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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/130534


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/130534


    Title: 影響美國跨國企業及本土企業股利發放因素的探討
    Determinants of Dividend Payments for US Multinational and Domestic Firms
    Authors: 張津祐
    Chang, Chin-Yu
    Contributors: 張元晨
    Chang, Yuan-Chen
    張津祐
    Chang, Chin-Yu
    Keywords: 跨國公司
    股利發放率
    國際風險
    稅改
    Multinational Firms
    Dividend Payout Ratio
    International Risk
    Tax cuts
    Date: 2020
    Issue Date: 2020-07-01 13:39:27 (UTC+8)
    Abstract: 本文以1996~2017年間美國上市公司為樣本，研究跨國企業及本土企業現金股利發放率(Dividend Payout Ratio)的差異，並探討跨國公司的特性是否影響公司股利發放以及2003~2004年布希政府稅改政策對公司股利發放的影響。
    實證結果發現，美國跨國公司的現金股利發放率顯著低於本土公司，同時公司規模、獲利能力、現金流量、負債比率及產業多樣性是造成兩者股利發放差異之主要因素。2003年企業減稅使美國本土企業增加股利發放，跨國企業則較受惠於2004年租稅減免提高股利發放及股票回購，然而，長期而言企業傾向維持相同股利水準，顯示稅率調整對於企業發放股利的影響為短期的現象。
    Using public companies in the US from 1996 to 2017, this thesis examines whether there is any difference in dividend payout ratio between multinational firms(MNCs) and domestic firms(DCs). I investigate what are determinants of dividend payments of these firms. The effects of Bush tax cuts in 2003 and 2004 are also explored.
    The empirical results show that MNCs have significant lower dividend payments than DCs in America, I also find that firm characteristics variables such as size, profitability, cash flow, long term debt and industrial diversification affect companies’ dividend payouts. While DCs take good advantage of tax cuts in 2003; MNCs benefits more from tax cuts in 2004. However, dividend tax cut had only a short term impact of US corporation’s payout policy.
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    Description: 碩士
    國立政治大學
    財務管理學系
    107357027
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0107357027
    Data Type: thesis
    DOI: 10.6814/NCCU202000587
    Appears in Collections:[財務管理學系] 學位論文

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