台灣上市(櫃)公司股票股利發放後之長期績效

The Long-term Performance after Stock Dividend issuance of Taiwan Listed and OTC Companies

黃雅鈴(Ya-Ling Huang)

指導教授 ： 顧廣平

淡江大學/商學院/財務金融學系碩士在職專班/碩士(2012年)

https://doi.org/10.6846/TKU.2012.01104

摘要

論文提要內容：
本文之研究期間為1991年至2007年為止，以593家於這段期間發放股票股利的台灣上市(櫃)公司為研究對象，主要探討台灣上市(櫃)公司於股票股利發放後之股價長期投資績效與企業長期營運績效表現。
長期投資績效分析結果顯示：無論採用何種方法衡量，所獲取之長期平均異常績效大都為正值且具統計顯著性，此似乎意謂著投資人若於公司股票股利發放後，購買股票並且長期持有，其平均投資報酬優於基準之平均報酬。
長期營運績效分析結果顯示：若以自身移動基準為差異比較，在獲利能力方面，樣本公司於股票股利發放後，其平均獲利能力顯著下滑。而股票股利發放後，公司平均資產週轉率當年度(第0年)及第一年度出現明顯下滑，且出現顯著之平均負債比率上升，而後第2年及第3年並無顯著之變化；若以產業中位數基準為差異比較，在獲利能力方面，樣本公司在股票股利發放後之長期獲利能力並沒有如同發放前一年顯著優於同業，甚至其平均資產報酬率及股東權益報酬率顯著低於同業。而股票股利發放後，其資產使用效率雖下滑但仍優於同業。

關鍵字

股票股利 ； 長期投資績效 ； 長期營運績效

並列摘要

Abstract：
The study period of this paper is 1991 to 2007, the study subjects are listed companies release Taiwan stock dividends during this period. It mainly explores the long-term investment performance of share price and enterprise long-term operating efficiency performance after the release of stock dividends.
The results of long-term investment performance efficiency analysis show that: no matter which measurement method being applied, the long-term average abnormal performance efficiency obtained is most with positive values and statistical significance. This seems to mean that if investors purchase the stock after the companies release the stock dividends, the average investment reward is superior to the benchmark reward.
The results of long-term operating performance analysis show that: by comparing the difference with self-body move basis, in terms of profit capability, after the current year (the 0 year) in which the sample companies release the stock dividends; the average profit capability shows a significant downturn. By comparing the difference with median basis of the industry, the profit capability of sample companies is not significantly better than that of those in the same industry after the release of stock dividends as they does in the previous year, even their rate of return on assets and rate of return on shareholders' equity are obviously lower than those in the same industry, while comparing to the same industry, the service efficiency of companies' assets can be significantly improved after the release of stock dividends. Finally, the results show that the average capital structure does not appear significant changes.

並列關鍵字

Stock dividend ； Long-run investment performance ； Long-run operating performance

參考文獻

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