政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/138882

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政大機構典藏 > 商學院 > 會計學系 > 學位論文 > Item 140.119/138882

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/138882

Title:	股利僵固性對未來企業價值與投資決策之影響 The Impact of Dividend Stickiness on Investment Decision and Stock Returns
Authors:	余哲瑋 Yu, Che-Wei
Contributors:	翁嘉祥 Weng, Chia-Hsiang 余哲瑋 Yu, Che-Wei
Keywords:	股利僵固性訊號發射理論迎合理論 Dividend stickiness Signaling theory Catering theory
Date:	2021
Issue Date:	2022-02-10 12:52:54 (UTC+8)
Abstract:	本研究採用2000年至2020年之台灣上市櫃公司為研究樣本，探討企業發生股利僵固情形下，現金股利增減率與企業未來價值和未來投資決策影響。當企業發生股利僵固情形，企業淨利下降，卻大量發放現金股利，這將影響未來企業的價值與投資決策。研究結果顯示在股利僵固情形發生情況下，現金股利增減率與未來企業價值呈現正相關，現金股利增減率與未來資本資出呈現正相關。研究結果支持股利訊號理論，透過發放現金股利的訊號傳達投資人未來前景看好。 This research uses listed companies in Taiwan from the year 2000 to 2020 as researching sample to look into the impact of cash dividend change rate on future firm value and future investment decision under the circumstances of dividend stickiness. When companies experienced dividend stickiness, their net profits have declined yet they have paid a large number of cash dividends, which will affect the value of the company and investment decision in the future. The results show that cash dividend change rate is positively associated with future firm value and capital expenditure. The results support signaling theory. The company is optimistic about the future prospects and conveys the signal to investors by paying cash dividends.
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Description:	碩士國立政治大學會計學系 107266005
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0107266005
Data Type:	thesis
DOI:	10.6814/NCCU202200002
Appears in Collections:	[會計學系] 學位論文

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