印尼醫療保健公司股利政策與營業費用的關係研究

The Study on the Relationship of Dividend Policy and Operating Expense of Indonesia's Healthcare Companies

張詩啟(Filanova Theophilus)

指導教授 ： 狄強

中原大學/商學院/國際商學碩士學位學程/碩士(2020年)

https://doi.org/10.6840/cycu202000068

摘要

本論文研究影響印尼醫療保健公司股利政策的要素，並與帶來健康危害的公司相較，如販售酒、菸，採礦公司。本論文採用八家製藥廠商、五家醫療公司、或醫療團隊，2016年到2019年每季的數據，並將結果與非醫療團體：兩家酒精公司、四家菸草公司和七家採礦公司比照。本論文使用縱橫資料及二階最小平方法估計量 (2SLS) 來檢驗股息支付與營業費用的關係。因變數為股息發放率(DR)與營業費用率(OER)；自變數包括每股盈餘(EPS)、槓桿比率(LEV)、資產報酬率(ROA)、公司規模(SZ)、股權增長(EG)及資本實力(CAP)。研究結果顯示：製藥公司方面，EPS及LEV 正面影響OER，而ROA、SZ 及CAP 正面影響DR。以醫療公司而言，LEV 正面影響OER ，ROA 正面影響DR 。然而，以菸草公司而言，資本實力負面影響股息發放率。採礦公司而言，EPS及 LEV正面影響 OER，而 EG負面影響 DR。研究結果更近一步指出，醫療團體與非醫療團體之間，變數的不同影響。以醫療相關公司而言，EPS 及LEV與 OER有正向的關係。而非醫療公司 LEV正面影響 OER。這些研究結果使我們能更了解股利政策與營業費用，及與其他企業要素的關係。也能幫助企業策略更好地運用營業費用，並將股利分配更完善地分配給股東。

關鍵字

製藥公司 ； 醫療公司 ； 酒精公司 ； 採礦公司 ； 二階最小平方法 ； 股利政 策 ； 營業費用

並列摘要

This paper analyzes factors affecting dividend policy of Indonesia’s healthcare firms, and also comparing it to companies that are considered health hazards like alcohol, tobacco and mining. The paper utilizes quarterly data from 2016 to 2019 of 8 pharmaceutical companies, and 5 health service companies, or the healthcare group; and comparing the results with the non-healthcare group composed of 2 alcohol companies, 4 tobacco companies, and 7 mining companies. The paper uses panel data and a two-stage least squares (2SLS) estimators to examine the relationship between dividend payouts and operating expense. The dependent variables are dividend ratio (DR) and operating expense ratio (OER), while the independent variables include earnings per share (EPS), leverage ratio (LEV), return on asset (ROA), size of the firm (SZ), equity growth (EG), and capital strength (CAP). The results revealed that for pharmaceutical companies, the EPS and LEV affect the OER positively, while the ROA, SZ and CAP affect the DR positively. For health service companies, the LEV affects the OER positively, while the ROA affects the DR positively. Moreover, for tobacco companies, the CAP affects the DR negatively. For mining companies, the EPS and LEV affect the OER positively, while EG affects the DR negatively. The study went further to reveal the different impact of variables between healthcare group and non-healthcare group. The results show that for the health-related companies, EPS and LEV have a positive relationship with the OER. Moreover, for the non-healthcare group, the LEV affects the OER positively. These findings contribute to the literature by better understanding the relationship between operating expense and dividend policy, and other related corporate factors. The results can also help corporate strategies to better utilize the operating expense, and optimize the dividend distribution to benefit shareholders.

並列關鍵字

Pharmaceutical Companies ； Health-Service Companies ； Alcohol Companies ； Tobacco Companies ； Mining Companies ； Two-stage Least Squares ； Dividend Policy ； Operating Expense

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