政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/95929

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政大機構典藏 > 商學院 > 會計學系 > 學位論文 > Item 140.119/95929

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95929

Title:	股利政策與公司特性之關聯性
Authors:	謝銘智
Contributors:	劉啟群張佳和謝銘智
Date:	1998
Issue Date:	2016-05-10 15:56:14 (UTC+8)
Abstract:	股利政策一直都是公司財務上相當複雜的決策，公司股利政策也受到廣泛的討論。本研究主要探討公司制訂股利政策所考量的因素。其列舉了幾項可能影響股利政策的因素。1、當年度盈餘，2、投資資金需求，3、未來盈餘成長性，4、內部人持股比率，5、股東人數，6、股票價格，7、負債比率，8、過去股利發放歷史，9、產業，10、股利替代性（股票股利與現金股利之關聯性）。　　本研究將分別探討（一）現金股利與公司特性之關聯性；（二）股票股利與公司特性之關聯性；（三）現金股利與股票股利之間如何套配？兩者之間是否具替代性。透過平均數檢定、等級檢定及多元迴歸分析檢定等方法針對上述十項因素對公司股利政策之影響作實證研究。蒐集台灣上市公司78年至85年間共八年的資料，以為研究之樣本。　　經過實證結果獲致下列結論：　　一、當年度盈餘越高則現金股利與股票股利發放率越大。　　二、公司未來投資機會與股票股利的發放呈正相關。　　三、高現金股利可傳遞企業未來盈餘成長之訊息。　　四、從代理成本的觀點來解釋內部人持股比率與股利發放率的關係，並不適用於本研究。　　五、股東人數越多，現金股利發放率越大。　　六、股票價格越高、股票股利發放率越小，因此股價最適理論的觀點，不適用本研究。　　七、公司自有資金比率越高，負債比率越低，會發放較高的現金股利。　　八、過去股利發放歷史會影響未來股利政策。　　九、不同產業基於不同產業特性與財務結構，會有不同之股利政策。　　十、公司制訂股利政策時，現金股利與股票股利間具替代性。　　This study aims to examine factors influencing the decision of corporate dividends. Our sample includes 143 companys from 1989 to 1996. The main empirical findings are as follows: 　　1. The paper documents a poitive relationship between dividends and earnings(ROE). In other words, companies with higher earnings tend to distribute more dividends. 　　2. The results support the dividend signaling theory and indicate that more cash dividends implies more earnings in the future. 　　3. Companys with more shareholders or less liabilities will distribute more cash dividends. 　　4. This study also confirms that managers tend to smooth dividends across different periods. That is, current dividends are affected by the magnitude of past dividends. 　　5. Our results support that stock dividends and cash dividends are mutually substitutable. 　　6. Industry factors have significant impact on corporate stock Dividends.
Description:	碩士國立政治大學會計學系 85353020
Source URI:	http://thesis.lib.nccu.edu.tw/record/#A2010000645
Data Type:	thesis
Appears in Collections:	[會計學系] 學位論文

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