Выбор политики выплаты инвесторам:исследование рынка США

Финансовый журнал. 2022. Т. 14. № 1. С. 89–107.

Nazarova V., Иванова А. Н.

In recent years, U.S. share buyback costs have hit record highs, in part due to the 2017 Tax Reform, shareholder activity and record low borrowing costs.. The purpose of the study is to study the reasons for choosing a policy of payments to investors in American companies and the impact of share buybacks on the results of the company and the economic system. The study examined traditional theories that explain the choice of investor payout policy. The authors have highlighted the main motives of companies when making decisions on the payment mechanism. After examining the existing theoretical aspects of the choice of payment policy and the trend of US buybacks, a regression analysis of panel data was carried out to comprehensively study the causes and consequences of the choice of payment policy.

The study examined traditional theories that explain the choice of investor payout policy. The authors highlighted the main motives of companies when making decisions on the mechanism of payments. After examining the existing theoretical aspects of payment policy choices and US buyback trends, panel data regression analysis was performed to comprehensively investigate the causes and consequences of payment policy choices. The study identified management's motives for the share buyback and demonstrated the positive impact of share buybacks on the company's development.

Keywords: capital requirements, reinvestment assumptions, обратный выкуп акций, реинвестирование, dividend payment policy, buyback, share buyback programs, политика выплаты дивидендов, потребность в капитале, программы выкупа акций