企業盈餘、負債與股利政策：生命週期觀點

本研究探討企業盈餘、負債、生命週期與其股利政策之關係，股利政策是企業重大決策之一，能讓投資人了解企業的未來前景，所以針對不同生命週期階段，企業內部的決策也會有所不同，然而企業在面對市場競爭激烈的環境之下，基於永續經營的目標，在面對成長、成熟及衰退三個不同的生命週期階段之下，決策者所做的策略與股利政策也會有所不同。本研究使用OLS迴歸分析，資料取自台灣經濟新報（TEJ）資料庫，樣本期間介於2002年至2007年底，以台灣上市電子公司為對象。本研究以台灣上市電子公司為研究對象，擷取自2002年至2007年底期間的1605有效樣本進行實證。再將每年樣本皆劃分為成長期、成熟期及衰退期三個類別，即股利支付率和企業業齡愈低、銷貨成長率和資本支出率愈高，視為成長期，再採用OLS迴歸分析，檢驗企業盈餘、負債之股利政策是否會因不同生命週期階段而有所差異。實證結果顯示，企業獲利率對總股利、股票股利及現金股利發放水準成顯著的正相關；其企業負債比率對總股利、股票股利及現金股利發放水準成顯著的負相關。當納入企業生命週期的考量後，則企業獲利率與總股利、股票股利及現金股利發放水準仍一致呈現顯著的正相關，但企業負債比率與總股利、股票股利發放水準在成長期與衰退期皆呈現負相關，而在成熟期呈現正相關，企業負債對現金股利發放水準則一致呈現顯著的負相關。

關鍵字

盈餘、負債、企業生命週期、股利政策

並列摘要

This study investigates the relationship between the corporate life cycles and dividend policies. Dividend policy is one of the significant financial decisions, which allows investors to understand the future prospects of companies. For different stages of the life cycle, the internal decision-making will also be different. However, facing fierce competition in the market, policy-makers will use different strategies and make different dividend policies for growth, maturity and decline stages to pursue to goal of sustainable management. This study uses OLS regression analysis and focuses on the electronic companies. The data is collected from the Taiwan Economic Journal（TEJ）database and the sample period is between 2002 and 2007. The empirical results show that profitability has a significant positive impact on the total dividend, stock dividend and cash dividend. The debt ratio has a significant negative impact on the total dividend, stock dividend and cash dividend. However, considering the life cycles of companies, profitability still consistently has a significant positive impact on the total dividend, stock dividend and cash dividend. But debt ratio has a negative impact on the total dividend. and stock dividend in both growth and decline stages, and has a positive impact on the total dividend and stock dividend in maturity stage. Debt ratio has a consistent negative impact on cash dividend for all stages.