不動產投資信託超額股利支付行為之探討

The Dividend Payment Behavior of REITs

王志哲(Chih- Che Wang)

指導教授 ： 盧秋玲

元智大學/管理學院/財務金融學系/碩士(2002年)

摘要

本文探討不動產投資信託（REIT）之股利發放行為。不同於一般產業，REIT受到嚴格內地稅稅法（IRC）的規範，必須遵循一定的股利發放率，因此，REIT似乎不存在所謂自由現金流量與代理問題，而以股利發放訊息的功能也消失。但本文結果發現，事實不然。REIT之股利政策仍與代理問題及信號理論有關。

關鍵字

不動產投資信託 ； 股利政策 ； 代理問題 ； 信號理論 ； 自由現金流量

並列摘要

This study explores the dividend policy of REITs. Different from previous research, we find that several important factors affect dividend distribution of REITs. Our results provided evidence on the agency cost explanation of REITs’ dividend behavior.

並列關鍵字

Real Estate Investment Trust ； dividend policy ； agency cost ； funds from operations

參考文獻

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