公司股利支付政策與公司治理個案研究－以資訊服務公司為例

本研究以中國通訊多媒體集團有限公司作為個案分析主要對象，對其股利支付政策進行探討，並且針對該公司於2014年配發高額股票股利之情形做更深入的分析。　　首先，以學術上公司發放股票股利的三種動機進行分析，發現「向投資人傳遞對未來營運績效具有信心之財務訊號」最有可能係中國通訊發放股票股利之動機因素。接著，探討股票股利政策對公司營運與財務結構之影響，分析結果顯示實施股票股利政策能使公司擁有更充裕的資金執行營運計劃並改善財務結構。最後，則是探討股票股利政策對公司股票市價與投資人之影響，發現在配發股票股利後，中國通訊之股價逐步下跌，而使股價下跌的主要原因係中國大陸手機遊戲市場競爭愈加激烈，此現象與中國通訊「對未來營運績效具有信心」形成對比。因此，本研究認為中國通訊制定股票股利政策時，低估了市場未來競爭情形。另外，本研究亦發現發放股票股利之後，有兩位法人董事將持股賣出，且預計移轉之股數與其所配得之股票股利極為相近。但是因為沒有確切證據，因此，只可推測「欲將配得之股票股利於集中市場變現」為中國通訊發放股票股利可能的動機之一。然而，本研究認為不論中國通訊因「向投資人傳遞財務訊號」抑或是「欲將配得之股票變現」而實施股票股利政策，皆使得投資人之權益受到損害。

關鍵字

股利政策；股票股利；公司治理；董事與股東

並列摘要

In this case study, China Communications Media Group Co., Ltd. is the main object of the analysis. The study discusses CCMG’s dividend policy and focuses on the high stock dividend policy in 2014. First, by analyzing the three motivations of the company to pay stock dividends, it reveals that “Sending financial signal to shareholders that CCMG have confidence in the future operating performance" is most likely the reason CCMG distributed stock dividends to the shareholders. Next, the study examines the effects of the stock dividend policy to the company's operating performance and financial structure. The results show that stock dividend policy enables CCMG to have more adequate operating funds to implement the business plan and improves the financial structure. Finally, the study discusses the effects of the stock dividend policy on CCMG’s stock price and shareholders. The results show that CCMG underestimated the future competition in the market when it was establishing its dividend policy. In addition, the study also finds that after the issuance of stock dividends, there were two corporate directors who sold their shares. But we can only speculate that, "Turning the shares obtained from stock dividend policy into cash." is probably one of another possible motives CCMG issues stock dividend to the shareholders. However, the study suggests that both motives of "Sending financial signal to shareholders" and "Turning the shares into cash" that drive CCMG to implement its stock dividend policy damage the shareholders’ equities.