English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113311/144292 (79%)
Visitors : 50940067      Online Users : 967
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/31028
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/31028


    Title: 現金股利對現金增資股權稀釋效果之研究
    Authors: 李欣穎
    Lee, Hsin-Yin
    Contributors: 屠美亞
    李欣穎
    Lee, Hsin-Yin
    Keywords: 現金股利
    現金增資
    內部人股權稀釋幅度
    Date: 2004
    Issue Date: 2009-09-14 09:05:30 (UTC+8)
    Abstract: 本研究結合Easterbrook (1984) 與John & Williams (1985)之理論基礎,探討在資訊不對稱且股權高度集中的台灣市場,是否現金股利之發放,其內含資訊對外部股東是一個利多消息外;對內部股東而言,發放現金股利除了受益自身,還可以提升現金增資期間之公司股價,使公司有能力與承銷商議定較高的承銷價,減少新發行之股數來避免股權稀釋,以維持原股東之控制權。本研究針對民國84年到民國92年間現金增資的公司,依照現增前有無發放現金股利為基準,將樣本區分為二,檢定現金股利是否對增資期間的股價與增資後內部人股權稀釋程度有顯著影響。

    有關實證結果說明如下:
    一、增資前有發放現金股利之公司,其股價表現的確優於未發放現金股利者,不論長短期股價表現,皆達統計上之顯著水準,證實現金股利的確具有資訊內涵。
    二、承銷價定價參考期間中,現增前有發放現金股利的公司,其於證管會核准日前一到兩個月之股價異常報酬(AR)與累積異常報酬(CAR),顯著優於未發放現金股利的公司。故發放現金股利的確有助於現金增資承銷價之提升。
    三、有發放現金股利的公司,其內部人或是董監事之持股稀釋程度明顯小於未發放者。驗證了John & Williams (1985) 提出股利可減輕增資後原股東股權稀釋之問題的論點。
    四、迴歸模型中,現金股利之發放的確能減輕內部人股權稀釋幅度,兩者呈現極顯著的負向關係;現金增資規模對稀釋幅度之影響不顯著;而內部人於現增前之持股率則和稀釋幅度呈顯著正相關;Market to Book Ratio (MB)對股權稀釋幅度無顯著影響。
    Reference: 王宏吉 (1996),「代理成本、交易成本與現金股利之實證研究-以台灣上市公司為例」,私立輔仁大學管理研究所未出版碩士論文。
    王嘉穎 (2000),「我國上市公司財務危機與監理因素之關聯性研究─實質所有權之探討」,國立台灣大學會計學研究所未出版碩士論文。
    李存修 (1991),「現金增資之成敗風險與定價策略」,證券市場發展季刊,11,
    123-150。
    李德冠 (2001),「公司監理機制對於關係人交易影響之研究」,輔仁大學金融研究所碩士論文。
    周行一、陳錦村、陳坤宏 (1996),「家族企業、聯屬持股與公司價值之研究」,中國財務學刊,4,115-139。
    林宜勉與潘昭儀 (1998),「股利宣告內涵與Tobin’s Q理論」,管理學報,15,587-621。
    洪振虔 (1993), 「台灣地區上市公司股利發放之探討」,高苑技術學報,2,123-132。
    胡詩珮 (2004),「台灣上市公司盈餘分配權對策略與績效關係之研究─結構方程模式(SEM)之應用」,國立中央大學企業管理研究所碩士論文。
    翁淑育 (2000),「台灣上市公司股權結構、核心代理問題與公司價值之研究」,私立輔仁大學金融研究所未出版碩士論文。
    高嘉穗 (2000),「現金增資與股利政策互動關係之研究」,私立東吳大學會計學研究所未出版碩士論文。
    許淑鈴 (2003),「所有權集中程度、董監事會組成特質與公司績效關係之研究」,國立嘉義大學管理研究所碩士論文。
    郭瓊珠 (1988),「現金股利情報內容之實證研究」,中國文化大學企業管理研究所未出版碩士論文。
    陳佳甫 (1998),「股利變動宣告對股價影響相關性研究」,中央大學企業管理研究所未出版碩士論文。
    陳勝勇 (2003),「台灣上市電子公司股權結構、員工紅利與公司治理之研究」,國立台灣科技大學企業管理系碩士論文。
    陳綺珮 (2002), 「我國上市公司現金增資後股權結構變動與公司價值之關聯性研究」,淡江大學財務金融學系碩士論文。
    黃麗蓉 (1992),「當期與恆常股利支付行為模式--臺灣上市公司的實證研究」,中正大學財務金融研究所未出版碩士論文。
    葉銀華、李存修、柯承恩 (2002),《公司治理與評等系統》,商智文化事業股份有限公司。
    楊棋材 (2002),「增資新股採詢價圈購之評價模式與實證」,交通大學經營管理研究所碩士論文。
    蔡湛成 (2003),「從公司控制者角度探討現金增資前的股利政策」,國立政治大學財務管理研究所碩士論文。
