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    题名: 現金股利發放對盈餘品質與股票報酬之關聯性－股利是否可彌補盈餘品質的不足
    The Relation Between the Impact of Cash Dividend Policy on Stock Returns and the Quality of Earnings
    作者: 張淑妘
    贡献者: 屠美亞
    張淑妘
    关键词: 盈餘品質
    現金股利
    融資成本
    累積異常報酬
    日期: 2012
    上传时间: 2013-07-11 16:47:03 (UTC+8)
    摘要: 本研究主旨在探討當公司宣告發放現金股利時，盈餘品質的高低是否會對股票報酬產生影響，目的在瞭解盈餘品質較差的公司，是否該透過宣告發放現金股利的方式，傳達公司未來盈餘將會增加的訊息給投資人，進而提高公司的股價，但另一方面，盈餘品質較差的公司其訊息風險較高，故融資成本可能較高，因此本研究探討，當公司盈餘品質較差時，宣告發放現金股利，市場上是會較支持訊號面或是融資面。最後加以驗證，盈餘品質對宣告發放現金股利所造成的股價反應是否和盈餘品質的高低如何影響經理人決定是否發放現金股利的決策一致。
    本研究以2003年至2012年的台灣上市公司為研究對象，在研究期間內，以所有宣告發放現金股利的公司為樣本，樣本共有497家，共計3,573個觀察值。本論文由各樣本公司的股利宣告日所建立的累積異常報酬，配合上一年度的盈餘品質指標，再加上公司規模、經營績效、成長機會、流動性、槓桿比率、生產能力、營運風險、內部人持股比率、現金股利金額變動之虛擬變數及現金股利金額變動與盈餘品質指標的交互作用之虛擬變數等10個控制變數，建立起盈餘品質指標與累積異常報酬之模型。其實證結果發現，當公司宣告發放現金股利時，累積異常報酬率與盈餘品質指標呈現負相關，且達顯著性水準，意味著盈餘品質指標較高(即盈餘品質較差)的公司，宣告發放現金股利所建立的累積異常報酬率較低。
    接著我們予以驗證，盈餘品質較差的公司，宣告發放現金股利對其股價產生的不利影響，是否可由融資面加以解釋，因此本研究參照Francis et al. (2005)的研究方法，分別以負債成本與權益成本對盈餘品質指標建立模型，進行迴歸分析，實證結果顯示盈餘品質指標與融資成本存在正向關係，故當公司盈餘品質較差時，融資成本較高，因此予以驗證市場上是支持融資面的。
    最後我們加以驗證，盈餘品質指標與現金股利發放與否之間存在顯著的負向關係，亦即盈餘品質較差的公司，較傾向不發放現金股利，此結果和盈餘品質較差的公司，若發放現金股利，其累積異常報酬率為負之現象，可相呼應。
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    描述: 碩士
    國立政治大學
    財務管理研究所
    100357022
    101
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0100357022
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

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