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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/67448
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/67448


    Title: 台灣股票市場現金股利調整速度之實證研究
    Empirical Study for the Speed of dividends adjustment in Taiwan
    Authors: 翁子淇
    Contributors: 屠美亞
    翁子淇
    Keywords: 現金股利調整速度
    訊號效果
    Lintner現金股利模型
    Date: 2013
    Issue Date: 2014-07-14 11:24:57 (UTC+8)
    Abstract: 我國股票市場自民國五十年代至今,發展亦趨成熟,股票市場作為企業資金來源隨著股票市場的發展愈趨重要,股利作為企業及投資人的溝通工具亦十分重要,股利的變動也隱含了公司內部欲傳達給外部投資人的訊息,因此股利政策深受企業及投資人重視,股利政策的穩定程度亦隨著重視程度上升而提高。本研究使用Lintner(1956)「現金股利調整速度」衡量我國股票市場之股利政策穩定性。實證結果發現,1998年前即上市的公司樣本,在兩稅合一制度實施後,股利調整速度顯著下降,意即股利政策穩定性顯著地上升,而我們進一步研究影響股利政策穩定之因素,發現股票市場發展程度愈高,則股利調整速度將愈低,整體市場之股利政策愈穩定。最後則研究股利政策的穩定與否與訊號效果的關係,實證發現,當整體股票市場之股利調整速度愈高、股利政策愈不穩定時,投資人對於股利所隱含的效果無法正確反映,訊號效果較差。
    Reference: 中文參考文獻
    汪瑞芝、陳明進(2004),「兩稅合一制前後上市公司股利發放之實證研究」,管理學報,21卷,2期,257-277

    周威佑 (2012),「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」,國立政治大學財務管理研究所碩士論文

    馬孝璿 (1999),「兩稅合一對上市, 上櫃公司股利政策影響之探討」,國立中山大學財務管理研究所未出版碩士論文

    葉文郁 (1996),「上市公司股利發放模式及現金股利顧客效果之研究」,國立政治大學企業管理學系未出版碩士論文

    黃琬娟 (1996),「現金股利變動宣告和股價關聯性之研究」,國立中央大學企業管理所碩士論文

    黃瑞靜、徐守德、廖四郎 (2001),「兩稅合一對公司價值、股利政策與資本結構之影響-動態資本結構模型之應用與台灣產業的實証研究」,管理評論第二十卷第二期,頁43-74


    英文參考文獻
    Aharony, J. and A. Dotan (1994). "Regular dividend announcements and future unexpected earnings: An empirical analysis." Financial Review 29(1): 125-151.
    Aivazian, V., L. Booth and S. Cleary (2003). "Dividend policy and the organization of capital markets." Journal of Multinational Financial Management 13(2): 101-121.
    Amihud, Y. and M. Murgia (1997). "Dividends, taxes, and signaling: evidence from Germany." The Journal of Finance 52(1): 397-408.
    Bhattacharya, S. (1979). "Imperfect information, dividend policy, and “the bird in the hand” fallacy." Bell journal of economics 10(1): 259-270.
    Brav, A., J. R. Graham, C. R. Harvey and R. Michaely (2005). "Payout policy in the 21st century." Journal of Financial Economics 77(3): 483-527.
    DeAngelo, H., L. DeAngelo and D. J. Skinner (1996). "Reversal of fortune dividend signaling and the disappearance of sustained earnings growth." Journal of financial Economics 40(3): 341-371.
    Demirgüç-Kunt, A. and R. Levine (2004). Financial structure and economic growth: A cross-country comparison of banks, markets, and development, MIT press.
    Fama, E. F. and H. Babiak (1968). "Dividend policy: An empirical analysis." Journal of the American statistical Association 63(324): 1132-1161.
    Fama, E. F. and K. R. French (2001). "Disappearing dividends: changing firm characteristics or lower propensity to pay?" Journal of Financial economics 60(1): 3-43.
    Farrar, D. E., D. F. Farrar and L. L. SELWYN (1967). "Taxes, corporate financial policy and return to investors." National Tax Journal: 444-454.
    Gordon, M. J. (1959). "Dividends, earnings, and stock prices." The Review of Economics and Statistics: 99-105.
    John, K. and J. Williams (1985). "Dividends, dilution, and taxes: A signalling equilibrium." The Journal of Finance 40(4): 1053-1070.
    Lintner, J. (1956). "Distribution of incomes of corporations among dividends, retained earnings, and taxes." American economic review 46(2): 97-113.
    Miller, M. H. and F. Modigliani (1961). "Dividend policy, growth, and the valuation of shares." the Journal of Business 34(4): 411-433.
    Poterba, J. M. and L. H. Summers (1985). The economic effects of dividend taxation, National Bureau of Economic Research Cambridge, Mass., USA.
    Watts, R. (1973). "The information content of dividends." Journal of Business: 191-211.
    Description: 碩士
    國立政治大學
    財務管理研究所
    101357023
    102
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0101357023
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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