Corporate Payout Policy : Empirical investigation

我们对日本公司的总支付政策进行了实证研究，包括股息、股票回购和注销。De Angel等人(2006)的生命周期理论得到了支持。而在1990年代的S，日本公司实行了稳定的股利政策，我们在2004年发现了一个突破口，在此之后，一些公司偏离了这一政策。我们还发现，根据决定回购的制度不同，股利与股票回购以及注销与股票回购之间的关系都不同。

We conduct an empirical study on the total payout policy of Japanese firms, which includes dividend, stock repurchase, and cancellation. The life-cycle theory of De Angle et al.(2006) is supported. While in 1990's the Japanese firms employed a stable dividend policy, we find a break in 2004 after which some firms deviate from it. We also find both relationship between dividend and stock repurchase and one between cancellation and stock repurchase are different according to the institution that decides the repurchase.