現金殖利率影響外資投資意願分析

外資在臺灣股票市場佔了相當重要的因素，外資的買賣往往牽扯到臺灣股票市場的起起伏伏，而經臺灣證券交易所統計，臺灣各項投資指標如：現金殖利率、本益比及股價淨值比均在世界上名列前茅，外資是否會以短線的方式投資臺灣股是以賺取高額現金殖利率，則是投資人需要研究的重要議題。在過去許多研究談及現金殖利率的部分往往只有提到景氣的好壞，少有與股票市場及投資動機進行結合，因此，本研究分析現金殖利率高低及外資進場與離場的時間點，以求更能了解外資投資臺灣股市之意願。本研究係採用實證研究法，針對臺灣證券交易所統計2017年數據，上市公司股票中現金殖利率排名前三十名之股票與上市公司股票中現金殖利率排名末三十名之股票為對照組，進行實證分析比較，了解在不同現金殖利率之股票中，外資投資臺灣股市之意願。根據本研究主要發現，可以提供廣大臺灣投資人對於本身投資有更進一步的規劃。

關鍵字

外資；現金殖利率；投資意願；上市公司股票

並列摘要

Foreign capital accounts for a very important factor in the Taiwan stock market. Foreign investment often involves changes in the Taiwan stock market. According to statistics from the Taiwan Stock Exchange, Taiwan’s investment indicators such as cash yield, P/E ratio, and net value of shares are among the highest in the world. Whether foreign capital will invest in Taiwan stocks in a short-term manner is to earn high cash yield, which is an important issue for investors to study. In the past, many studies have talked about the part of the cash yield rate. It is often only mentioned that the economy is good or bad, and there is little to combine with the stock market and investment motivation. Therefore, this study analyzes the level of cash yield and the timing of entry and departure of foreign capital to better understand the willingness of foreign investors to invest in the Taiwan stock market. This study uses empirical research. According to the statistics of the Taiwan Stock Exchange 2017, the top 30 stocks in the listed company’s stocks and the bottom 30 stocks are the control groups. Empirical analysis and comparison, to understand the different cash yields of stocks, foreign investment willingness of Taiwan's stock market. According to the main findings of this study, it is possible to provide Taiwanese investors with further plans for their own investments.