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題名 上市公司投資、舉債與股利政策互動關係之研究
The Interactions between Investment, Debt, and Dividend Policies
作者 羅會芬
Lo, Hui Fen
貢獻者 陳隆麒<br>謝劍平
Cheng, Lung Chi<br>Shieh, Joseph
羅會芬
Lo, Hui Fen
關鍵詞 投資
舉債
股利
互動關係
Investment
Debt
Dividend
Interaction
日期 1994
1993
上傳時間 29-Apr-2016 15:14:58 (UTC+8)
摘要 本研究以Miller與Modigliani(1958, 1961)的資本結構無關論與股利無關
參考文獻 石齊平、郭照榮，當代計量經濟學，台北，民國七十四年。
成嘉玲、魏江霖、秦瑞生合譯，A. Koutsoyiannis原著，計量經濟理論，台北：幼獅文化事業公司，民國七十七年。
何瑞坤，計量經濟學之原理及其應用，台北：聯經出版事業公司，民國六十五年。
吳文彬，「最是財務結構與資金成本關係之探討--以台灣上市公司為立」，淡江大學管理科學研究所碩士論文，民國七十七年六月。
吳國山，「臺灣地淤股票上市公司資本結構及其決定因素之研究」，中山大學企業管理研究所碩士論文，民國七十六年六月。
林建榮，「我國上市公司投資、股利與舉債政策互動關係之實証」，中醫大學財務管理研究所碩士論文，民國八十年六月。
陳志光，「財務決策系統中投資與融資決策交互影響之系統動態研究」，中山大學企業管理研究所碩士論文，民國七十七年六月。
陳慶隆，「股利、投資及融資決策之關係－我國上市公司之實証研究」，台灣大學商學研究所碩士論文，民國七十八年六月。
葉銀華，「國內上市公司代理問題之理論與實證研究」，台灣大學商學研究所博論文，民國八十二年六月。
劉宗銘，「財務結構對資金成本影響之研究」，中山大學企業管理研究所碩士論文，民國七十一年六月。
蘇秋靜，「資金成本與財務結構之研究」，交通大學管理科學研究所碩士論文，民國七十四年六月。


1. Anderson, G.J. , “The Internal Financing Decision of the Industrial and Commercial Sector: A Reappraisal of the Lintner Model of Dividend Disbursemens,” Economica, Aug 1983, pp235-248.
2. Andrew, K. R. The Concept of Corporate Strategy. Homewood, 1980, IL:Irwin.
3. Ang, James S., Jess H. Chua, and Jogn J. McConnell, “The Administrative Costs of Corporate Bankruptcy : A Note, “ Journal of Finance. Mar 1982, pp219-226.
4. Baker, H.kent, Gail E.Farrellly , and Richard B.Edelman., “A Survey of Management Views on Dividend Policy,” Financial Management , Aut 1985, pp78-84.
5. Barnea, Amir, Robert A.Haugen, and Lemma W.Senbet., “An Equilbrium Analysis of Debt Financing under Costly Tax Arbitrage and Agency Problems,” Journal of Finance, pp569-582.
6. Donaldson, G., “Corporate Debt Policy and the Determination of Corporate Debt Capacity,” 1961 Boston:Harvard University, Graduate School of Business, Division of Research.
7. Dhrymes, P. J. and M. Kurz, “Investment, Dividend and External Finance Behavior of Firms,” in Robert Ferber, ed, 1967. Determinants of Investment Behavior, New York: National Bureau Economic Research.
8. Fama, E. F., “the Empirical Relationships between the dividend and Investment Decisions of Firms,” American Economic Review 64, 1974, pp304-318
9. Higgins, R. C.,” the Corporate Dividend-Saving Decision,” Journal of Financial and Quantitative Analysis, July 1972, pp1527-1541.
10. Ho, K. S., “An Empirical Analysis of a Causality Relationship between Corporate Investment and Financing Decisions,” Research in Finance, Jun 1986, pp179-196.
11. Jemison, D. B., “The Contribution of Administrative Behavior to Stategic Management,” Academy of Management Review, Jun 1981, pp633-642.
12. Johar, R. S., “Corporate Investment and Financial Behavior in India,” the Indian Journal of Economics, 1973, pp203-225.
13. Lintner, J, “Distribution of Incomes of Corporations among Dividends, Retained Earing and Taxes, “American Economic Review, 1956, pp97-113.
14. McCabe, G. M., “the Empirical Relationship between Investment and Financing: A New Look,” Journal of Financial and Quantitative Analysis 14, 1979, pp119-135.
15. McDonald, J. G., B.Jacquillat, and M. Nussenbaum , “Dividend, Investment and Financing Decision: Empirical Evidence on French Firms,” Journal of Financiel and Quantitative Analysis 10, 1975, pp741-755.
16. Miller, M. H. and F. Modigliani, “Dividend Policy, Growth, And the Value of Shares,” Journal of Business 34, 1961, pp411-433.
17. Modigliani, F., and M. H. Miller, “the Cost of Capital, Corporate Finance, and the Theory of Investment, “American Economic Review 48, 1958, pp261-297.
18. Morgan, I., and J. Saint-Pierre, “Dividend and Investment Decisions of Canadian Firms, “Canadian Journal of Economics 1l, 1978, pp20-37
19. Mueller, D. C., “the Firm Decision Process: An Econometric Investment Investigation,” Quarterly Journal of Economics 81, 1967, pp58-87.
20. Myers, S. C., “Interaction of Corporate Financing and Investment Decision Implication for Capital Budgeting, “Journal of Finance, March 1974, pp1-25.

20.Prtingtion, G.H., “Dividend Policy and Its Relationship to Investment and Financing Policies: Empirical Evidence,” Journal fo Business Finance and Accounting 12, 1985, pp531-542.

21. Peterson P. P. and G. A. Benesh, “A Reexamination of the Empirical Relationship between Investment and Financing Decision,” Journal of Financial and Quantitativ Analysis 18, 1983, pp439-453.
22. Pruitt, W. Stephen, and Lawrene J. Gitman., “the Interactions between the Investment , Financing and Dividend Decisions of Major U.S. Firms,”The Financial Review, Aug 1991, pp409-430.
23. Smirlock M., and W. Marshall, “an Examination of the Empirical Relationship between the Dividend and Investment Decisions” A Note, “ Journal of Finance 38, 1983, pp1650-1667.
24. Yang, C. C., “a Reexamination of the Empirical Relationship among Firms: Investment, Dividend and Financing Decision,” 1989 Working Paper.
描述 碩士
國立政治大學
企業管理學系
81355021
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002003643
資料類型 thesis
dc.contributor.advisor 陳隆麒<br>謝劍平zh_TW
dc.contributor.advisor Cheng, Lung Chi<br>Shieh, Josephen_US
dc.contributor.author (Authors) 羅會芬zh_TW
dc.contributor.author (Authors) Lo, Hui Fenen_US
dc.creator (作者) 羅會芬zh_TW
dc.creator (作者) Lo, Hui Fenen_US
dc.date (日期) 1994en_US
dc.date (日期) 1993en_US
dc.date.accessioned 29-Apr-2016 15:14:58 (UTC+8)-
dc.date.available 29-Apr-2016 15:14:58 (UTC+8)-
dc.date.issued (上傳時間) 29-Apr-2016 15:14:58 (UTC+8)-
dc.identifier (Other Identifiers) B2002003643en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/88261-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理學系zh_TW
dc.description (描述) 81355021zh_TW
dc.description.abstract (摘要) 本研究以Miller與Modigliani(1958, 1961)的資本結構無關論與股利無關zh_TW
dc.description.tableofcontents 第壹章 諸論
第一節 研究動機與目的...................................................................................1
第二節 研究範圍與限制...................................................................................5
第三節 研究架構...............................................................................................6

第貳章 文獻探討
第一節 理論部分............................................................................................8
一、Myers互動理論...................................................................................8
二、Pargtington互動理論.........................................................................13
第二節 國內實證文獻...................................................................................15
第三節 國外實證文獻...................................................................................18

第參章 研究設計
第一節 研究假說...........................................................................................34
第二節 資料蒐集與樣本...............................................................................36
第三節 研究模式建立...................................................................................37
第四節 研究變數的操作型定義...................................................................42
一、與投資決策相關的變數.....................................................................43
二、與舉債決策相關的變數.....................................................................44
三、舉股利決策相關的變數.....................................................................45
第五節 問卷之設計與統計分析...................................................................46

第肆章 實證結果分析...........................................................................................49
第一節 聯立方程式模型分析.........................................................................50
一、投資方程式.........................................................................................54
二、舉債方程式.........................................................................................56
三、股利方程式.........................................................................................58
第二節 問卷分析.............................................................................................59
本章附註.............................................................................................................67

