Corporate Payout Policy : Empirical investigation

我们对日本企业的总支付政策进行了实证研究，其中包括股息，股票回购和注销。De Angle等人的生命周期理论。（2006）支持。在20世纪90年代，日本公司一直采取稳定的股利政策，但在2004年出现了一个转折点，之后一些公司开始偏离这一政策。此外，我们还发现，股利与股票回购之间的关系以及取消与股票回购之间的关系因决定回购的制度而异。

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.