台灣上市公司股利政策趨勢與公司特性之研究

The Trend of Dividend Policies and Corporate Characteristics of the Listed Firms in Taiwan

孫梅瑞(Mei-Jui Sun) ； 陳憲民(Hsieh-Min Chen)

《企業管理學報》 66期 (2005/09) Pp. 77-100

摘要

本研究探討從民國76年到89年間台灣上市公司股利政策及其趨勢與公司特性的關係。過去國內外的文獻得知，不同公司特性會影響上市公司的股利政策，而公司特性改變將會使得公司的股利政策改變。另外由於「平衡股利政策」及「兩稅合一」政策實施的影響，會使得公司只發放股票股利的支付傾向降低。本研究以Multinomial Logistic迴歸模式來分析公司特性與股利政策間之關係；利用Binomial Logistic迴歸模式，並以民國78年到84年間之穩定型態為基期，來分析民國84年復上市公司因公司特性改變，以及受政策與制度實施的影響而使公司只發放股票股利的傾向改變，實證結果顯示，台灣上市公司的股利政策是以只發放股票股利的公司佔大多數，同時發放現金股利和股票股利次之，再來就是無股利發放，而以只發放現金股利的公司佔最少數。在公司特性方面，公司獲利率愈高、公司規模愈大、負債比率愈低，愈傾向發放股利。台灣上市公司只發放股票股利的公司比例在民國86年達到最高，但從民國86年後開始逐年下降，其原因為公司特性的確發生改變，以及受「平衡股利政策」及「兩稅合一」制度實施的影響而造成上市公司只發放股票股利的支付傾向明顯降低。其中，以後者影響程度較大。

關鍵字

股利政策 ； 股票股利 ； 公司特性 ； 平衡股利政策 ； 兩稅合一

並列摘要

This study focus on the dividend policies and the corporate characteristics of Taiwan listed firms from 1987 to 2000. As we know, the dividend policies of listed companies are affected by their corporate characteristics. The change of corporate characteristics makes in turn the change of dividend policies. On the other hand, due to the implementation of both the policies of ”Balancing Dividends” and ”The Combination of Two Taxes”, the listed companies become less willing to issue stock dividend. This study analyzes the relationship between corporate characteristics and dividend policies by Multinomial Logistic regression model. We also use Binomial Logistic regression model, setting the stable pattern of dividend policies during the period between 1989 and 1995 as basis, to analyze the change of corporate characteristics and the change of inclination of issuing stock inclined to issue dividends. From 1989 to 1997, those listed companies prefer issuing stock dividend. But the ratio of the companies with issuing stock dividend only compared to the total number of the listed companies declined year by year from 1997. The reasons for the declination of dividend policies of issuing stock dividend only are the change of corporate characteristics and the impact of the public policies, which make the listed companies less willing to issue stock dividend. However, the latter is more effective.

並列關鍵字

Dividend Policies ； Stock Dividend ； Corporate Characteristics ； Balancing Dividends ； The Combination of Two Taxes

參考文獻

Allen, L. P.,H. K. Israel(1986).Country and Industry Influence on Dividend Policy Evidence from Japan and the U.S.A..Journal of Business and Accounting.Autumn,365-381.

Alltizer, R. L.,J. R. Hamill(1999).The Effects of Tax Rates and Dividend Pyouts on Common Stock Returns.American Business Review.24-33.

Baker, H. K.,P. L. Gallagher(1980).Management`s View of Stock Splits.Financial Management.Summer,223-249.

Barclay, Michael J.,Clifford W. Smith,Ross L. Watts(1995).The Determinants of Corporate Leverage and Dividend Policies.Journal of Applied Corporate Finance.Winter,4-19.

Crutchley C. E.,R. S. Hansen(1989).A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends.Financial Management.Winter,36-46.