探討半導體產業制定股利政策之影響因素

本研究主要在探討關於半導體產業制訂股利政策 (Dividend Policy)機制之影響因素，企業在資金運用策略上，多以投資與發展為主，直接影響現金股利之發放。因此，在確定其股利政策時，需要對其未來的發展趨勢和投資機會作出較好的分析與判斷，以作為制定股利政策的依據之一。過去，學者們研究股利政策理論主要關注的是股利政策是否會影響股票價值，其中最具代表性的是一鳥在手理論、MM股利無關論和稅差理論，這三種理論被稱為傳統股利政策理論。股利政策及公司的經營績效之間的關係，乃公司利用股利政策，傳遞有關公司的未來投資及成長機會的資訊，而公司價值的影響因素不外乎是股利的發放方式，以及投資人的投資偏好…等。本研究以模糊層級分析法(Fuzzy Analytic Hierarchy Process，FAHP)為研究方法，藉由專家問卷調查評選指標，進行成偶比對評估，經過建立成偶比對矩陣，瞭解台灣半導體產業制定股利政策評估因素之權重，藉由層級架構與整體層級權重的統計以求出各評估構面準則彼此間關係與相對重要性。研究結果顯示：(一)「公司經營績效」為最主要影響半導體產業制定股利政策的因素。(二)「獲利能力」為次要影響半導體產業制訂股利政策的因素。(三)「未來成長性」為權重排序第三之影響半導體產業制訂股利政的因素。(四)「資金週轉能力」為權重排序第四之影響半導體產業制訂股利政的因素。(五)「投資決策」為權重排序第五之影響半導體產業制訂股利政的因素。

關鍵字

半導體；股利政策；模糊層級分析(FAHP)

並列摘要

The study primarily probes into the factors critical to the Dividend Policy defined by the semi-conductor industry. Most of the enterprises fund utilization strategies aimed at investment and development, which affect the allocation of cash dividends directly. Therefore, when the enterprises defined their dividend policies, they shall analyze and judge their future development and investment possibility fairly in order to define their dividend policies. In the past, the concern of scholars’ dividend policy theories was whether the dividend policy would affect the value of stock.The most representative ones were the Bird-in-the-Hand Theory, MM Dividend Irrelevance Theory and Tax Difference Theory, all of which were referred to as traditional dividend policy theories. The relevance between the dividend policy and a company’s business performance resides in a company using the dividend policy to communicate information about the Company’s future investment and growth opportunities, and the factors critical to the value of a company include the allocation of dividends and investors’ investment preference, etc. The study utilizes the Fuzzy Analytic Hierarchy Process (FAHP) and investigates the selection indicators through an expert questionnaire to conduct a pairwise comparison evaluation. By establishing the pairwise comparison matrix, the weights of evaluation factors critical to the dividend policy defined by the semi-conductor industry in Taiwan are verified, and the relevance and relative importance of various evaluation segments are sought by means of hierarchical structure and statistics from the entire process weighting. The study result shows that the company’s business performance is the key factor to the dividend policy defined by the semi-conductor industry, followed by profitability, growth, fund turnover and investment policy.