정부의 부채비율 감축 정책이 기업의 배당성향에 미치는 영향

This thesis aims at verifying how much the effectiveness of the government's reduction policy for the purpose of lowering debt-equity ratio, 'below 200%', displayed at large enterprises after foreign currency crisis had an effect on payout ratio. In addition, this thesis intends to verify how much the policy rose enterprises' important financial statement soundness, comparing to that before displaying the policy. The verification result is as followings. First, allotment tendency showed a negative (-) result, compared with that before displaying the policy. That is, enterprises attained their profits at the period conspicuously, for debt-equity ratio was reduced a lot, but allotment rate rose greatly. So, payout ratio showed a negative(-) result. Second, cash stream was improved greatly, for, compared with the result before displaying the policy, debt-equity ratio, an enterprises' important financial statement sound item, lowered greatly and cash stream was promoted greatly for the sake of profits and sales activities. This thesis verified that though the government's reduction policy for the purpose of lowering debt-equity ratio aroused a lot of controversy, but the policy contributed to enterprises' financial statement soundness and secured a stable base to enhance payout ratio. So the government's reduction policy for the purpose of lowering debt-equity ratio, 'below 200%' was effective, and it has to be a foundation guarding large enterprises of our country at a coming crisis by keeping it continuously.