    鄭明祺 (1995),「我國上市公司股權結構與投資、融資、股利決策關係之實證研究」,國家科學委員會研究彙刊,5,16-28。
    鄭筱凡 (2001), 「全球股權結構與經營績效之研究」,東吳大學企業管理研究所碩士論文。
    謝銘智 (1998),「股利政策與公司特性之關聯性」,國立政治大學會計學研究所未出版碩士論文。
    Anderson, R. C., S. A. Mansi, and D. M. Reeb (2003), “Founding-Family Ownership and the Agency Cost of Debt,” Journal of Financial Economics, 68, 263-285.
    Aharony, J. and I. Swary (1980), “Quarterly Dividend and Earnings Announcements and Stockholder’s Returns: An empirical Analyst,” Journal of Finance, 35, 1-12.
    Bhattacharya, S. (1979), “Imperfect Information, Dividend Policy, and ‘the Bird-in-the-Hand’ Fallacy,” Bell Journal of Economics, 10, 259-270.
    Brook, Y., W. T. Charlton, and R. J. Hendershott (1998), “Do Firms Use Dividends to Signal Large Future Cash Flow Increases?” Financial Management, 27, 46-57.
    Barclay, M. and C. Holderness (1989), “Private Benefits from Control of Public Corporations,” Journal of Financial Economics, 25, 371-396.
    Berle, A. and G. C. Means (1932), “The Modern Corporation and Private Property,” New York: Macmillan Publishing Co.
    Claessens, S., S. Djankov, and L. H. P. Lang (2000), “The Separation of Ownership and Control in East Asian Corporation,” Journal of Financial Economics, 58, 81-112.
    Chiou, J. R., T. C. Hsiung, and L. F. Kao (2002), “A Study of the Relationship between Financial Distress and Collateralizes Shares,” Taiwan Accounting Review, 3, 79-111.
    Demsetz, H. (1983), “The Structure of Ownership and the Theory of the Firm,” Journal of Law and Economics, 26, 375-390.
    Demsetz, H. and K. Lehn (1985), “The Structure of Corporate Ownership: Causes and Consequences,” Journal of Political Economy, 93, 1155-1177.
    DeAngelo, H. and L. DeAngelo (2000), “Controlling Stockholders and the Disciplinary Role of Corporate Payout Policy: A Study of the Times Mirror Company,” Journal of Financial Economics, 56, 153-207.
    Easterbrook, F. H. (1984), “Two Agency-cost Explanations of Dividends,” American Economic Review, 74, 650-659.
    Fama, E. F. and M. C. Jensen (1983), “Organizational Forms and Investment Decisions,” Journal of Financial Economics, 14, 101-120.
    Faccio, M., L. Lang, and L. Young (2001), “Dividends and Expropriation,” American Economic Review, 91, 54-78.
