股利發放對公司價值的影響

The Effect of Dividends Payouts on Firm Value

江佳蓉(Chia-Jung Chiang)

指導教授 ： 倪衍森

淡江大學/商管學院/管理科學學系企業經營碩士在職專班/碩士(2018年)

https://doi.org/10.6846/TKU.2018.00975

摘要

本研究以 2012 到 2016年台灣上市公司為研究樣本，探討發放股息有無、股利殖利率公司治理股權結構變數、財報表現、機構持股及控制變數，對公司價值之影響。本研究從實證結果得到以下發現: 其一、發放股利有無與公司價值呈負相關，此乃是由於發放股利後，會拉低股價，致使公司價值下降。其二、股利殖利率與公司價值亦呈負相關，此乃是股利殖利率發放越高的公司，股價調整的幅度越大，使公司價值不易提升。其三、負債比率、董監事質押比及董事會規模與公司價值呈負相關，上述說明財報與公司治理有疑慮的公司，可能比較不容易有較佳的公司價值表現。

關鍵字

公司價值 ； 股利發放 ； 公司治理 ； 財報變數 ； 機構持股

並列摘要

By employing the firms listed in TWSE from 2012 to 2016 as our samples, we explore whether the firms issuing dividends or the firms issuing higher dividend yield would have higher firm value after taking corporate governance, financial statement, institutional variables and firm scale as our controlling variables, and reveal several important findings. First, the firms issuing dividends might not have higher firm value, which might result from that the firm value of a firm might be declined after issuing dividend payouts. Second, the firm issuing higher dividend yield is negatively related to firm value. We infer that the firm issuing higher dividend yield would weaken the firm value due to that share price would be lower down if the firm issuing higher dividend yield. Third, the firm with higher debt ratio, higher directors’ pledge ratio, and large board size might not have higher firm value, indicating that the firms with either financial or corporate governance issues might not have higher firm value.

並列關鍵字

Firm value ； dividends payouts ； corporate governance ； institutional shareholders ； Earnings variables

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