CAJ | 학술논문

公司在进行股利支出时是迎合投资人或者成长机会一直未有定论，这两个理论皆采用市帐率作为代理变数，其对公司股利支出的预测则是相反的方向。文章利用套利风险与市帐率的交互作用项来检验这两种理论，结果发现如下：第一，公司市帐率越高，未来的现金股利越高；第二，在高价股中，高管人员迎合投资人而发放现金股利；第三，在高套利成本、低交易量、卖空成本以及信息不对称程度较高的公司，高管人员会根据公司的成长机会而进行股利的支出。
공사재진행고리지출시시영합투자인혹자성장궤회일직미유정론，저량개이론개채용시장솔작위대리변수，기대공사고리지출적예측칙시상반적방향。문장이용투리풍험여시장솔적교호작용항래검험저량충이론，결과발현여하：제일，공사시장솔월고，미래적현금고리월고；제이，재고개고중，고관인원영합투자인이발방현금고리；제삼，재고투리성본、저교역량、매공성본이급신식불대칭정도교고적공사，고관인원회근거공사적성장궤회이진행고리적지출。
The previous studies have debated on whether the top management follows the catering theory or growth opportu?nity when making decisions on dividend payout policy. Both theories employ market to book ratio as the proxy variable, which is in the opposite direction to make the prediction on dividend payout. The study applies the interactional term of arbi?trage risk and market to book ratio to examine catering theory and growth opportunity. The results show that: First, market to book ratio has a positive effect on dividend payout. Second,for the company with high share price,the top management would increase cash dividend to catering shareholders. Third, for the company with high arbitrage cost, low trading vol?ume,high cost of sell short and high information asymmetry,the top management would decrease cash dividend according to the growth opportunity.