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Osztalékfizetés helyett részvény-visszavásárlás?. A részvény-visszavásárlások népszerűségének lehetséges okai
[Share repurchases instead of dividend payments?. The evolution of payout policies and possible reasons for the prominence of share repurchases]

Author

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  • Szládek, Dániel

Abstract

A vállalati pénzügyek célja a vállalat értékének maximalizálása, ennek elérése érdekében a vállalatok az optimális beruházási, finanszírozási, valamint osztalékfizetési politikát keresik. Az elmúlt évtizedekben ez utóbbiban jelentős változás figyelhető meg, hiszen a klasszikusnak tekinthető osztalékfizetés mellett a vállalatok mindinkább egy másik módon juttatnak pénzt a tulajdonosokhoz: részvényt vásárolnak vissza. A részvény-visszavásárlások során a vállalat a saját részvényeit vásárolja meg, ezáltal a tranzakcióban eladóként részt vevő részvényest - az osztalékfizetéshez hasonlóan - a vállalat pénzállományából fizetik ki. A részvény-visszavásárlások előtérbe kerülése friss témát szolgáltat a vállalati pénzügyeket kutatók és pénzügyi szakemberek számára, hiszen ezentúl nemcsak az a kérdés, hogy mennyit fizessen a vállalat a részvényeseknek, hanem az is, hogy milyen formában történjen a kifizetés. Ennek megfelelően az osztalékfizetési politika helyett érdemes a kifizetési politika kifejezéssel illetni a vállalati pénzügyek e kérdéskörét. E tanulmány azt vizsgálja, hogy a részvény-visszavásárlások értéke mekkora része a teljes tulajdonosi kifizetések értékének, hogyan fogadja és értékeli a piac a részvény-visszavásárlásokat, továbbá feltárja ennek az újszerű kifizetési módnak az elméleti hátterét.* Journal of Economic Literature (JEL) kód: G35.

Suggested Citation

  • Szládek, Dániel, 2024. "Osztalékfizetés helyett részvény-visszavásárlás?. A részvény-visszavásárlások népszerűségének lehetséges okai [Share repurchases instead of dividend payments?. The evolution of payout policies and ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 154-175.
    • Handle: RePEc:ksa:szemle:2167
    DOI: 10.18414/KSZ.2024.2.154
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    JEL classification:

    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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