주주환원 바람 타고…‘배당·자사주 소각’ 기업 투자도 뜰까

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.