Baker and Wurgler (2004a, 2004b)從行為公司財務的角度出發,提出迎合理論(catering theory),對股利之謎(the dividend puzzle)及股利消失之謎(disappearing dividends puzzle)都有不錯的解釋能力,該理論認為公司支付股利的主要原因,源自於管理者理性地迎合了股東對於股利不斷變化的偏好,其目的在於使公司股價提高。本研究利用2001年至2005年台灣上市公司為研究樣本,並在迎合理論架構中,加入庫藏股,實證結果顯示迎合理論對企業支付政策確實具有解釋力,管理者會理性地迎合投資者的需求而增加現金股利的發放,以及減少庫藏股的購回。
We test the relation between catering theory and corporate payout policies by empirically testing Baker and Wurgler's (2004a, 2004b) model. Baker and Wurgler (2004a, 2004b) suggest that managers cater to investor demand by paying dividends when investors put a stock price premium on payers and not paying when investors prefer nonpayers. To test this prediction, we analyze a sample of listed companies in Taiwan over the period 2001-2005, and find that catering is significantly more responsive to dividend policies. Our evidence indicates managers will tend to cater to investor demand by increasing propensity to pay out dividends and declining propensity to repurchase shares.