股利政策是否符合投資人的需求？─台灣股市之實證

Does dividend policy meet the investors need?─ Evidence from Taiwan

張宏杰(Hong–Jie Chang)

指導教授 ： 許光華

朝陽科技大學/管理學院/財務金融系/碩士(2011年)

摘要

台灣上市公司股利政策是否迎合投資人對股利的需求？為探討此問題本研究提出二個假設：(1)股利政策會符合投資人的需求；(2)現金股利比股票股利更符合投資人的需求；並以實證的方式探討之。
本研究結果發現，僅現金股利政策符合假說一，顯示在台灣僅現金股利符合投資人的需求；現金股利比股票股利更符合投資人的需求。換言之，公司會考慮投資人的需求制定股利政策，以迎合投資人的期望。另外，投資人在選擇股利時會偏好現金股利，表示台灣現金股利的效果優於股票股利。

關鍵字

行為財務 ； 股利溢酬 ； 展望理論 ； 迎合理論

並列摘要

Does the dividend policy fit the catering theory in the Taiwan stock market? Which is the best dividend policy fit the investors’ need? We create three hypotheses to examine these two questions. There are three findings based on the empirical study. First, the dividend policy of companies really fit the catering theory in Taiwan. Second, the cash dividend policy has more significant effect than stock dividend policy in the field of catering theory. Third, stock dividend policy has some substitute effects when the company has not cash dividend. The empirical findings show the company can make the stock price more stable by the dividend policy.

並列關鍵字

behavioral of finance ； dividend premium ； prospect theory ； catering theory

參考文獻

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