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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/54304
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/54304


    Title: 資本市場發展對股利資訊意涵之影響 -以台灣資本市場為例
    How can development of capital market affect the imformation effect of dividends in Taiwan
    Authors: 周威佑
    Contributors: 屠美亞
    周威佑
    Keywords: 現金股利
    股利消失
    資本市場發展
    Cash dividends
    disappearing dividends
    the development of Capital Market
    Date: 2011
    Issue Date: 2012-10-30 10:41:52 (UTC+8)
    Abstract: 我以台灣資本市場在1991至2010年之上市公司作為樣本,研究資
    本市場發展程度對於企業現金股利之資訊內涵的影響。我們首先觀察支
    付公司數占整體上市公司數比重以及加權平均股利發放率,發現台灣資
    本市場並不存在消失股利的現象。接著透過羅吉斯模型、Life Regression
    Tobit Model以及多變量迴歸分析,分別對台灣上市公司發放股利傾向、
    股利發放率,以及現金股利宣告效果進行分析。我發現儘管我國不存在
    股利消失現象,資本市場發展程度的確負向影響公司發放股利傾向、股
    利支付率,以及宣告增發股利時的宣告效果,代表現金股利的資訊意涵
    卻隨資本市場發展而弱化。另外機構投資人持股比率上升,顯著降低了
    現金股利的宣告效果。唯本土機構投資人持股比例越高,公司發放股利
    的傾向隨之增加,呼應了我國資本市場對於股利仍有一定的重視程度及
    偏好。
    The main contribution of this article is that I use the variable of development
    of capital market as the main reason resulting in the decrease of the likelihood of
    companies to pay cash dividends and cash dividends payout ratio, and it also
    weakens the announce effect of cash dividends.
    There are some results we can see in this investigation. First, through
    observing the trend of the percentage of cash-dividend –payer firms to all TWSE
    firms and the trend of market value weighted payout ratio, we can see there is no
    “disappearing dividends” phenomenon in Taiwan capital market from 1991 to
    2010.
    Second, the development of capital market not only decreases the likelihood
    of companies to pay cash dividends and cash dividends payout ratio, but also
    weakens the announce effect of cash dividends.
    Third, the more shares held by institutional investors, the weaker announce
    effect caused by cash dividends announcement. However, firms with higher
    percentage of shares held by local institutional investors are much likely to pay
    dividends. It somehow means that cash dividends are preferred and respected.
    Reference: 一、 中文部分
    江淑玲(1998),「我國上市公司股利政策之研究」,國立政治大學會計學系博士班博士
    論文,民國87年6 月。
    方以唐(2005),「股票股利消失?台灣上市公司股利政策之探討」,國立東華大學國際
    經濟研究所未出版之碩士論文。
    陳憲民(1989),「台灣上市公司股利政策趨勢與公司特性之研究」,銘傳大學國際企業
    管理研究所未出版之碩士論文。
    黃桂榮(1997),「企業特性與交易市場對股票股利資訊內涵影響程度之研究」,政治大
    學會計學研究所未出版之碩士論文。
    王象康(2006),「台灣上市公司現金股利與庫藏股政策之探討」,交通大學財務金融研
    究所未出版之碩士論文。
    王錦瑩(2002) ,「台灣上市公司盈餘分配行為對股價影響之研究」,國立政治大學企
    業管理研究所博士論文。
    湯翠萍(2004),「財務彈性-上市公司實施庫藏股之實證研究」,國立中山大學財務管
    理研究所未出版之碩士論文。

    二、 英文部分
    Asquith, P., and D. Mullins (1983), “The impact of initiating dividend payments on
    shareholders’ wealth,” Journal of Business, 56, 77-96.
    Baker, M. and J. Wurgler (2004), “ A catering theory of dividends,” Journal of Finance, 59,
    1125-1165.
    Bhattacharya, S. (1979), “Imperfect information, dividend policy, and ‘The bird-in-the-hand’
    fallacy,” Bell Journal of Economics, 10, 259-270.
    Demirgüç, A. and R. Levine (2001), “Bank-based and market-based financial systems:
    Cross-country comparison, in Demirgüç, A. and R. Levine Eds., Financial Structure and
    Economic Growth: Cross-Country Comparison of Banks, Markets and Development,
    Cambridge,” MA, MIT Press, 81-140.
    Denis, D.J. and I. Osobov (2008), “Why do firms pay dividend? International evidence on the
    determinants of dividend policy,” Journal of Financial Economics, 89, 62-82.
    Easterbrook, F.H. (1984), “Two agency-cost explanations of dividends, American Economic
    Review 74,” 650-659.
    Fama, E. F., and K.R. French (2001), “Disappearing dividends: Changing firm characteristics
    or lower propensity to pay?” Journal of Financial Economics, 60, 3- 44.
    Gordon, M. J. (1963), “Optimal Investment and Financing Policy,” Journal of Finance, 60,
    1389-14265
    Grullon, G., R. Michaely, S. Benartzi, and R.H. Thaler (2005), “Dividend changes do not
    signal changes in future profitability,” Journal of Business, 78, 1659-1682.
    Hoberg, Gerard, and Nagpurnanand Prabhala (2009), “Disappearing dividends, catering, and
    risk,” Review of Financial Studies, 22, 79-116.
    Jensen, M.C. (1986), “Agency costs of free cash flow, corporate finance, and takeovers,”
    American Economic Review, 76, 323-329.
    Jensen, M.C. and W. H. Meckling (1976), “Theory of the Firm : Managerial Behavior,
    Agency Costs and Ownership Structur,” Journal of Financial Economics, 3, 305-360.
    Miller M. H. and F. Modigliani (1961), “Dididend Policy, Growth and Valuation of Shares,”
    Journal of Business.
    Yakov Amihud and Kefei Li (2006), “The Declining Information Content of Dividend
    Announcements and the Effects of Institutional Holdings,” Journal of Financial and
    Quantitative Analysis, 637-660.
    Yaniv Grinstein and Roni Michaely (2005), “Institutional Holdings and Payout Policy,”
    Journal of Finance , 60, 1389-1426.
    Description: 碩士
    國立政治大學
    財務管理研究所
    99357005
    100
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0099357005
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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