本研究之研究目的是在探討公司治理品質是否會影響公司股利政策之發放,亦即檢驗公司治理品質越好之公司,比起公司治理品質不好之公司是否有較多的現金股利發放。本研究以2005年至2010年台灣上市櫃製造業公司為樣本,研究期間為2005年到2010年,共計取得5,422個樣本。本研究以是否通過中華公司治理協會評量、公司治理品質分數(Gov-Score)作為衡量公司治理品質之變數,而以現金股利發放率、現金股利收益率、現金股利/總資產率、現金股利/稅後淨利率、公司是否發放現金股利作為衡量股利政策之變數,並利用普通最小平方法(OLS,ordinary least squares)與Logistic迴歸分析探討公司治理品質與股利政策間之相關性。 實證結果如下: 一、公司治理品質對現金股利收益率具有顯著影響 二、公司治理品質對現金股利/總資產率具有顯著影響 三、公司治理品質對公司是否發放現金股利具有顯著影響
The purpose of this study is to verify whether the quality of corporate governance affects the release of the company's dividend policy or not. Samples were selected from the Taiwan listed companies in manufacturing industry during the year of 2005 to 2010 and 5,422 samples were obtained. In this study, we also take the data from the Taiwan Corporate Governance Association and use Corporate Governance Quality Score (Gov-Score) to identify the quality of corporate governance. The variables of dividend policy include dividend yield, the cash dividends / total asset ratio, and the cash dividends / after-tax net profit margin. Ordinary least squares (OLS) and logistic regression analyses were adopted to explore the correlation between the quality of corporate governance and dividend policy. The empirical results show that: 1.Corporate governance quality has significant impact on the cash dividend yield. 2.Corporate governance quality has significant impact on the ratio of dividend to total assets. 3.Corporate governance quality has significant impact on whether cash dividend was delivered.