공공기관 배당성향 결정요인 연구 : 재무요인을 중심으로

공공기관;배당성향;재무요인;대리인이론;신호이론;잔여배당이론;public institution;dividend payout ratio;financial factor;agency theory;signal theory;residual theory of dividend;352

행정대학원 공기업정책학과 ;

University:서울대학교 대학원

关键词: 공공기관;    배당성향;    재무요인;    대리인이론;    신호이론;    잔여배당이론;    public institution;    dividend payout ratio;    financial factor;    agency theory;    signal theory;    residual theory of dividend;    352;   

Others  :  http://s-space.snu.ac.kr/bitstream/10371/130571/1/000000021054.pdf

美国|英语

来源: Seoul National University Open Repository

【 摘 要 】

This study tested a variety of dividend-related theory comprehensively by any companies attribute the financial factors affect dividend policy was discussed. This dividend policy of the government to identify the trends and status of public institutions in the dividend payout ratio with respect to the analysis of the factors affecting the decision in 2010 introduced a new dividend payout ratio of public sector way affect the determination of whether any studied want to. Sample firms are designated as public institutions dividend earnings in the last six years the target of 21 institutions were analyzed period is six years from 2007 to 2012 a total of 126 samples to target multiple regression analysis was performed. Dividend and government standards have changed since 2010 to change the starting time and duration of the sub-period is set to change the allocation of decision criteria were analyzed according to the influential. Determinants of dividend in relation to the theory of the agent as a free cash flow using surplus cash flow, as a signal indicating that the variable information in relation to the effectiveness and profitability, growth and activity, corporate enterprise-scale is used as a variable to indicate maturity. The remaining dividend theory is leveraged as a factor. Dividend policy, dividend payout ratio represents the dependent variable was used, representing a dividend policy influencing factors as independent variables for the free cash flow, profitability, growth, activity, company size, respectively, to verify the relationship between leverage and operating cash flow(OCF), return on assets (ROA), sales growth rate(SGR), total asset turnover ratio(ATR), Log of total assets(LOA), debt-to-equity ratio(DER) was used. In this study, the determinants of the dividend level analysis results, it was confirmed that the following implications. Residual dividend theory and agency theory;;s view was consistent in all periods. Therefore, to reduce the role of dividends as a function agency problems, and the remaining distributable profits to pay dividends commensurate with the scale and could see that.