本研究以1998年至2018年間,曾發放股票股利之台灣上市(櫃)公司為樣本,採事件研究法探討股票股利之公告日或除權日前後,其普通股股價是否存在顯著異常之反應,並進一步討論市場產業別、股票股利配股率高低對其公告日或除權日前後股價行為之影響。 研究結果顯示台灣上市(櫃)公司普通股股價在股票股利宣告日前後存在顯著的正向異常反應,且其反應程度與配股率高低呈正向關係,以及上櫃電子業的股價對股票股利公告日並無顯著之反應。至於股票股利除權日,一致的結果顯示台灣上市(櫃)公司普通股股價在股票股利除權日前存在顯著的棄權賣壓之負向反應,而在除權日後存在顯著填權行情之正向反應。
This study uses Taiwan listed companies that have paid out stock dividends from 1998 to 2018 as a sample, and uses the event study to explore whether there is a significant abnormal effect on the common stock price before and after the announcement date or ex-right date of the stock dividend. This study further explores the impact of exchange, industry, or stock dividend rate on its stock price behavior around the announcement date or ex-rights date. The research results show that there is a significant positive abnormal effect on the common stock price of Taiwan listed companies before and after announcement date of the stock dividend. The degree of effect is positively related to the level of dividend rate, and the stock price of the Taipei Exchange-electronics industry is insignificant effect on the announcement date. As for the ex-right date, consistent results show that there is a significant negative effect to the abandonment dividend on selling pressure of the common stock price of Taiwan listed companies before the ex-right date, and there is a significant positive effect to the price recovery after the ex-right date.