政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/54304

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/54304

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题名:	資本市場發展對股利資訊意涵之影響－以台灣資本市場為例 How can development of capital market affect the imformation effect of dividends in Taiwan
作者:	周威佑
贡献者:	屠美亞周威佑
关键词:	現金股利股利消失資本市場發展 Cash dividends disappearing dividends the development of Capital Market
日期:	2011
上传时间:	2012-10-30 10:41:52 (UTC+8)
摘要:	我以台灣資本市場在1991至2010年之上市公司作為樣本，研究資本市場發展程度對於企業現金股利之資訊內涵的影響。我們首先觀察支付公司數占整體上市公司數比重以及加權平均股利發放率，發現台灣資本市場並不存在消失股利的現象。接著透過羅吉斯模型、Life Regression Tobit Model以及多變量迴歸分析，分別對台灣上市公司發放股利傾向、股利發放率，以及現金股利宣告效果進行分析。我發現儘管我國不存在股利消失現象，資本市場發展程度的確負向影響公司發放股利傾向、股利支付率，以及宣告增發股利時的宣告效果，代表現金股利的資訊意涵卻隨資本市場發展而弱化。另外機構投資人持股比率上升，顯著降低了現金股利的宣告效果。唯本土機構投資人持股比例越高，公司發放股利的傾向隨之增加，呼應了我國資本市場對於股利仍有一定的重視程度及偏好。 The main contribution of this article is that I use the variable of development of capital market as the main reason resulting in the decrease of the likelihood of companies to pay cash dividends and cash dividends payout ratio, and it also weakens the announce effect of cash dividends. There are some results we can see in this investigation. First, through observing the trend of the percentage of cash-dividend –payer firms to all TWSE firms and the trend of market value weighted payout ratio, we can see there is no “disappearing dividends” phenomenon in Taiwan capital market from 1991 to 2010. Second, the development of capital market not only decreases the likelihood of companies to pay cash dividends and cash dividends payout ratio, but also weakens the announce effect of cash dividends. Third, the more shares held by institutional investors, the weaker announce effect caused by cash dividends announcement. However, firms with higher percentage of shares held by local institutional investors are much likely to pay dividends. It somehow means that cash dividends are preferred and respected.
參考文獻:	一、中文部分江淑玲(1998)，「我國上市公司股利政策之研究」，國立政治大學會計學系博士班博士論文，民國87年6 月。方以唐(2005)，「股票股利消失?台灣上市公司股利政策之探討」，國立東華大學國際經濟研究所未出版之碩士論文。陳憲民(1989)，「台灣上市公司股利政策趨勢與公司特性之研究」，銘傳大學國際企業管理研究所未出版之碩士論文。黃桂榮(1997)，「企業特性與交易市場對股票股利資訊內涵影響程度之研究」，政治大學會計學研究所未出版之碩士論文。王象康(2006)，「台灣上市公司現金股利與庫藏股政策之探討」，交通大學財務金融研究所未出版之碩士論文。王錦瑩(2002) ，「台灣上市公司盈餘分配行為對股價影響之研究」，國立政治大學企業管理研究所博士論文。湯翠萍(2004)，「財務彈性-上市公司實施庫藏股之實證研究」，國立中山大學財務管理研究所未出版之碩士論文。二、英文部分 Asquith, P., and D. Mullins (1983), “The impact of initiating dividend payments on shareholders’ wealth,” Journal of Business, 56, 77-96. Baker, M. and J. Wurgler (2004), “ A catering theory of dividends,” Journal of Finance, 59, 1125-1165. Bhattacharya, S. (1979), “Imperfect information, dividend policy, and ‘The bird-in-the-hand’ fallacy,” Bell Journal of Economics, 10, 259-270. Demirgüç, A. and R. Levine (2001), “Bank-based and market-based financial systems: Cross-country comparison, in Demirgüç, A. and R. Levine Eds., Financial Structure and Economic Growth: Cross-Country Comparison of Banks, Markets and Development, Cambridge,” MA, MIT Press, 81-140. Denis, D.J. and I. Osobov (2008), “Why do firms pay dividend? International evidence on the determinants of dividend policy,” Journal of Financial Economics, 89, 62-82. Easterbrook, F.H. (1984), “Two agency-cost explanations of dividends, American Economic Review 74,” 650-659. Fama, E. F., and K.R. French (2001), “Disappearing dividends: Changing firm characteristics or lower propensity to pay?” Journal of Financial Economics, 60, 3- 44. Gordon, M. J. (1963), “Optimal Investment and Financing Policy,” Journal of Finance, 60, 1389-14265 Grullon, G., R. Michaely, S. Benartzi, and R.H. Thaler (2005), “Dividend changes do not signal changes in future profitability,” Journal of Business, 78, 1659-1682. Hoberg, Gerard, and Nagpurnanand Prabhala (2009), “Disappearing dividends, catering, and risk,” Review of Financial Studies, 22, 79-116. Jensen, M.C. (1986), “Agency costs of free cash flow, corporate finance, and takeovers,” American Economic Review, 76, 323-329. Jensen, M.C. and W. H. Meckling (1976), “Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structur,” Journal of Financial Economics, 3, 305-360. Miller M. H. and F. Modigliani (1961), “Dididend Policy, Growth and Valuation of Shares,” Journal of Business. Yakov Amihud and Kefei Li (2006), “The Declining Information Content of Dividend Announcements and the Effects of Institutional Holdings,” Journal of Financial and Quantitative Analysis, 637-660. Yaniv Grinstein and Roni Michaely (2005), “Institutional Holdings and Payout Policy,” Journal of Finance , 60, 1389-1426.
描述:	碩士國立政治大學財務管理研究所 99357005 100
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0099357005
数据类型:	thesis
显示于类别:	[財務管理學系] 學位論文

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