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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/67593
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/67593


    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。
    Reference: 中文文獻:
    [1] 曾昭玲、周小玲(2007),企業成長機會之於融資政策及股利政策影響之多期性研究,東吳大學商學學報。
    [2] 薛敏正、林嬋娟(2004),盈餘管理偵測模式比較研究:以國內財務困難公司為例,中華會計學刊,5(1),105-130。
    [3] 謝美緞(2010),盈餘品質與公司股價之關聯,育達科大學報。

    英文文獻:
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    [21] Dechow, P.,W. Ge, and C. Schrand. 2010. Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics.
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    [25] Easterbrook, F. 1984. Two agency-cost explanations of dividends. The American Economic Review 74:650–659.
    [26] Fama, E., and K. French. 2001. Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60: 3–43.
    [27] Fluck, Z. 1998. Optimal financial contracting: Debt versus outside equity. Review of Financial Studies 11:383–418.
    [28] Francis, J., R. LaFond, P. Olsson, and K. Schipper. 2005. The market pricing of accruals quality. Journal of Accounting and Economics, 39: 295-327.
    [29] Grullon, G., R. Michaely, S. Benartzi, and R. Thaler. 2005. Dividend changes do not signal changes in future profitability. The Journal of Business 78: 1659–1683.
    [30] Grullon, G., R. Michaely, and B. Swaminathan. 2002. Are dividend changes a sign of firm maturity? The Journal of Business 75: 387–424.
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    [36] Miller, M., and F. Modigliani., and K. Rock. 1985. Dividend policy under asymmetric information. The Journal of Finance 40:1030–1051.
    [37] Nissim, D., and A. Ziv. 2001. Dividend changes and future profitability. The Journal of Finance 56: 2111–2133.
    [38] Rozeff, M. 1982. Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research 5: 249–259.
    [39] Skinner, D. J. 2008. The evolving relation between earnings, dividends, and stock repurchases. Journal of Financial Economics 87: 582–609.
    [40] Skinner, D. J., and E. Soltes. 2010. What do dividends tell us about earnings quality? Review of Accounting Studies.
    [41] Sloan, R. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review 71: 289–315.
    [42] Teoh, S., I. Welch, and T. Wong. 1998a. Earnings management and the long-run underperformance of seasoned equity offerings. Journal of Financial Economics 50: 63–100.
    [43] Teoh, S., I. Welch, and T. Wong. 1998b. Earnings management and the long-run underperformance of initial public offerings. The Journal of Finance 53: 1935–1974.
    [44] Tong, Y. H., and B. Miao. 2011. Are Dividends associated with the Quality of Earnings? Accounting Horizons 25(1): 183-205.
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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:[財務管理學系] 學位論文

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