影響益本比與股利殖利率因素分析-以台灣電子類股為例

The Factors Affecting E/P Ratio and Cash Dividend Yield for the Electronic Stocks Listed in TWSE

張儷馨(Li-Hsin Chang)

指導教授 ： 倪衍森

淡江大學/商管學院/管理科學學系企業經營碩士在職專班/碩士(2017年)

https://doi.org/10.6846/TKU.2017.00243

摘要

本研究係以2009至2015年台灣證交所上市公司之電子產業為依據，以益本比及現金股利殖利率為應變數；公司治理股權結構變數與財務報表變數為自變數，另納入其他控制變數一併探討，從實證結果得到以下發現：
一、公司治理股權變數中，董事會規模越大，無法即時決議對公司營運有力之政策或因董事多為酬庸性質的提名，無法有效發揮其功能致公司營運績效不佳；經理人持股越高，代表其應認為公司的營運績效及獲利能力高，才會投入更多資本，因此經理人持股愈高不僅降低代理問題的產生，也是對公司的獲利之保證。
二、財務報表變數中，總資產週轉率及稅後淨利率，皆代表著公司營運績效良好，因此公司獲利能力與發放現金股利的能力也愈高；而公司舉債的程度愈高，其意味著公司現金流量可能出現問題或短期間償債能力較弱，於此情形下，無論是獲利情形與現金股利之表現也相對較差。
三、控制變數中公司規模愈大，代表在其產業中的市場佔有率愈高或是產品品質相對穩定，因此其獲利能力也相對提升

關鍵字

益本比 ； 股利殖利率 ； 財務報表 ； 獲利能力 ； 公司治理

並列摘要

By employing the electronic firms listed on Taiwan Stock Exchange over the period 2009-2015, this study explores whether earning price ratio and cash dividend yield would be affected by corporate governance, financial statement, and other controlling variables, and derives the following important findings.
First, board size and managers’ holding ratio would be negatively and positive for our dependent variables, respectively. We infer that the board with more directors might not be beneficial for these yields enhanced, but mangers holding ratios likely rise up for the firms with higher earing prices ratio and cash dividend yield. Second, higher cash dividend yield are revealed for the firms with higher asset turnover ratio and net profit ratio, indicating that the firms with better asset management and profitability would have higher cash dividend yield; however, the firms with higher debt ratio might not have higher cash dividend yield due to the ability of paying debts suspected. Third, these yields would be higher for the firms with large scales, since these firms might have higher market share beneficial for these yields risen up.

並列關鍵字

PE Ratio ； Dividend Yield ； Financial Reports ； Profitability ； Corporate Governace

參考文獻

Chang, R. D., Fang, C. J., & Tseng, Y. C. (2007). Central agency problem and earnings management: An investigation of board structure and external monitoring mechanism. Journal of Management, 24(1), 17-39.

Bradshaw, M. T., Miller, G. S., & Serafeim, G. (2009). Accounting choice heterogeneity and analysts’ forecasts. University of Michigan Ross School of Business Working Paper.

Ahmed, K., & Falk, H. (2006). The value relevance of management’s research and development reporting choice: Evidence from Australia. Journal of Accounting and Public Policy, 25(3), 231-264.

Ajinkya, B. B., & Gift, M. J. (1984). Corporate managers' earnings forecasts and symmetrical adjustments of market expectations. Journal of Accounting Research, 22(2), 425-444.

Apadore, K., & Zainol, S. S. B. (2014). Determinants of corporate governance and corporate performance among consumer product industry in Malaysia: A theoretical model. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(2), 159-165.