With the shareholder return trend in full swing, will investment in companies that pay dividends and repurchase their own shares also take off? 정부는 지난 24일 '기업 밸류업 지원방안' 등을 발표하며 상장사들의 주주환원 확대를 독려했습니다. On the 24th, the government announced measures to support corporate value enhancement, encouraging listed companies to increase shareholder returns. 특히 기업 밸류업 프로그램은 상장사들의 자율적 노력을 유도하기 위해 세제지원 등 다양한 인센티브를 제공한다는 계획입니다. In particular, the corporate value enhancement program plans to provide various incentives, including tax benefits, to encourage listed companies to make voluntary efforts. 이에 따라 배당이나 자사주 소각 등 주주환원 정책이 활발한 기업에 대한 투자자들의 관심이 높아지고 있습니다. As a result, investors' interest in companies with active shareholder return policies, such as dividend payments or share buybacks, is increasing. 한국거래소에 따르면 올해 1월 2일부터 22일까지 국내 상장사들의 배당락일 기준 배당수익률은 코스피가 1.98%, 코스닥이 1.61%입니다. According to the Korea Exchange, from January 2 to January 22, the dividend yield of KOSPI and KOSDAQ based on the ex-dividend date was 1.98% and 1.61%, respectively. 같은 기간 S&P 500의 배당수익률 1.40%보다 높은 수준입니다. This is higher than the 1.40% dividend yield of the S&P 500 over the same period. 키움증권은 26일 보고서를 통해 "주주환원율이 높은 기업에 대한 투자자들의 선호도가 높아지고 있다"며 "배당수익률이 높고, 자사주 소각을 통해 주주가치 제고에 힘쓰는 기업들에 대한 관심이 필요하다"고 밝혔습니다. On the 26th, Kiwoom Securities released a report stating, "Investors' preference for companies with high shareholder return rates is increasing. We need to pay attention to companies with high dividend yields and those that are working to enhance shareholder value through share buybacks." 이어 "지난해 10월 이후 배당주와 자사주 소각 기업들의 주가가 상승하는 경향을 보이고 있다"며 "주주환원 정책이 기업 가치 상승으로 이어지는 모습이 나타나고 있다"고 분석했습니다. The report further analyzed that "since October last year, the stock prices of dividend-paying stocks and companies that repurchase their shares have shown an upward trend, and that shareholder return policies are leading to an increase in corporate value." 그러면서 "올해에는 금융, 에너지, 자동차 업종 등의 기업들이 주주환원 정책에 적극적으로 나설 것"이라며 "특히, 금융업종의 경우 은행, 보험, 증권사들의 순이익 증가세가 뚜렷해 주주환원 확대 가능성이 높다"고 전망했습니다. The report also predicted that "this year, companies in the financial, energy, and automotive sectors will actively pursue shareholder return policies. In particular, the financial sector is likely to see an expansion of shareholder returns, with a clear increase in net profits for banks, insurance companies, and securities firms."

Recent announcements of large-scale shareholder return policies by Samsung Electronics and SK HiSilicon have shifted investors' focus from anticipating growth potential to examining companies' shareholder return strategies. Following a recent market downturn, the continued rise in box shares has attracted attention for the predictable income they provide.

Shareholder return methods are primarily categorized as dividends and share buybacks or burnouts. Dividends involve sharing profits directly with shareholders, either in cash or through additional stocks, bonds, or options. Share buybacks and burnouts involve the company purchasing and eliminating its own shares, which can increase the value of outstanding shares.

When seeking steady income from dividends, it's important to consider the sustainability of the dividend, such as its consistency and the supporting performance of the company. Experts advise evaluating whether dividends have been paid consistently over several years and whether the company has sufficient free cash flow to continue paying dividends.

Analysts emphasize the importance of looking beyond the current year's dividend and considering the long-term relationship with the company. One simple method for investors is to identify "high-dividend companies," which are those that have not reduced cash dividends compared to the previous year and have increased the dividend growth rate by 40% or 25% over the previous year.

The proportion of high-dividend companies includes those in the financial and telecommunications sectors. In addition to examining individual shareholder return policies, investors can also look at a company's earnings growth trend. However, it's important to note that not all high-dividend companies have stable dividends. Companies with high dividend yields may still face financial difficulties if their earnings deteriorate.

In such cases, shareholder value can be enhanced by companies that buy back and burn shares. Reducing the number of shares in circulation can help stabilize or increase a company's stock price. Companies that buy back and burn shares often have strong cash flows and low debt ratios, indicating a healthy financial position. In 2025 and 2026, the top companies for share buybacks include 대신증권, 메리츠금융지주, 에스엘, and 티케이지, based on their cash flow and debt ratios.

The upcoming amendments to the securities law may require companies to burn shares instead of buying them back, focusing on those with strong cash flow and low debt ratios. Government bonds and preferred shares also merit attention. Preferred shares often have priority in receiving dividends and can be targeted for dividend expansion.

Investment funds like ETFs that focus on dividend-paying stocks may be a convenient option for investors. However, experts caution that shareholder return policies should be considered as one of several investment strategies, depending on the investor's financial goals.