- 學位論文
傳統產業與科技產業之營收市佔率對現金股利發放的影響
Influence of the Market Share of Traditional Industries and High-tech Industries on Cash Dividend
摘要
本研究為探討營收市佔率與現金股利發放之間的關聯性，分別檢視傳統產業與科技產業營收市佔率對現金股利發放影響，觀察何者適合現金股利導向的投資人進行投資。 傳統產業與科技產業概括了台灣大部分的上市櫃公司，兩者之間的成長率、股票價值與現金股利的發放，一直是過往文獻中時常探討的部分。本研究有別於過往文獻中提及的公司規模影響現金股利的發放所使用的總資產或資本額。本研究所使用的營收市佔率，代表的是該公司在產業中的營收市佔率，相較於總資產或資本額，許多公司的資本額小但卻能賺進龐大的盈餘，營收市佔率更能夠看出該公司在產業中的獲利能力。 研究方法為Panel Data法中的固定效果模型(Fixed-Effect Model)，採用台灣上市櫃公司的資料，其中不包含金融產業，時間為20個年度，總共1371間公司，將解釋變數項之產業別分為傳統產業與科技產業，並觀察產業別對現金股利發放的影響，並增加控制變數項現金占總資產比率與負債比率及內部人持股比例，用以觀察各變數間對現金股利發放的影響。 實證結果發現營收市佔率越高之公司，在公司賺錢時確實會多發現金股利，而產業別的部分，當公司在賺錢時，科技產業對現金股利的彈性是比較高，代表科技產業發放的現金股利較多;而同樣當公司在賺錢時，高營收市佔率的傳統產業對現金股利的彈性，卻是比高營收市占率的科技產業較高，代表著高營收市占率的傳統產業當發放的現金股利比較多。
並列摘要
In order to study the correlation between Marketshares and cash dividends allocation, this study examines the impact of the Marketshares of traditional companies and hi-tech companies on cash dividends allocation and analyzes which one is suitable for cash dividend-oriented investor to invest. Traditional industries and hi-tech industries include the majority of stock exchange-listed companies and Taipei Exchange-listed companies in Taiwan. The growth rate, the stock value and cash dividends allocation between these two types of companies have been researched a lot in literature. This study is different from the study of total assets and capital size that are elaborated in previous literature to illustrate the impact of company scale on the allocation of cash dividends. The Marketshares used in this study represents the company's Marketshares in the industry. Compared with total assets or capital size, many companies with small capital size can make a great profit. Marketshares is more able to present the company's profitability in the industry. The research method is the Fixed-Effect Model in the Panel Data method which uses the data of stock exchange-listed companies and Taipei Exchange-listed companies in Taiwan with no financial industry included. The study covers a time span of 20 years and a total of 1371 companies. The industries of explanatory variables are divided into traditional industries and hi-tech industries to observe the impact of industry on the cash dividend allocation. Control variables like cash-total asset ratio, debt ratio and internal share ownership ratio are added to observe the impact of variables on cash dividend allocation. Empirical results show that the company with bigger Marketshares will allocate more cash dividends when the company makes a profit. For the other companies of the different, when a hi-tech company makes profits, it has high flexibility on the cash dividends; while a traditional company with big Marketshares has higher flexibility on cash dividends than hi-tech company with big Marketshares.