從營運資金管理探討現金股利發放日決策

Working Capital Management and the Decision of the Dividend Payment Dates

李世欽(Shih-Chin Lee) ； 劉任昌(Jen-Chang Liu) ； 葉馬可(Mark Yeats) ； 羅婷(Ting Lo)

《致理學報》 37期 (2017/11) Pp. 67-111

摘要

基於營運資金管理效率，財務經理人必然在應付帳款到期日才支付現金。應付股息支付日則決定於董事會宣告之發放日，若太晚發放，可能損及股東權益；若太早發放，則不利於營運資金管理，也產生風險移轉作用。當應付股息週期顯著小於應付帳款週期時，更造成對股東有利，卻對債權人不利的另一種風險移轉效果。本研究透過分析臺灣上市公司2004年至2015年之發放現金股息資料，闡述公司董事會進行除息日與發放日決策時，並未積極採取經理人營運資金管理之原則，而導致公司董事會之發放日決策趨向以七天為一循環單位，而非以一天為單位。這個現象不符合營運資金管理效率，本研究為此提出改善建議。

關鍵字

營運資金管理 ； 股利政策 ； 應付股利 ； 發放日 ； 基準日

並列摘要

For the sake of working capital management efficiency, financial officers always pay accounts payable at the due day. The payment of dividends payable is determined by the board of directors. Its late paying would deteriorate shareholders' interests, while early paying would diminish the efficiency of working capital management. In addition, early paying could incur risk-shifting effect benefiting shareholders at the expense of liabilities holders. Through analyzing TWSE dividend-paying firms from 2004 to 2015, this paper shows that the directors of dividend-paying firms do not decide the ex-dividend and payment dates in as sufficiently a discrete manner as the corporate managers handle short-term liabilities. We argue that behavioral factors lead to a tendency for corporate directors to choose payment dates with a 7-day block added to, or subtracted from, instead of 1-day block. This tendency is inefficient from the perspective of working capital management and we propose improvement.

並列關鍵字

Working capital management ； dividend policy ； dividends payable ； payment date ； record date