합리적인 자본정책이 금융기업 주주가치에 미치는 영향: 은행지주회사의 주주가치 중심으로

This study analyzes the impact of rational capital policies on shareholder value of financial companies from the point of view of shareholders of bank holding companies. The financial industry developed, but as the undervaluation of financial stocks became fixed, shareholders were relatively alienated. Accordingly, this study used a panel analysis model to analyze Australian, Taiwanese, and US financial companies and Korean bank holding companies whose growth has slowed. The main research findings are as follows. First, when profitability improves, shareholder value improves. Second, growth did not have a significant impact on shareholder value. Third, improvements in NIM and asset quality were more important in increasing shareholder value. Lastly, the payout ratio did not have a significant effect on shareholder value. This indicates that it is more important for Korean financial companies to establish differentiated capital policies that reflect the company's fundamentals and management philosophy than to increase their dividend payout ratio. Financial companies with slow growth should set up reasonable shareholder return policies considering the conditions they are facing, build trust with the market, and create an environment where investors can verify their shareholder return policies. When trust is restored, rational value investors will become shareholders through equity investment, the stock price will recover to a level consistent with intrinsic value, and its volatility will decrease. As a result, as the direct finance market develops, financial stocks will become an investment target with investment points for value stocks in the domestic stock market, and this will spread to other industries, gradually dissolving the Korea discount.