English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113318/144297 (79%)
Visitors : 51073782      Online Users : 915
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 140.119/94424
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/94424


    Title: 聚陽實業股利政策個案研究
    Authors: 方蘭心
    Contributors: 李志宏
    方蘭心
    Keywords: 聚陽
    股利政策
    Date: 2007
    Issue Date: 2016-05-06 16:36:45 (UTC+8)
    Abstract: 台灣成衣產業在1990年以後,面臨生產成本上升和紡織配額解除的兩大衝擊,但部分成衣業者依然維持高現金股利政策。經由訪問聚陽的財務部人員,和分析聚陽的財務資料,發現聚陽制定股利政策符合訊號發射理論和剩餘理論。以紡織產業和傳統產業為樣本建立的股利預測模型當中,則發現聚陽實際發放的現金股利較模型預測高。但因為帳上龐大的現金部位,和過去實施高股利政策等因素的影響,降低現金股利的可行性有待進一步研究。
    Reference: 中文部分
    公開資訊觀測站,http://newmops.tse.com.tw/。
    中央銀行網站,http://www.cbc.gov.tw/。
    王士和(2004)。台灣上市公司股利政策特性與其影響因素之探討。國立中正大學企業管理研究所碩士論文。
    台灣經濟新報資料庫,1997-2006。
    呂執中(2005)。成衣紡織業e化全球運籌管理個案-聚陽實業公司。載於林則孟、陳鴻基(主編),製商整合e化個案集第二冊(頁39-74)。新竹市:製商整合科技人才培育先導計畫辦公室。
    林正智(2004,6月19日)。取消配額,成衣廠走向大者恆大。自由時報電子新聞網。2007年6月15日,取自http://www.libertytimes.com.tw/。
    林博政(1998)。台灣上市公司股利發放模式之實證研究。東海大學管理研究所碩士論文。
    周啟東(2002)。年終獎金十三個月的成衣公司。商業周刊,786。
    洪明宏(2002)。現金股利發放之相關研究-測試自由現金流量假說於台灣之適用性。國立中正大學財務金融研究所碩士論文。
    國際貿易局經貿資訊網,http://cweb.trade.gov.tw/。
    陳淑瑩(2004)。成衣型成衣公司垂直整合或水平擴張之硏究:以聚陽公司為例。銘傳大學高階管理研究所碩士論文。
    黃心薇(2004)。供應鏈、價值鏈管理下之經營模式之研究---以聚陽、利豐為例。國立中山大學企業管理系研究所碩士論文。
    黃琬娟(1995)。現金股利變動宣告和股價關聯性之研究。國立中央大學企業管理學系研究所碩士論文。
    葉文郁(1995)。上市公司股利發放模式及現金股利顧客效果之研究。國立政治大學企業管理學系研究所碩士論文。
    楊世芬(2000)。台灣上市公司現金股利宣告效果之實證研究。論文發表於中華民國管理科學學會主辦之「全國管理碩士論文獎暨研討會」,台北。
    聚陽實業官方網站,http://www.makalot.com.tw/。
    黎明淵、林俞廷(2004,12月)。股利政策決定因素再探討。第八屆財金理論與實務研討會,台中。
    劉巧蘭(2007)。全球成衣商品鏈發展與台灣成衣業之回應。國立中山大學政治學研究所碩士論文。
    謝銘智(1998)。股利政策與公司特性之關連性。國立政治大學會計研究所碩士論文。
    謝麗雪(2006)。後配額時代台灣紡織業因應之道。2007年6月15日,取自http://www.itis.org.tw/。
    英文部分
    Agrawal, A., & Jayaraman, N. (1994). The dividend policies of all-equity firms: A direct test of the free cash flow theory. Managerial and Decision Economics, 15(2), 139-148.
    Aharony, J., & Swary, I. (1980). Quarterly dividend and earnings announcements and stockholders’ returns: an empirical analysis. The Journal of Finance, 35(1), 1-12.
    Alli, K. L., Khan, Q., & Ramirez, G. G. (1993). Determinants of corporate dividend policy: a factorial analysis. The Financial Review, 28(4), 523-547.
    Ambarish, R., John, K., & Williams, J. (1987). Efficient signalling with dividends and investments. The Journal of Finance, 42(2), 321-343.
    Baker, K. H., & Powell, G. E. (2000). Determinants of corporate dividend policy: a survey of NYSE firms. Financial Practice and Education, 10(1), 29-40.
    Baker, K. H., Veit, E. T., & Powell, G. E. (2001). Factors influencing dividend policy decisions of Nasdaq firms. The Financial Review, 36(3), 19-38.
    Bernheim, B. D., & Wantz, A. (1995). A tax-based test of the dividend signaling hypothesis. The American Economic Review, 85(3), 532-551.
    Bhattacharyya, S. (1979). Imperfect information, dividend policy, and ‘the bird in the hand’ fallacy. The Bell Journal of Economics, 10(1), 259-270.
    Black, F. & Scholes, M. (1974). The effects of dividend yield and dividend policy on common stock prices and returns. Journal of Financial Economics, 1(1), 1-22.
    Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483-527.
    Chaplinsky, S., & Seyhun, H. N. (1990). Dividends and taxes: evidence on tax-reduction strategies. The Journal of Business, 63(2), 239-260.
    Chen, N. F., Grundy, B. & Stambaugh, R. F. (1990). Changing risk, changing risk-premiums, and dividend yield effects. The Journal of Business, 63(1), S51-S70.
    Christie, W. G. (1994). Are dividend omissions truly the cruelest cut of all? The Journal of Financial and Quantitative Analysis, 29(3), 459-480.
