上市(櫃)公司停發現金股利後之長期績效

The Long-run Performance after Cash Dividend Omissions in Taiwan Companies

陳麗惠(Lee-Hui Chen)

指導教授 ： 顧廣平 ； 楊馥如

淡江大學/商學院/財務金融學系碩士在職專班/碩士(2011年)

https://doi.org/10.6846/TKU.2011.01036

摘要

本文之研究期間為1992年1月至2006年12月為止，以180家於這段期間停發現金股利的上市(櫃)公司為研究對象，主要是探討這些上市(櫃)公司其停發現金股利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均為正值，此似乎意謂著不支持股利訊號假說，投資者若於公司停發現金股利後購買股票且長期持有，其平均報酬並未低於基準之平均報酬。

另外，長期營運績效之分析結果顯示台灣上市(櫃)公司於停發現金股利後，其平均獲利能力相對較差，在停發現金股利後第一及第二年，大致上比同業差，但差異幅度逐年漸漸趨緩和。停發現金股利後能提升公司總資產週轉率，即能夠提高資產之使用效率。最後，權益乘數在停發現金股利後比同業略高，惟不具統計顯著性，加上與同業差異平均值有逐年縮小現象，結果顯示台灣上市(櫃)公司於停發現金股利後，其平均資本結構並未出現顯著變化。

關鍵字

股利政策 ； 長期營運績效 ； 長期投資績效

並列摘要

This research covers 180 companies which are listed on the Taiwan Stock Exchange Corporation and the Over-the-Counter Market (TSEC&OTC) between January, 1992 and December, 2006. These companies announced cash dividend omissions during the research period. This thesis aims to discuss the investors’ return on the shares and the companies’ operating performance in long run after companies announcing the cash dividend omissions policy.
The analysis of the long term investment performance shows that no matter which methods we used to evaluate the returns, the average long-run abnormal performance is positive. This result seems not supporting the dividend signal hypothesis. Also, if investor buys the stock as a long term investment after the companies adopt cash dividend omissions policy, the average returns on those companies’ stocks are better than the average standard returns.
Also, the result of the long term operating performance analysis shows that once the companies listing on TSEC&OTC adopted the cash dividend omissions policy, their average profitability represent Negative. This also means that comparing with their peers, that did not adopt such policy in the same industries, those companies is in poor profitability after cash dividend omissions within two years。
After cash dividend omissions announcement, companies shows the improvement of their total asset turn over ratios. In other words, such policy enables companies to enhance the proficiency of using the companies’ asset. It does not have significant test resultsevan the sample companies’ equity multiplier is slightly higher than the industries. This research shows no significant difference on the companies’ capital structure after TSEC&OTC companies adopted the cash dividend omissions policy.

並列關鍵字

dividend policy ； long-run operating performance ； long-run investment performance

參考文獻

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