- 學位論文
家族控制企業的股利政策與投資決策效率：以台灣上市公司為例
The Effect of Dividend Policy of Family Controlled Firm on Its Investment Efficiency: Empirical Evidence in Companies Listed in TSE
摘要
本文以2002 年至2009年間在台灣股票市場中掛牌交易的上市公司為樣本，建立一個企業投資決策效率的客觀量化指標，並探討現金股利政策等因素對企業投資決策效率的可能影響，本文以一個最直接的方式，來驗證有關股利政策代理問題假說的有效性。本文的實證結果顯示：在其他因素皆已被控制的情況下，台灣的上市公司之中，現金股利發放水準較高的企業，其投資決策確實比較有效率，顯示出現金股利確實是一個解決股東與經理人之間代理問題的一個有效的公司治理手段。其次，家族控制企業發放現金股利時對提高投資決策效率的效果特別顯著，顯示家族控制企業的投資效率低落與核心代理問題因素有密切的關係。本文的研究成果並不會因為變數的衡量方法或樣本期間的改變而有所改變，故具有相當程度的穩健性。
並列摘要
This paper provides a more direct way to examine validity of agency problem hypothesis of dividend. We proposed a quantified index to evaluate investment efficiency and analysis the effect of paying cash dividend on firms investment efficiency. The empirical result of this paper shows that investment activity of firm will be more efficient if they choose to pay out a higher level of cash dividend. The effect of paying cash dividend on improving investment efficiency is more significant in the cases of family controlled firm than that of non family controlled firm. Among family controlled firm, the effect of paying cash dividend on efficiency is even better than others. All these results support the agency-cost hypothesis of dividend.