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Title:	現金股利與盈餘品質之關聯 The Relation between Cash Dividend and the Quality of Earnings
Authors:	方胤馨
Contributors:	屠美亞方胤馨
Keywords:	盈餘品質現金股利
Date:	2013
Issue Date:	2014-07-21 15:37:40 (UTC+8)
Abstract:	本研究主要探討盈餘品質與現金股利之間的關係。由過去的實證研究可以發現，股利可能無法傳遞未來盈餘的相關訊息。另外，根據訊號理論與代理問題，盈餘品質較差的公司可能需要透過發放股利釋放正面訊息給大眾降低資訊不對稱的問題。然而，盈餘品質較差的公司可能更需要將資金留在內部以備不時之需，若發放現金股利，可能導致公司資金不足須從事外部融資，然而可能因為盈餘品質不足而造成資金成本上升。本研究以1990年至2012年美國公司作為研究對象，共計24,275筆樣本，進行上述研究。首先利用The Cross-Section Modified Jones Model估計可裁決性應計項目以作為盈餘品質指標。另外加入經營績效(ROA)、公司規模、前期營運現金流、成長機會、保留盈餘、營運風險、財務槓桿程度、外部融資為控制變數以進行迴歸分析。利用Tobit模型探討現金股利多寡是否受盈餘品質影響；另利用Logit模型分析公司發放現金股利與否是否受盈餘品質影響。本研究發現，盈餘品質與現金股利之關係為負，不支持訊號理論及代理理論。顯示低盈餘品質公司，股利訊號理論和代理理論並不是經理人決定股利政策時的第一考量。公司在決定其股利政策時，可能先著眼於其經營績效、財務槓桿程度、投資機會等與公司現金流增減較為相關的因素。
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Description:	碩士國立政治大學財務管理研究所 101357012 102
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0101357012
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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