    Collins, M. C., Saxena, A. K., & Wansley, J. W. (1996). The role of insiders and dividend policy: a comparison of regulated and unregulated firms. Journal of Financial and Strategic Decisions, 9(2), 1-9.
    Denis, D. J., Denis, D. K., & Sarin, A. (1994). The information content of dividend changes: cash flow signaling, overinvestment, and dividend clienteles. The Journal of Financial and Quantitative Analysis, 29(4), 567-587.
    Dhillon, U. S., & Johnson, H. (1994). The effect of dividend changes on stock and bond prices. The Journal of Finance, 49(1), 281-289.
    Downes, D. H. & Heinkel, R. (1982). Signaling and the valuation of unseasoned new issues. The Journal of Finance, 37(1), 1-10.
    D`Souza, J., & Saxena, A. K. (1999). Agency cost, market risk, investment opportunities and dividend policy - an international perspective. Managerial Finance, 25(6), 35-43.
    Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.
    Fluck, Z. (1998). Optimal financial contracting: debt versus outside equity. The Review of Financial Studies, 11(2), 383-418.
    Fluck, Z. (1999). The dynamics of the management-shareholder conflict. The Review of Financial Studies, 12(2), 379-404.
    Hart, O., & Moore, J. (1994). A theory of debt based on inalienability of human capital. The Quarterly Journal of Economics, 109(4), 841-879.
    Higgins, R. C. (1972). The corporate dividend-saving decision. The Journal of Financial and Quantitative Analysis, 7(2), 1527-1541.
    Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
    John, K., & Williams, J. (1985). Dividends, dilution and taxes: a signaling equilibrium. The Journal of Finance, 40(4), 1053-1070.
    Kalay, A. (1982). Stockholder-bondholder conflict and dividend constraints. Journal of Financial Economics, 10(2), 211-233.
    Kao, C., & Wu, C. (1994). Tests of dividend signaling using the Marsh-Merton model: a generalized friction approach. The Journal of Business, 67(1), 45-68.
    Khorana, A., & Servaes, H. (1999). The determinants of mutual fund starts. The Review of Financial Studies, 12(5), 1043-1074.
    Lang, L. H. P. & Litzenberger, R. H. (1989). Dividend announcements – cash flow signalling vs. cash flow hypothesis. Journal of Financial Economics, 24(1), 181-191.
    Lakonishok, J. & Vermaelen, T. (1986). Tax-induced trading around ex-dividend days. Journal of Financial Economics, 16(3), 287-319.
    Lee, Y., Liu, Y., Roll R. & Subrahmanyam, A. (2006). Taxes and dividend clientele: evidence from trading and ownership structure. Journal of Banking & Finance, 30(1), 229-246.
    Lewellen, W. G., Stanley, K. L., Lease, R. C., & Schlarbaum, G. G. (1978). Some direct evidence on the dividend clientele phenomenon. The Journal of Finance, 33(5), 1385-1399.
    Litzenberger, R. H. & Ramaswamy, K. (1982). The effects of dividend on common stock prices – tax effects or information effects. The Journal of Finance, 37(2), 429-443.
    Lloyd, W. P., Jahera, J. S. Jr., & Page, D. E. (1985). Agency Costs and Dividend Payout Ratios. Quarterly Journal of Business and Economics, 24(3), 19-29.
    Long, M. S., Malitz, I. B., & Sefcik, S. E. (1994). An empirical examination of dividend policy following debt issues. The Journal of Financial and Quantitative Analysis, 29(1), 131-144.
    MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35(1), 13-39.
    Manuel, T. A., Brooks, L. D., and Schadler, F. P. (1993). Common stock price effects of security issues conditioned by current earnings and dividend announcements. The Journal of Business, 66(4), 571-593.
    Michaely, R. (1991). Ex-dividend day stock price behavior: the case of the 1986 tax reform act. The Journal of Finance, 46(3), 845-859.
    Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business, 34(4), 411-433.
    Miller, M. H., & Rock, K. (1985). Dividend policy under asymmetric information. The Journal of Finance, 40(4), 1031-1051.
    Myers, S. (1998). Outside equity financing. NBER Working Paper No. 6561.
    Naceur, S. B., Goaied, M., & Belanes, A. (2006). On the Determinants and Dynamics of Dividend Policy. International Review of Finance, 6(1-2), 1-23.
    Penman, S. H. (1983). The predictive content of earnings forecasts and dividends. Journal of Finance, 38(4), 1181-1199.
    Poterba, J. M. (1986). The market valuation of cash dividends – the citizens utilities case reconsidered. Journal of Financial Economics, 15(3), 395-405.
    Rozeff, M. S. (1982). Growth, beta, and agency costs as determinants of dividend payout ratios. The Journal of Financial Research, 5(3), 249-259.
    Sant, R. & Cowan, A. R. (1994). Do dividends signal earnings? the case of omitted dividends. Journal of Banking and Finance, 18(6), 1113-1133.
    Shefrin, H. M., & Statman, M. (1984). Explaining investor preference for cash dividends. Journal of Financial Economics, 13(2), 253-282.
    Shefrin, H. M., & Thaler, R. H. (1988). The behavioral life-cycle hypothesis. Economic Inquiry, 26(4), 609-643.
    Yoon, P. S., & Starks, L. T. (1995). Signaling, investment opportunities, and dividend announcements. The Review of Financial Studies, 8(4), 995-1018.
    Zwiebel, J. (1996). Dynamic capital structure under Managerial entrenchment. The American Economic Review, 86(5), 1197-1215.
    Description: 碩士
    國立政治大學
    財務管理研究所
    94357011
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0094357011
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    There are no files associated with this item.



    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