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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/138882


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    题名: 股利僵固性對未來企業價值與投資決策之影響
    The Impact of Dividend Stickiness on Investment Decision and Stock Returns
    作者: 余哲瑋
    Yu, Che-Wei
    贡献者: 翁嘉祥
    Weng, Chia-Hsiang
    余哲瑋
    Yu, Che-Wei
    关键词: 股利僵固性
    訊號發射理論
    迎合理論
    Dividend stickiness
    Signaling theory
    Catering theory
    日期: 2021
    上传时间: 2022-02-10 12:52:54 (UTC+8)
    摘要: 本研究採用2000年至2020年之台灣上市櫃公司為研究樣本，探討企業發生股利僵固情形下，現金股利增減率與企業未來價值和未來投資決策影響。當企業發生股利僵固情形，企業淨利下降，卻大量發放現金股利，這將影響未來企業的價值與投資決策。研究結果顯示在股利僵固情形發生情況下，現金股利增減率與未來企業價值呈現正相關，現金股利增減率與未來資本資出呈現正相關。研究結果支持股利訊號理論，透過發放現金股利的訊號傳達投資人未來前景看好。
    This research uses listed companies in Taiwan from the year 2000 to 2020 as researching sample to look into the impact of cash dividend change rate on future firm value and future investment decision under the circumstances of dividend stickiness. When companies experienced dividend stickiness, their net profits have declined yet they have paid a large number of cash dividends, which will affect the value of the company and investment decision in the future. The results show that cash dividend change rate is positively associated with future firm value and capital expenditure. The results support signaling theory. The company is optimistic about the future prospects and conveys the signal to investors by paying cash dividends.
    參考文獻: 林穎芬、黃麗津、陳思源（2012）。經理人薪酬、公司治理與現金股利政策。中山管理評論。20(4)，1213-1251。
    黃柏凱、張邦茹、林書伃、姜堯民（2021）。公司成長性對停發現金股利決策的影響。管理與系統。28(2)，225-248。
    劉任昌、邱志忠、楊朝成（2014）。臺灣企業之發放政策：現金股利、股票購回與現金減資。證券市場發展季刊，26(3)，47-96。

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    描述: 碩士
    國立政治大學
    會計學系
    107266005
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0107266005
    数据类型: thesis
    DOI: 10.6814/NCCU202200002
    显示于类别:[會計學系] 學位論文

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