韩国央行-股东回报政策对企业价值的影响（英）-2025_33页_805kb

This report examines how shareholder return policies, such as dividends and share buybacks, influence firm value in the context of enhancing domestic listed companies' value under the Value-up Program. The analysis compares Korea's situation with 16 G20 countries and uses empirical data to explore relationships.

International findings show Korea's firm value is relatively low despite growth and stability, with weak shareholder protection, a low share of floating stocks compared to advanced nations, and modest shareholder returns. The report highlights that shareholder protection affects fund usage, with stronger protection leading to increased returns and reduced cash equivalents, while in weak protection environments, cash equivalents may hinder firm value.

Empirical results from regressions indicate that higher shareholder protection is positively correlated with firm value and shareholder returns. Cash equivalents contribute to value only in strong protection contexts. The impact of shareholder returns varies by shareholder protection group, with a more pronounced effect in vulnerable groups, and by industry, where capital-intensive sectors may prioritize investments over returns.

Implications suggest promoting shareholder returns to boost firm value, but caution is needed to avoid constraining capital expenditures. For fast-growing industries, emphasizing investment over returns is more effective. Overall, improving shareholder protection and governance is key for sustainable value enhancement.