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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/99325
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/99325

    Title: 公司成長性對公司股利政策影響之研究
    The Effect of Corporate Growth on Corporate Payout Policy
    Authors: 吳耿維
    Wu, Geng Wei
    Contributors: 陳鴻毅
    Chen, Hong Yi
    Wu, Geng Wei
    Keywords: 股利政策
    payout policy
    corporate growth
    signaling effect
    Date: 2016
    Issue Date: 2016-07-20 17:12:08 (UTC+8)
    Abstract: 本研究利用1970年至2014年之美國公司為樣本探討公司之成長性是否會影響公司之股利政策。實證結果與股利訊號理論相符,公司會利用現金股利之發放降低公司與外部投資者間的資訊不對稱,以達到較低的股東權益成本。然而,當面對較高不確定性時,高成長公司之股東權益成本較高,因此較不會發放股利。本研究亦發現發放股利之高成長公司相較發放股利之低成長公司於未來有較好的營運績效,代表高成長公司發放股利有較好的訊號理論效果。而市場能夠有效率地反應較好的訊號理論於公司股價上。
    The main purpose of this study is to investigate how the corporate growth affects the corporate payout policy. Using U.S. firms during 1970 to 2014 as the sample, we demonstrate that, consistent with signaling hypothesis, firms tend to pay dividends to reduce the information asymmetry, and therefore the cost of equity will be lower. However, considering the higher cost of equity, high growth firms will not pay dividends if they face higher uncertainty. We also find a better future operating performance for high growth firms paying dividends, indicating a good signaling occurs when high growth firms pay dividends. The market is efficient enough to give a price appreciation for those good signaling firms.
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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103357009
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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