本研究以西元1996年至2015年台灣上市櫃公司為研究對象,以Logit迴歸為實證方法,並以三種產業(電子、傳統、金融)來探討公司特性與現金股利發放之關聯性,並驗證不同產業別的公司特性是否會影響現金股利的發放。 近年來公司的股利政策由現金股利慢慢代替股票股利,公司的生命週期到了成熟期也不希望藉由發放股票股利而降低了穩定的EPS,故本研究更專注在現金股利上,實證發現,傳統產業與電子產業的負債比率、總資產成長率越低,越傾向發放現金股利;電子產業與金融業的ROE越高,越傾向發放現金股利;金融業與傳統產業的外資持股越高,越傾向發放現金股利;全產業的ROA與EPS越高,越傾向發放現金股利;以賺取現金股利為目標的投資人,本研究建議依照不同產業來篩選公司特性,藉以達成目的。
This study's subjects are TWSE/GTSM companies that were listed between 1996 and 2015. We used the Logit regression empirical method to explore the relationship between company characteristics and cash dividend distributions for companies in the electronics, traditional, and finance industries, and to verify whether the characteristics of the companies in these different industries may affect cash dividend distribution. In recent years, companies have gradually replaced stock dividends with cash dividends in terms of dividend policies because even companies with life cycles that have reached maturity do not want to reduce their EPS stability by issuing stock dividends. So in this study, we focused more on cash dividends. The empirical findings indicated that the lower the debt ratios and total asset growth rates for companies in the traditional and electronics industries, the higher the ROE for companies in the electronics and financial industries, the higher the ratio of foreign ownership for companies in the financial and traditional industries, while the higher the ROA and EPS for companies in the entire industry, the more likely it is for such companies to distribute cash dividends. For investors focusing on earning cash dividends, we suggest screening the company characteristics according to the different industries in order to achieve the objective.