摘 要 本研究主要探討對首次發放股利的利息替代作用。過去許多的文獻指出:股利的宣告可以傳達公司內部的資訊到市場上。因此,本研究以首次發放股利的公司為樣本,探討公司是否以首次股利的發放來作為提高公司之價值之方法。 本研究以1981年至1997年為研究期間,共計114個樣本,利用盈餘、現金流量、風險與財務槓桿的長期變動加以分析。實證結果發現:(一)公司首次宣告發放股利時,表示公司當期及未來盈餘及自由現金流量均有增加之現象。(二)股利宣告前後負債比率有降低的現象。(三)當公司宣告首次發放股利時,公司的權益及營業風險並無改變之現象。顯示公司可以利用首次發放股利提供市場未來盈餘的增加及利用股利替代利息支出,以減少自由現金流量及相關的代理成本。
ABSTRACT This study investigate the interest substitution effect of dividend initiation. Prior studies indicate that dividend initiation provides management’s inside information about future earnings or free cash flow and agency cost. This study cover a sample of 114 dividend initiation over the period from 1981 thrugh 1997. By examing the around changes over six years surrounding dividend initiation of earnings、operating cash flow、systematic risk、operating risk and financial leverage. The study finds that dividend initiation from experience (1) increasing future earnings and operating cash flow;(2) decreasing financial leverage, and (3) no change in systematic risk or operating risk. The study provides evidence that firm dividend initiation not only signal to the market increasing in future earnings but also reduce free cash flow and thereby reducing related agency costs.