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題名 公司成長性對公司股利政策影響之研究
The Effect of Corporate Growth on Corporate Payout Policy作者 吳耿維
Wu, Geng Wei貢獻者 陳鴻毅
Chen, Hong Yi
吳耿維
Wu, Geng Wei關鍵詞 股利政策
公司成長性
訊號效果
payout policy
corporate growth
signaling effect日期 2016 上傳時間 20-Jul-2016 17:12:08 (UTC+8) 摘要 本研究利用1970年至2014年之美國公司為樣本探討公司之成長性是否會影響公司之股利政策。實證結果與股利訊號理論相符，公司會利用現金股利之發放降低公司與外部投資者間的資訊不對稱，以達到較低的股東權益成本。然而，當面對較高不確定性時，高成長公司之股東權益成本較高，因此較不會發放股利。本研究亦發現發放股利之高成長公司相較發放股利之低成長公司於未來有較好的營運績效，代表高成長公司發放股利有較好的訊號理論效果。而市場能夠有效率地反應較好的訊號理論於公司股價上。
The main purpose of this study is to investigate how the corporate growth affects the corporate payout policy. Using U.S. firms during 1970 to 2014 as the sample, we demonstrate that, consistent with signaling hypothesis, firms tend to pay dividends to reduce the information asymmetry, and therefore the cost of equity will be lower. However, considering the higher cost of equity, high growth firms will not pay dividends if they face higher uncertainty. We also find a better future operating performance for high growth firms paying dividends, indicating a good signaling occurs when high growth firms pay dividends. The market is efficient enough to give a price appreciation for those good signaling firms.參考文獻 [1] Agrawal, A., N. Jayaraman, 1994. The dividend policies of all-equity firms: A direct test of the free cash flow theory. Managerial & Decision Economics 15, 139-148.[2] Aharony, J., I. Swary, 1980. Quarterly dividend and earnings announcements and stockholders’ returns: An empirical analysis. Journal of Finance 35, 1-12.[3] Allen, F., A. E. Bernardo, and I. Welch. A theory of dividends based on tax clienteles. Journal of Finance 55, 2499-2536.[4] Benartzi, S., R. Michaely, and R. Thaler. 1997. Do changes in dividends signal the future or the past? Journal of Finance 52, 1007-1034.[5] Bhattacharya, S., 1979. Imperfect information, dividend policy, and “the bird in the hand” fallacy. Bell Journal of Economics 10, 259-270.[6] Blau, B. M., K. P. Fuller, 2008. Flexibility and dividends. Journal of Corporate Finance 14, 133-152.[7] Brav, A., J. R. Graham, and C. R. Harvey, 2005. Payout policy in the 21st century. Journal of Financial Economics 77, 483-527.[8] Brenner, M., 1979. The sensitivity of the efficient market hypothesis to alternative specifications of the market model. Journal of Finance 34, 915-929.[9] Charest, G., 1978. Dividend information, stock returns and market efficiency-II. Journal of Financial Economics 6, 297-330.[10] DeAngelo, H., L. DeAngelo, 2006. The irrelevance of the MM dividend irrelevance theorem. Journal of Financial Economics 79, 293-315.[11] Eades, K. M., P. J. Hess, E. H. Kim, 1985. Market rationality and dividend announcements. Journal of Financial Economics 14, 581-604.[12] Easterbrook, F. H., 1984. Two agency-cost explanations of dividends. American Economic Review 74, 650-659.[13] Gonedes, N. J., 1978. Corporate signaling, external accounting, and capital market equilibrium: Evidence on dividends, income, and extraordinary items. Journal of Accounting Research 16, 26-79.[14] Higgins. R. C., 1972. Dividend policy and increasing discount rates: A clarification. Journal of Financial and Quantitative Analysis 7, 1757-1762.[15] Jensen, M. C., 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76, 323-329.[16] John, K., J. Williams, 1985. Dividends, dilution, and taxes: A signaling equilibrium. Journal of Finance 40, 1053-1070.[17] Kalay, A., U. Loewenstein, 1985. Predictable events and excess returns: The case of dividend announcements. Journal of Financial Economics 14, 423-449.[18] Laub, P. M., 1976. On the information content of dividends. Journal of Business 49, 73-80.[19] Lee, C. F., M. C. Gupta, H. Y. Chen, and A. C. Lee., 2011. Optimal payout ratio under uncertainty and the flexibility hypothesis: Theory and Empirical Evidence. Journal of Corporate Finance 17, 483-501.[20] Lintner, J., 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review 46, 97-113.[21] McCabe, G. M., 1979. The empirical relationship between investment and financing: A new look. Journal of Financial and Quantitative Analysis 14, 119-135.[22] Miller, M. H., F. Modigliani, 1961. Dividend policy, growth, and the valuation of shares. Journal of Business 34, 411-433.[23] Miller, M. H., K. Rock, 1985. Dividend policy under asymmetric information. Journal of Finance 4, 1031-1051.[24] Nissim, D., A. Ziv, 2001. Dividend changes and future profitability. Journal of Finance 56, 2111-2133.[25] Penman, S. H., 1983. The predictive content of earnings forecasts and dividends. Journal of Finance 38, 1181-1199.[26] Pettit, R. R., 1972. Dividend announcements, security performance, and capital market efficiency. Journal of finance 27, 993-1007.[27] Pettit, R. R., 1976. The impact of dividend and earnings announcement: A reconciliation. Journal of Business 49, 86-96.[28] Rozeff, M. S., 1982. Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research 3, 249-259.[29] Wang, C. C., Y. S., Chang, K. H., Lin, 2012. Audit quality and information asymmetry. Taiwan Accounting Reviews 8, 89-140.[30] Watts, R., 1973. The information content of dividends. Journal of Business 46, 191-211. 描述 碩士
國立政治大學
財務管理研究所
103357009資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103357009 資料類型 thesis dc.contributor.advisor 陳鴻毅 zh_TW dc.contributor.advisor Chen, Hong Yi en_US dc.contributor.author (Authors) 吳耿維 zh_TW dc.contributor.author (Authors) Wu, Geng Wei en_US dc.creator (作者) 吳耿維 zh_TW dc.creator (作者) Wu, Geng Wei en_US dc.date (日期) 2016 en_US dc.date.accessioned 20-Jul-2016 17:12:08 (UTC+8) - dc.date.available 20-Jul-2016 17:12:08 (UTC+8) - dc.date.issued (上傳時間) 20-Jul-2016 17:12:08 (UTC+8) - dc.identifier (Other Identifiers) G0103357009 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99325 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理研究所 zh_TW dc.description (描述) 103357009 zh_TW dc.description.abstract (摘要) 本研究利用1970年至2014年之美國公司為樣本探討公司之成長性是否會影響公司之股利政策。實證結果與股利訊號理論相符，公司會利用現金股利之發放降低公司與外部投資者間的資訊不對稱，以達到較低的股東權益成本。然而，當面對較高不確定性時，高成長公司之股東權益成本較高，因此較不會發放股利。本研究亦發現發放股利之高成長公司相較發放股利之低成長公司於未來有較好的營運績效，代表高成長公司發放股利有較好的訊號理論效果。而市場能夠有效率地反應較好的訊號理論於公司股價上。 zh_TW dc.description.abstract (摘要) The main purpose of this study is to investigate how the corporate growth affects the corporate payout policy. Using U.S. firms during 1970 to 2014 as the sample, we demonstrate that, consistent with signaling hypothesis, firms tend to pay dividends to reduce the information asymmetry, and therefore the cost of equity will be lower. However, considering the higher cost of equity, high growth firms will not pay dividends if they face higher uncertainty. We also find a better future operating performance for high growth firms paying dividends, indicating a good signaling occurs when high growth firms pay dividends. The market is efficient enough to give a price appreciation for those good signaling firms. en_US dc.description.tableofcontents List of Tables IV1. Introduction 12. Literature Reviews 42.1 Signaling Hypothesis 42.2 Free Cash Flow Hypothesis and Flexibility Hypothesis 52.3 Dividend Announcement Effect 73. Proposition and Hypothesis Development 93.1 Proposition Development 93.2 Hypothesis Development 104. Empirical Model and Data 154.1 The Sample and Statistics 154.2 Empirical Model 164.3 Event Study of Dividends Announcement 225. Empirical Results and Discussion 255.1 Effect of Payout Decision on the Degree of Information Asymmetry for Different Corporate Growth 255.2 Effect of Payout Decision on the Degree of Risk for Different Corporate Growth 275.3 Effect of Dividends on Future Profitability for Different Corporate Growth 285.4 Effect of Increasing Dividends Announcement on Different Corporate Growth 305.5 Discussion of Dividend Decision for High Growth Firm 316. Conclusion 336.1 Summary of this Study 336.2 Future Research 34 zh_TW dc.format.extent 1003215 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103357009 en_US dc.subject (關鍵詞) 股利政策 zh_TW dc.subject (關鍵詞) 公司成長性 zh_TW dc.subject (關鍵詞) 訊號效果 zh_TW dc.subject (關鍵詞) payout policy en_US dc.subject (關鍵詞) corporate growth en_US dc.subject (關鍵詞) signaling effect en_US dc.title (題名) 公司成長性對公司股利政策影響之研究 zh_TW dc.title (題名) The Effect of Corporate Growth on Corporate Payout Policy en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) [1] Agrawal, A., N. Jayaraman, 1994. The dividend policies of all-equity firms: A direct test of the free cash flow theory. Managerial & Decision Economics 15, 139-148.[2] Aharony, J., I. Swary, 1980. Quarterly dividend and earnings announcements and stockholders’ returns: An empirical analysis. Journal of Finance 35, 1-12.[3] Allen, F., A. E. Bernardo, and I. Welch. A theory of dividends based on tax clienteles. Journal of Finance 55, 2499-2536.[4] Benartzi, S., R. Michaely, and R. Thaler. 1997. Do changes in dividends signal the future or the past? Journal of Finance 52, 1007-1034.[5] Bhattacharya, S., 1979. Imperfect information, dividend policy, and “the bird in the hand” fallacy. Bell Journal of Economics 10, 259-270.[6] Blau, B. M., K. P. Fuller, 2008. Flexibility and dividends. Journal of Corporate Finance 14, 133-152.[7] Brav, A., J. R. Graham, and C. R. Harvey, 2005. Payout policy in the 21st century. Journal of Financial Economics 77, 483-527.[8] Brenner, M., 1979. The sensitivity of the efficient market hypothesis to alternative specifications of the market model. Journal of Finance 34, 915-929.[9] Charest, G., 1978. Dividend information, stock returns and market efficiency-II. Journal of Financial Economics 6, 297-330.[10] DeAngelo, H., L. DeAngelo, 2006. The irrelevance of the MM dividend irrelevance theorem. Journal of Financial Economics 79, 293-315.[11] Eades, K. M., P. J. Hess, E. H. Kim, 1985. Market rationality and dividend announcements. Journal of Financial Economics 14, 581-604.[12] Easterbrook, F. H., 1984. Two agency-cost explanations of dividends. American Economic Review 74, 650-659.[13] Gonedes, N. J., 1978. Corporate signaling, external accounting, and capital market equilibrium: Evidence on dividends, income, and extraordinary items. Journal of Accounting Research 16, 26-79.[14] Higgins. R. C., 1972. Dividend policy and increasing discount rates: A clarification. Journal of Financial and Quantitative Analysis 7, 1757-1762.[15] Jensen, M. C., 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76, 323-329.[16] John, K., J. Williams, 1985. Dividends, dilution, and taxes: A signaling equilibrium. Journal of Finance 40, 1053-1070.[17] Kalay, A., U. Loewenstein, 1985. Predictable events and excess returns: The case of dividend announcements. Journal of Financial Economics 14, 423-449.[18] Laub, P. M., 1976. On the information content of dividends. Journal of Business 49, 73-80.[19] Lee, C. F., M. C. Gupta, H. Y. Chen, and A. C. Lee., 2011. Optimal payout ratio under uncertainty and the flexibility hypothesis: Theory and Empirical Evidence. Journal of Corporate Finance 17, 483-501.[20] Lintner, J., 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review 46, 97-113.[21] McCabe, G. M., 1979. The empirical relationship between investment and financing: A new look. Journal of Financial and Quantitative Analysis 14, 119-135.[22] Miller, M. H., F. Modigliani, 1961. Dividend policy, growth, and the valuation of shares. Journal of Business 34, 411-433.[23] Miller, M. H., K. Rock, 1985. Dividend policy under asymmetric information. Journal of Finance 4, 1031-1051.[24] Nissim, D., A. Ziv, 2001. Dividend changes and future profitability. Journal of Finance 56, 2111-2133.[25] Penman, S. H., 1983. The predictive content of earnings forecasts and dividends. Journal of Finance 38, 1181-1199.[26] Pettit, R. R., 1972. Dividend announcements, security performance, and capital market efficiency. Journal of finance 27, 993-1007.[27] Pettit, R. R., 1976. The impact of dividend and earnings announcement: A reconciliation. Journal of Business 49, 86-96.[28] Rozeff, M. S., 1982. Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research 3, 249-259.[29] Wang, C. C., Y. S., Chang, K. H., Lin, 2012. Audit quality and information asymmetry. Taiwan Accounting Reviews 8, 89-140.[30] Watts, R., 1973. The information content of dividends. Journal of Business 46, 191-211. zh_TW
