企業國際化程度對股利政策之影響-以會計穩健性為中介變數

股利政策一直是投資人很關心的議題，而近年來環境的快速變遷，企業為了永續經營逐漸轉型或是向外擴展經營版圖，而國際化是企業轉型的其中一項方法。但國際化企業卻會造成嚴重的資訊不對稱，因此為了解決這個困境，更傾向採用會計穩健性來改善狀況。本研究是以2010年至2019年台灣上市(櫃)公司為研究樣本，以會計穩健性為中介變數，探討企業國際化程度對股利政策之影響。實證結果顯示，企業國際化程度與股利政策呈顯著負相關；企業國際化程度與會計穩健性呈顯著正相關；會計穩健性與股利政策呈顯著負相關；國際化企業透過會計穩健性對股利政策呈顯著負相關，會計穩健性具有中介效果。

關鍵字

企業國際化程度；會計穩健性；股利政策

並列摘要

Dividend policy has always been a topic of great concern to investors. With the rapid changes in the environment in recent years, companies have gradually transformed or expanded their operating territory for sustainable operations. Internationalization is one of the methods of corporate transformation. However, international companies will cause serious information asymmetry, so in order to solve this dilemma, it is more inclined to use accounting conservatism to improve the situation. This study takes Taiwan listed (counter) companies from 2010 to 2019 as a research sample, and uses accounting conservatism as a mediator to explore the impact of corporate internationalization on dividend policy. The empirical results show that the degree of corporate internationalization is significantly negatively correlated with dividend policy; the degree of corporate internationalization is significantly positively correlated with accounting conservatism; accounting conservatism is significantly negatively correlated with dividend policy; internationalized companies are significantly negatively correlated with dividend policy through accounting conservatism, accounting conservatism has an intermediary effect.