payout. Firms with unstable dividends use repurchase as complementary still have lower payout ratio than those with stable dividends. In addition, firms with stable repurchase tend to choose long-term debt to maintain stability of repurchase, while those with unstable repurchase tend to use more flexible short-term debt to finance it temporary needs of funds. (3) For the firm using both dividends and repurchases, empirical result shows short-term debt ratio is negatively related to overall stability of payout, while long-term debt is related to types of payout. To use both of dividend and repurchase, there is more demand to flexible funds.