股東會更動董事會股利分配案之資訊內涵

The information content of cash dividend distribution changing from the board of directors to the shareholders' meeting

劉奕涵(Yi-Han Liou)

指導教授 ： 葉春岑

長榮大學/管理學院/經營管理研究所(博)/碩士(2009年)

摘要

本研究以股利訊號效果理論與自由現金流量假說為基礎，驗證同年度股東會決議變更董事會股利分配案之發放內容所隱含之資訊內涵為何，事件日為股東會決議日，後續進一步檢視現金股利變動之宣告效果與公司未來經營績效、研究發展費用、現金持有部位、系統風險變動與內部人持股異動程度之關係。以民國82至97年間，我國上市、上櫃公司同年間董事會與股東會現金股利宣告變動的公司為研究對象，樣本共計112家公司，實證結果顯示:（1）股東會增發現金股利其宣告效果為無顯著異於零，現金股利減發之宣告其累積異常報酬為顯著負值；（2）股東會增發現金股利之公司，其當年之經營績效呈現顯著負值，且當年之研究發展費用呈現顯著正值，而現金持有比率、系統風險及內部人士持股變動皆為無顯著異於零。股東會減發現金股利之公司，其經營績效呈現顯著負值¬，且宣告後三年之經營績效與增發公司兩者有顯著差異，為支持訊號效果理論，而在現金股利減發宣告後一年之研究發展費用呈現顯著負值，另外，現金持有比率與減發之宣告效果呈現顯著負值，無法支持現金流量假說，而系統風險及內部人士持股變動與增發宣告效果相同為無顯著異於零，但內部人士持股變動於宣告後1到2個月時，與增發公司兩者有顯著差異；（3）股東會增發與減發現金股利之宣告效果與營運績效、自由現金流量與現金股利變動皆呈顯著正向關係；但高現金流量且成長機會低的公司，其與股東會增發現金股利為顯著負向反應，無法支持自由現金流量假說，與股東會減發現金股利為顯著負向反應，為支持自由現金流量假說。

關鍵字

現金股利變動 ； 股利訊號效果理論 ； 自由現金流量假說 ； 股東會

並列摘要

This study is based on dividend signaling theory and free cash-flow hypothesis to test and verify the information content of the resolution of shareholders' meeting to modify the content to provide from the case of dividend distribution to the bored of directors then sets the date as the event day of shareholders' meeting furthermore, we further survey the effect which is caused by the announcement that comes from the corporate performance in the future, the research and development expenses (R&D), the variant of cash dividend and the relationship between systematic rick and the variance of insider. The research sample sizes are 112 listed companies and OTC companies which have announced the variation of cash distribution on the bored of directors and shareholders' meeting from year 1993 to 2008. The empirical studies have shown that: (1) the announcement effects are insignificantly different from zero when the companies increase cash dividend of shareholders meeting, and the cumulative abnormal return is significantly negative when announce is to reduce cash dividend. (2) the corporate performance will be significantly negative, so will be the R&D expenses, but the cash holding rate, the relationship between systematic rick and the variance of insider are insignificantly different from zero for the companies that offer cash dividend of shareholders' meeting. The their that reduce cash dividend of shareholders' meeting will cause corporate performance to be significantly negative; one year later the R&D expenses will be significantly negative and after three years the corporate performance will be quite different from the companies which increase their cash dividend. These results all support dividend signaling theory. Besides, cash holding rate is significantly negative with cash dividend reduction announcement which can not support free cash flow hypothesis; however, the systematic rick and the variance of insider are insignificantly different from zero, but the variance of insider will have significantly change with the companies that increase their cash dividend after one to two months; (3) the announcement effect of increasing or decreasing cash dividend has positive relationship with corporate performance, free cash flow, and cash dividend changes. For the companies that with high cash flow but low growth opportunity have significantly negative reaction when announce is to increase cash dividend, which can not support free cash flow hypothesis. However, when they decrease cash dividend, the support of free cash flow hypothesis base on the negative reaction occur.

並列關鍵字

Cash Dividend Changes ； Dividend Signaling Theory ； Free Cash Flow Hypothesis

參考文獻

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