Are Dividends Informative for New Stock Issuances: A New Explanation and New Evidence

股權集中度與股利的資訊效果－臺灣的現金增資為例

屠美亞(Mia Twu) ； 蔡湛成(Zhan-Cheng Tsai)

《財務金融學刊》 15卷3期 (2007/08) Pp. 43-66

https://doi.org/10.6545/JFS.2007.15(3).2

摘要

本文研究為何企業會在增資的同時，又發放股利。近年來，許多研究指出，開發中國家投資者保護普遍不健全，使得股權集中度相對偏高，股利的解決代理問題與資訊傳遞的功能在這種環境中相對重要。本文因此提出在開發中國家，企業股權集中度愈高的企業愈可能在現金增資的同時，基於股利的資訊效果，發放股利。以全灣上市公司於1992－2001的現金增資為樣本，本文獲得顯著的實證支持。

關鍵字

股利 ； 股權集中 ； 現金增資 ； 資訊不對稱 ； 代理問題

並列摘要

It is argued that high ownership concentration resulted from poor legal protection makes dividends especially valuable in solving agency and information problems. Based on this argument, we hypothesize that, in an environment where minority shareholder protection is low and ownership is highly concentrated, there are dividend announcement effects on new stock issuances and firms with a high ownership concentration tend to pay dividends before issuing new stocks. By using seasoned equity offers in Taiwan from 1992-2001, we obtain strong empirical support for our two hypotheses.

並列關鍵字

Dividends ； Ownership concentration ； New stock issuance ； Information asymmetry ； Agency costs

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