    Grullon, G., R. Michaely, and B. Swaminathan (2002), “Are Dividend Changes a Sign of Firm Maturity?” Journal of Business, 75, 387-424.
    Hauser, S., E. Kraizberg, and R. Dahan (2003), “Price Behavior and Insider Trading around Seasoned Equity Offerings: the Case of Majority-Owned Firms,” Journal of Corporate Finance, 9, 183– 199.
    Harris, M. and A. Ravis (1998), “Corporate Governance: Voting Rights and Majority Rules,” Journal of Financial Economics, 20, 203-235.
    Jensen, M. C. (1986), “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers,” American Economic Review, 76, 323-329.
    Johnson, S., P. Boone, A. Breach, and E. Friedman (2000), “Corporate Governance in the Asian Financial Crisis,” Journal of Financial Economics, 58, 141-186.
    John, K. and L. H. P. Lang (1991), “Insider Trading around Dividend Announcement: Theory and Evidence,” Journal of Finance, 46, 1361-1389.
    Jensen, M. C. and W. H. Meckling (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics, 3, 305-360.
    John, K. and J. Williams (1985), “Dividends, Dilutions, and Taxes: A Signaling Equilibrium,” Journal of Finance, 40, 1053-1070.
    Kane, A., Y. K. Lee, and A. Marcus (1984), “Earnings and Dividend Announcements: Is There a Corroboration Effect?” Journal of Finance, 39, 1091-1099.
    Lintner, J. (1956), “Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes,” American Economic Review, 46, 97-113.
    La Porta, R., F. Lopez-de-Silanes, and A. Shleifer (1999), “Corporate Ownership around the World,” Journal of Finance, 54, 471-517.
    La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. W. Vishny (1998), “Law and Finance,” Journal of Political Economy, 106, 1113-1155.
    La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. W. Vishny (2000), “Investor Protection and Corporate Governance,” Journal of Financial Economics, 58, 3-27.
    Miller, M. H. and F. Modigliani (1961), “Dividend Policy, Growth and the Valuation of Shares,” Journal of Business, 34, 411-433.
    Miller, M. H. and K. Rock (1985), “Dividend Policy under Asymmetric Information,” Journal of Finance, 40, 1031-1051.
    McConnell, J. J. and H. Servaes (1990), “Additional Evidence on Equity Ownership and Corporate Value,” Journal of Financial Economics, 27, 595-612.
    Morck, R., A. Shleifer, and R. W. Vishny (1988), “Management Ownership and Market Valuation: An Empirical Analysis,” Journal of Financial Economics, 20, 293-315.
    Nissim, D. and A. Ziv (2001), “Dividend Changes and Future Profitability,” Journal of Finance, 56, 2111-2133.
    Ross, S. A. (1977), “The Determination of Financial Structure:The Incentive Signaling Approach,” Bell Journal of Economics, 8, 23-40.
    Thomsen, S. and T. Pedersen (2000), “Ownership Structure and Economic Performance in the Largest European Companies,” Strategic Management Journal, 21, 689-705.
    Wong, S. L. (1988), “The Applicability of Asian Family Values to Other Sociocultural Settings,” In Search of an East Asian Development Model, New Brunswick: Transaction Books.
    Yeh, Y. H. and T. S. Lee (2001), “Corporate Governance and Performance: The Case of Taiwan,” The Seventh Asia Pacific Finance Association Annual Conference, Shanghai, P.R. China.
    Yeh, Y. H., T. S. Lee, and J. Y. Shy (1998), “Family Control, Board Composition and Corporate Performance in Taiwan Stock Market,” NFA/APFA First Joint International Conference, Asia-Pacific Finance Association and Nippon Finance Association, Tokyo, Japan.
    Description: 碩士
    國立政治大學
    財務管理研究所
    92357019
    93
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0923570191
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    File SizeFormat
    index.html0KbHTML2475View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback