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系統識別號 U0026-2101201510472900
論文名稱(中文) 資本公積發放現金股利動機與市場反應之研究
論文名稱(英文) Research on Motivation and Market Reaction for Capital Surplus Cash Dividend
校院名稱 成功大學
系所名稱(中) 會計學系
系所名稱(英) Department of Accountancy
學年度 103
學期 1
出版年 104
研究生(中文) 劉彥余
研究生(英文) Yen-Yu Liu
學號 r18941011
學位類別 博士
語文別 中文
論文頁數 88頁
口試委員 指導教授-吳清在
口試委員-蔡柳卿
口試委員-李淑華
口試委員-楊朝旭
口試委員-楊曉瑩
口試委員-黃華瑋
中文關鍵字 資本公積  現金股利  公司法第241條 
英文關鍵字 APIC  Cash Dividends  Article 241 of the Company Act 
學科別分類
中文摘要 現金股利除了透過保留盈餘發放外,公司法於2012年1月4日修訂後,新增資本公積發放現金股利的管道。然而,資本公積本質與保留盈餘不同,公司在宣告資本公積發放現金股利時,市場反應是否會異於保留盈餘發放的現金股利。此外,在公司法與公司章程未明訂現金股利來源的先後次序下,有哪因素會增加公司以資本公積取代保留盈餘發放現金股利,本文將分別針對公司的財務狀況與稅賦制度二方面進行探討。本研究發現,資本公積發放現金股利之宣告,市場存在正向的異常報酬,但是會低於保留盈餘發放現金股利之正向異常報酬。此外,當公司的可分配資本公積愈高、當年度盈餘出現虧損、現金股利維持壓力愈高、可扣抵稅額愈低時,公司在選擇現金股利來源的政策上,愈會提高資本公積的比重,降低保留盈餘的比率。
英文摘要 In addition to paying cash dividends in the form of retained earnings, as the Company Act was emended on 4 January 2012, the additional paid-in capital (APIC) has becoming an added manner. However, the nature of the APIC is varied from the retained earnings. The market reaction is of interest when companies announce to share cash dividends by APIC over the retained earnings. Additionally, given the undefined priority of the sources of cash dividends under the Company Act and the articles of incorporation, factors to incentive companies giving the APIC instead of the retain earnings will be discussed in this research based on the company financial status and the tax system. The result suggests that the market responds with positive abnormal returns to declaration of giving cash dividends in the form of APIC, which is still lower than in the form of retained earnings. Besides, companies tend to increase the portion of the APIC, thus lowering the portion of the retained earnings, on decision of dividend policy given the following situations: the unappropriated APIC increases, the company is suffering losses, the pressure of reserving cash dividends is high, or the amount of the imputation credit drops.
論文目次 前言 1
第一部份 資本公積發放現金股利市場反應之研究 3
第一節 研究背景與動機 3
第二節 文獻探討 4
第三節 研究方法 12
第四節 實證結果 21
第五節 結論 43
參考文獻 45

第二部份 資本公積發放現金動機之研究 48
第一節 研究背景與動機 48
第二節 文獻探討 49
第三節 研究方法 57
第四節 實證結果 68
第五節 其他測試 82
第六節 結論 84
參考文獻 86
參考文獻 第一部份參考文獻
中文部分
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西文部份
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第二部份參考文獻
中文部分
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(2),257-277。
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西文部份
Baker, M., & Wurgler, J. (2004). A catering theory of dividends. The Journal of Finance, 59(3), 1125-1165.
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