資訊透明度與股利行為關聯性之研究

The Relationship between Information Transparency and Dividend Behavior

陳品君(Pin-Chun Chen)

指導教授 ： 黃振豊

淡江大學/商管學院/會計學系碩士班/碩士(2013年)

https://doi.org/10.6846/TKU.2013.01129

摘要

本研究探討企業資訊透明度與股利行為之間的關聯性。本文依據證基會所建置的「資訊揭露評鑑系統」的資訊揭露評鑑結果作為資訊透明度之衡量指標；並以現金股利殖利率及現金股利支付率作為現金股利支付之衡量指標，以探討資訊透明度與現金股利支付之關係；且採用相似於Lintner (1956)所建立的統計模型來檢測現金股利支付的穩定度，以探討資訊透明度與股利穩定度之關係。
本研究實證結果如下：
首先，本研究實證結果顯示台灣企業的資訊透明度與現金股利支付呈顯著正向關係。即資訊透明度越佳，現金股利支付越多；資訊透明度越不佳，現金股利支付越少。顯示企業有較佳之資訊透明度，則有較好的股東保護，因而支付較多的現金股利，其研究結果支持La porta et al. (2000)的股利結果模式。同時，本研究實證結果顯示在相較於低資訊透明度的公司下，高資訊透明度的公司對現金股利的支付較為穩定。顯示企業有較佳的資訊透明度，則使經理人較無法操縱公司的股利支付，因而使股利之支付較為穩定。整體而言，低資訊透明度之公司，有較低的現金股利支付及較低的股利穩定度；而高資訊透明度之公司，有較高的現金股利支付及較高的股利穩定度。

關鍵字

資訊透明度 ； 資訊揭露評鑑系統 ； 股利行為 ； 結果模式

並列摘要

This study investigates the relationship between firm’s information transparency and cash dividend behavior. We use the data of firm’s information transparency from “Information Disclosure and Transparency Rankings System” of the Securities and Futures Institute. Cash dividend yield rate and cash dividend payout rate are used as the proxy for firm’s cash dividend payout to investigate the relationship between firm’s information transparency and cash dividend payout. In order to investigate the relationship between firm’s information transparency and dividend smoothing, we also adopt a statistical model, similar to the model built by Lintner (1956), to examine the dividend smoothness.
The empirical results of this paper are listed as follow:
The empirical result shows that firm’s information transparency has a positive relationship with cash dividend payout in Taiwan. It indicates that those companies with better information transparency have better stockholders’ protection and more cash dividend payout. Furthermore, this study finds that the outcome model of dividend (La porta et al. 2000) is supported. The result shows cash dividends are likely to be more stable in high transparency firms than in low transparency firms. It indicates that those companies with better information transparency have less manipulate dividend and more dividend smoothing. In sum, the more information transparency, the more cash dividend payout and dividend smoothing.

並列關鍵字

Information Transparency ； Information Disclosure and Transparency Rankings System ； Dividend Behavior ； Outcome Model

參考文獻

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