公司支付的异质性
Adhiraj Sodhi1, Aleksandar Stojanovic1
1The Business School, University of Greenwich, London, UK.
Heliyon
|January 1, 2024
概括
英国的公司支付,包括股息和回购,主要取决于支付规模而不是类型. 运营业绩和税收政策显著影响公司整体支付策略.
科学领域:
- 企业金融公司财务
- 经验金融是经验金融.
- 英国股票市场分析
背景情况:
- 公司支付,包括股息和股票回购,是关键的财务决策.
- 对于投资者和政策制定者来说,了解这些支付的决定因素至关重要.
- 之前的研究往往以不同的方式对待支付类型,可能忽视了常见的驱动因素.
研究的目的:
- 在英国市场实证地研究股息和回购的决定因素.
- 确定支付规模或支付类型是否是公司支付政策的更重要的驱动因素.
- 分析不同支付大小 (小,中,大) 的决定因素是如何变化的.
主要方法:
- 对英国企业支付数据的实证分析.
- 回归分析以确定股息和回购的决定因素.
- 支付决定因素的比较分析,按支付规模划分.
主要成果:
- 在股息和回购方面,支付规模是一个比支付类型更主导的决定因素.
- 公司的整体支付政策受到运营业绩和税收框架的影响.
- 小规模支付的决定因素是均的,而中型和大规模的支付显示异质性.
- 综合股息受到资产持有量和ROA的积极影响,独立董事和EPS的负面影响.
- 总体回购受债务风险的积极影响,受M/B比率的负面影响.
结论:
- 在英国,企业支付决策主要是由支付规模决定的.
- 支付规模可以缓和各种金融和治理因素的影响.
- 对于小,中,大支付出现了不同的模式,突出显示了规模细分的重要性.
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