摘要
本研究對營收市佔率與現金股利之發放進行探討，有別於眾多文獻所提及產業別及規模會影響現金股利之發放，本研究所指之規模非資本額或總資產，因眾多公司之資本額小但卻能賺進龐大的盈餘，所以本研究以營收代替資本額為規模項，且大多數的文獻直接對規模直接進行分析並非以市佔率分析，其兩者有重大差異性，市佔率的部分亦非指該公司之營收於整體股票市場之市佔率，乃指該公司之營收占該產業別之市佔率，故本研究欲探討營收市佔率與現金股利之發放是否有其關聯性。 研究方法為縱橫斷面資研究法(Panel Data Regression)，縱斷面為15個年度，橫斷面1575間公司，共分為30個產業，將解釋變數項之營收市佔率分為10%至30%及30%以上共兩個解釋變數且設為虛擬變數項，用以探討是否影響現金股利發放，並參考文獻增加控制變數項現金占總資產比率及負債比率，且因研究法為Panel Data Regression之橫斷面固定效果模型，會產生出所謂的固定效果估計值，此估計值在本研究的意涵為，在每股盈餘為零的狀態下，仍會多或少發之現金股利，本研究亦整理出所有上市公司及產業別之固定效果估計值。 實證結果發現營收市佔率越高之公司，現金股利發放越多，且非常顯著，但市佔率越高的公司若是在每股盈餘狀態為零之狀態下會大幅度調降現金股利之發放，而市佔率較小的公司在每股盈餘為零時則傾向仍會多發放點現金股利，本研究期待能給予偏好現金股利之投資人有用之資訊以增加其報酬率及對往後研究者能有更寬闊的研究方向。
並列摘要
The study focuses on company's operating income in market share of industry have an impact on cash dividend distribution which is different from reference researching capital or assets. Because we found out that there are many companies make a large incomes and earnings just in small capital or assets. Thus the scale's variable of this study is based on operating income instead. This study is used the panel data regression, the periods included 15years from 2000 to 2014, cross-section included 1575, mean there are 1575 companies, total panel observation is 23625,and we add “cash to total assets” and “debt ratio” as control variables. In the final, we focus the “cross-section fixed effect”, cause the “cross-section fixed effect” mean the number of cash dividend increase or reduce when the company got zero earnings per share, and we collate all of the companies’ cross-section fixed effect. Finally, our regression result provides strong evidences and positive impact to the level of total. These are consistent with our hypotheses and most of our literature findings. The implication of this study shows the company’s operating income in the market share of industry influences cash dividend positively. Cash dividends will be reduced by high market share if the company got zero earnings per share. Conversely, cash dividends will be increased by low market share if the company got zero earnings per share.