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系統識別號 U0026-1006201018244100
論文名稱(中文) 股利政策之決定因子-以台灣市場為例
論文名稱(英文) Determinants of dividend policy in Taiwan market
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance & Banking
學年度 98
學期 2
出版年 99
研究生(中文) 林立恒
研究生(英文) Li-Heng Lin
學號 R8697111
學位類別 碩士
語文別 英文
論文頁數 36頁
口試委員 指導教授-林軒竹
口試委員-王澤世
口試委員-李漢星
中文關鍵字 股利  公司治理 
英文關鍵字 Dividend  Corporate Governance 
學科別分類
中文摘要 股利不但是投資股票的報酬,從股利政策也能夠發現公司內部的資訊。本研究的目的是探討影響台灣公司發放股利的因素。
本研究以2005至2007年台灣所有上市上櫃公司為樣本,去除缺漏值後,共有3485家樣本公司。本研究將變數分為公司特性與公司治理兩部分,公司特性包括規模、負債比、市價淨值比、每股盈餘、所屬產業。公司治理變數則包含股權結構與董事會結構。使用上述變數與公司的股利發放進行回歸分析。
在多元回歸分析的結果方面,市價淨值比、負債比與董事會控制席次為負相關,每股盈餘與獨立董事席次為正相關。金融業的股利發放與其他產業相較無顯著不同,電子業則是有發放較少股利的傾向。在台灣市場,股權結構與股利發放的關係為非線性,但兩者關係既非U型,也非倒U型。本研究採用的變數在回歸結果中多為顯著,可見台灣公司的股利政策是能夠被本研究所提及的因子所解釋。
英文摘要 Dividend not only represents a return to shareholders’ investment but also contains the inside information of the firm. The purpose of this study intends to reveal the determinants of dividend policy on Taiwan Market.
The sample is based on all companies listed in the Taiwan Security Exchange (TSE) and OTC market from 2005 to 2007 in the Taiwan Economic Journal (TEJ) database. After eliminating the missing data, the effective samples include 3485 observations. This study divided variables into firm factors and corporate governance factors. Firm factors include Size, D/E ratio, MTB, EPS and industry factor, and corporate factors contain equity structure and board structure. This study does OLS regression analysis with variables mentioned above.
The result of OLS regressions indicates MTB, D/E ratio and board of control seats show negative relation with dividend payout, and EPS, board of independent seats present positive relation with dividend payout. High-tech industry tends to pay fewer dividends, but there is no significant difference in dividend policy between financial industry and other industries. Most variables are significant and the regressions show a certain level of adjusted R-square, so the dividend policy on Taiwan market can be explained by the reasons provided in this study. In addition, the relation between insider holding and dividend policy is nonlinear, but not U-shaped, nor upside-down U-shaped.
論文目次 Chapter 1 Introduction 1
1.1Research background & motivation 1
1.2 Objective of research 3
Chapter 2 Literature review 4
2.1 Firm factors that influence dividend policy 4
2.2 Corporate governance and dividend policy 5
2.3 Dividend policy study about Taiwan market 7
Chapter 3 Hypotheses and Methodology 9
3.1 Development of Hypotheses 9
3.2 Data Selection 11
3.3 Variable Definitions 11
3.4 Empirical Model and Methodology 14
Chapter 4 Empirical Results 18
4.1 Categorical analysis 18
4.2 Multiple regression analysis 19
Chapter 5 Conclusion and Suggestion 25
5.1 Conclusion 25
5.2 Suggestion 26
Reference 27

參考文獻 Foreign Literature
1. Chen, C. R. and T. L. Steiner, 1999, “Managerial ownership and agency conflicts: a nonlinear Simultaneous equation analysis of managerial ownership, risk taking, debt policy, and dividend policy”, The Financial Review, 34, 119-136.
2. Chen Z., Y. L. Cheung, A. Stouraitis, Anita W. S. Wong, 2005, “Ownership concentration, firm performance, and dividend policy in Hong Kong” Pacific-Basin Finance Journal, 13, 431-449.
3. Easterbrook, F. H., 1984, “Two agency-cost explanations of dividends,” American Economic Review, 650-659.
4. Faccio, M. and L. H. P. Lang, 2000, "The separation of ownership and control: an analysis of ultimate ownership in western european corporations," 2000 European Financial Management Association Annual Meeting.
5. Fama, Eugene F. and Kenneth R.French, 2001, “Disappearing dividends:changing firm characteristics or lower propensity to pay? ”, Journal of Financial Economics 60, 3-43.
6. Farinha, Jorge, 2002, “Dividend policy, corporate governance and the managerial entrenchment hypothesis:An empirical analysis”, unpublished working paper.
7. Fenn, G., N. Liang, 2001,“Corporate payout policy and managerial stock incentives.” Journalof Financial Economics 60,45-72.
8. Gaver, J.J. and K.M. Gaver, 1993, Additional Evidence on the Association Between the Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies, Journal of Accounting and Economics, 125-160.
9. Jensen, G. R., D. P. Solberg and T. S. Zorn, 1992, “Simultaneous determination of insider ownership, debt and dividend policies,” Journal of Financial and Quantative Analysis, 247-263.
10. Jensen, M. C. and W. H. Meckling, 1976, “Theory of the firm: managerial behavior, agency costs, and ownership structure,” Journal of Financial Economics, 305-360.
11. La Porta, R., F. Lopez-de-Silanes, A. Shleifer and R. Vishny, 2000, “Investor Protection and Corporate Governance”, Journal of Financial Economics 58, 3-27.
12. Michael, A. and I. Shaked, 1986, “Multinational Corporations vs. Domestic Corporations: Financial Performance and Characteristics”, Journal of International Business Studies, 17(3), 89-100.
13. Myers, S., Majluf, N., 1984, “Corporate Financing and Investment Decision When Firms Have Information That Investors Do Not Have”, Journal of Financial Economics 13, 187-221.
14. Rozeff, M., 1982, “Growth, beta and agency cost as determinants of dividend payout ratios,” Journal of Financial Research, 249-259.
15. Schooley, Diane K., and L.Dwayne Barney Jr., 1994, “Using Dividend Policy and Managerial Ownership To Reduce Agency Costs”, Journal of Financial Research, 363-373
16. Smith C., and R. Watts, 1992, “The Investment Opportunity Set and Corporate Financing Dividend and Compensation Policies”, Jorunal of Financial Economics 32, 263-292.

Local Literature
1. Fang(方以唐), 2006, “Are Stock Dividends Disappearing? A Study of Dividend Policy in the Taiwan Stock Market”, Unpublished master’s thesis, National Dong Hwa University.
2. Chen (陳憲民), 2001, “ The Trend of Dividend Policy and Corporate Characteristics of the Listed Firms in Taiwan”, Unpublished master’s thesis, Ming Chuan University.
3. Chien(簡名志), 2004, “Using company dividend policy to predict future earnings and growth opportunities”, Unpublished master’s thesis, National Sun Yat-sen University.
4. Hsu(許逸驥), 2007, “Corporate Governance and Dividend Policy -Long Term Evidence from Taiwan” ,Unpublished master’s thesis, Fu Jen Catholic University.
5. Chiang (江衍陞), 2001, “兩稅合一對我國資訊電子業上市上櫃公司股利政策影響之實證研究”, Unpublished master’s thesis, National Central University.
6. Wu(吳宗輔) 2006, “台灣上市公司股權結構、董事會組成特性對公司經營績效及股利政策影響之研究” Unpublished master’s thesis, National Chung Cheng University.
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