公司股利政策之決定因素－台灣上市公司實證研究

The Determinants of Dividend Policy －Evidences from Listed Companies in Taiwan

張簡富桂(Fu-Kuei Changchien)

指導教授 ： 洪振義

朝陽科技大學/管理學院/財務金融系/碩士(2009年)

摘要

本文以民國86年至96年間台灣上市公司為研究對象，並利用Logit迴歸為實證分析，旨在探討公司特性、產業特性、資本公積組成與股利政策之關係，並驗證股本膨脹率是否會影響公司之股利政策。
實證結果揭示如下：1.公司規模愈大及經營績效佳時，愈傾向發放股利；公司前期有發放股利，本期將愈傾向發放股利；外資持股比率及內部人持股比率愈高，愈傾向發放現金股利；公司成長機會及負債比率愈低，愈傾向發放現金股利。2.股本膨脹率愈大，愈傾向發放現金股利或不傾向發放股票股利。3.產業特性會影響公司股利政策，高科技產業傾向同時發放現金及股票股利，而傳統產業則傾向發放現金股利。4.資本公積組成與股利政策分析中，其主次要來源各為股本溢價及庫藏股交易。

關鍵字

股利政策 ； 股本膨脹率 ； 資本公積

並列摘要

The purpose of this paper is to verify the influence of capital inflation rate to the dividend policy of the companies by analyzing the relationship among the characteristic of companies, the characteristic of industry, the resources of additional pain-in capital, and the dividend policy. Therefore, this study employs Taiwanese listed companies from 1997 to 2007 as samples. By making use of Logit regression as the empirical analyze, this thesis has come to four conclusions as follows:
1). the operation performance, company scale, historical dividend policy, and cash & stock dividend policy are positively related. The percentage that held by foreign institutional investors, the percentage of common stock held by insides and cash dividend policy is positively related. Whereas, the growth opportunity, debt ratio are negatively related. 2). Capital inflation rate is negatively related to cash dividend policy but positively related to stock dividend policy. 3). High-tech industry tends to pay cash and stock dividend, whereas conventional industry tends to pay cash dividend. 4). The first and second resources are additional paid-in capital and dividend policy in paid-in capital in excess of par and share repurchase analysis.

並列關鍵字

Dividend Policy ； Capital Inflation Rate ； Additional Paid-in Capital

參考文獻

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