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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/95494
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95494


    Title: 現金股利變動與盈餘關係之探討
    Authors: 張舜鑫
    Contributors: 屠美亞
    張舜鑫
    Date: 2002
    Issue Date: 2016-05-09 16:23:59 (UTC+8)
    Abstract:   本研究探討台灣上市公司管理者決定現金股利變動政策的背後,到底是如何考量公司盈餘面因素。是否僅依過去年度的盈餘變動而決定現金股利之變動?是否會考量短期盈餘表現(會影響短期可運用資金狀況)而調整現金股利?或者,調整現金股利的動作是否包含有對未來盈餘的暗示?且若管理者會藉著現金股利的變動來釋放對公司未來盈餘的預期,則其動作的背後,暗示的是未來盈餘的成長(continuous growth),亦或僅是暗示當期之後盈餘水準的平移(permanent shift of earnings level)?
      我們發現,不論是從盈餘變動面或盈餘水準面來探討,實證的結果均指出台灣管理者並未藉著宣告現金股利的變動來釋放對未來盈餘的預期。意即,教科書上行之有年的「現金股利訊號假說」並不適用於解釋台灣上市公司變動現金股利時的考量。台灣管理者宣告增加(減少)現金股利的背後原因,主要基於去年度盈餘成長(衰退);另外,其亦會考量到宣告當年的盈餘景況,基於當年盈餘水準將降低(短期的可運用資金可能短缺)而決定宣告現金股利減少。
      另外,我們也觀察到,台灣與國外管理者變動現金股利背後的盈餘面考量很可能不同,而造就了差異很大的現金股利發放型態。國外公司較注重穩定的現金股利政策,而就台灣而言,上市公司的現金股利發放型態則是宣告變動的幅度較大且變動頻繁。此實際觀察亦呼應了本研究的實證結果:台灣管理者宣告現金股利變動考量的盈餘面因素主要是基於過去以及短期盈餘,而並未藉此來釋放對於未來盈餘的預期。
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    Description: 碩士
    國立政治大學
    財務管理研究所
    89357010
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2010000138
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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