第伍章 結論與建議
第一節 結論....................................................................................................69
第二節 建議....................................................................................................71
一、對上市公司的建議............................................................................71
二、對後續研究的建議............................................................................71
參考書目
一、中文部份...................................................................................................73
二、英文部份...................................................................................................74
附錄一 問卷..........................................................................................................77
附錄二 TSP軟體程式...........................................................................................81
附錄三 樣本名單..................................................................................................82		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002003643en_US
dc.subject (關鍵詞) 投資zh_TW
dc.subject (關鍵詞) 舉債zh_TW
dc.subject (關鍵詞) 股利zh_TW
dc.subject (關鍵詞) 互動關係zh_TW
dc.subject (關鍵詞) Investmenten_US
dc.subject (關鍵詞) Debten_US
dc.subject (關鍵詞) Dividenden_US
dc.subject (關鍵詞) Interactionen_US
dc.title (題名) 上市公司投資、舉債與股利政策互動關係之研究zh_TW
dc.title (題名) The Interactions between Investment, Debt, and Dividend Policiesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 石齊平、郭照榮，當代計量經濟學，台北，民國七十四年。
成嘉玲、魏江霖、秦瑞生合譯，A. Koutsoyiannis原著，計量經濟理論，台北：幼獅文化事業公司，民國七十七年。
何瑞坤，計量經濟學之原理及其應用，台北：聯經出版事業公司，民國六十五年。
吳文彬，「最是財務結構與資金成本關係之探討--以台灣上市公司為立」，淡江大學管理科學研究所碩士論文，民國七十七年六月。
吳國山，「臺灣地淤股票上市公司資本結構及其決定因素之研究」，中山大學企業管理研究所碩士論文，民國七十六年六月。
林建榮，「我國上市公司投資、股利與舉債政策互動關係之實証」，中醫大學財務管理研究所碩士論文，民國八十年六月。
陳志光，「財務決策系統中投資與融資決策交互影響之系統動態研究」，中山大學企業管理研究所碩士論文，民國七十七年六月。
陳慶隆，「股利、投資及融資決策之關係－我國上市公司之實証研究」，台灣大學商學研究所碩士論文，民國七十八年六月。
葉銀華，「國內上市公司代理問題之理論與實證研究」，台灣大學商學研究所博論文，民國八十二年六月。
劉宗銘，「財務結構對資金成本影響之研究」，中山大學企業管理研究所碩士論文，民國七十一年六月。
蘇秋靜，「資金成本與財務結構之研究」，交通大學管理科學研究所碩士論文，民國七十四年六月。


1. Anderson, G.J. , “The Internal Financing Decision of the Industrial and Commercial Sector: A Reappraisal of the Lintner Model of Dividend Disbursemens,” Economica, Aug 1983, pp235-248.
2. Andrew, K. R. The Concept of Corporate Strategy. Homewood, 1980, IL:Irwin.
3. Ang, James S., Jess H. Chua, and Jogn J. McConnell, “The Administrative Costs of Corporate Bankruptcy : A Note, “ Journal of Finance. Mar 1982, pp219-226.
4. Baker, H.kent, Gail E.Farrellly , and Richard B.Edelman., “A Survey of Management Views on Dividend Policy,” Financial Management , Aut 1985, pp78-84.
5. Barnea, Amir, Robert A.Haugen, and Lemma W.Senbet., “An Equilbrium Analysis of Debt Financing under Costly Tax Arbitrage and Agency Problems,” Journal of Finance, pp569-582.
6. Donaldson, G., “Corporate Debt Policy and the Determination of Corporate Debt Capacity,” 1961 Boston:Harvard University, Graduate School of Business, Division of Research.
7. Dhrymes, P. J. and M. Kurz, “Investment, Dividend and External Finance Behavior of Firms,” in Robert Ferber, ed, 1967. Determinants of Investment Behavior, New York: National Bureau Economic Research.
8. Fama, E. F., “the Empirical Relationships between the dividend and Investment Decisions of Firms,” American Economic Review 64, 1974, pp304-318
9. Higgins, R. C.,” the Corporate Dividend-Saving Decision,” Journal of Financial and Quantitative Analysis, July 1972, pp1527-1541.
10. Ho, K. S., “An Empirical Analysis of a Causality Relationship between Corporate Investment and Financing Decisions,” Research in Finance, Jun 1986, pp179-196.
11. Jemison, D. B., “The Contribution of Administrative Behavior to Stategic Management,” Academy of Management Review, Jun 1981, pp633-642.
12. Johar, R. S., “Corporate Investment and Financial Behavior in India,” the Indian Journal of Economics, 1973, pp203-225.
13. Lintner, J, “Distribution of Incomes of Corporations among Dividends, Retained Earing and Taxes, “American Economic Review, 1956, pp97-113.
14. McCabe, G. M., “the Empirical Relationship between Investment and Financing: A New Look,” Journal of Financial and Quantitative Analysis 14, 1979, pp119-135.
15. McDonald, J. G., B.Jacquillat, and M. Nussenbaum , “Dividend, Investment and Financing Decision: Empirical Evidence on French Firms,” Journal of Financiel and Quantitative Analysis 10, 1975, pp741-755.
16. Miller, M. H. and F. Modigliani, “Dividend Policy, Growth, And the Value of Shares,” Journal of Business 34, 1961, pp411-433.
17. Modigliani, F., and M. H. Miller, “the Cost of Capital, Corporate Finance, and the Theory of Investment, “American Economic Review 48, 1958, pp261-297.
18. Morgan, I., and J. Saint-Pierre, “Dividend and Investment Decisions of Canadian Firms, “Canadian Journal of Economics 1l, 1978, pp20-37
19. Mueller, D. C., “the Firm Decision Process: An Econometric Investment Investigation,” Quarterly Journal of Economics 81, 1967, pp58-87.
20. Myers, S. C., “Interaction of Corporate Financing and Investment Decision Implication for Capital Budgeting, “Journal of Finance, March 1974, pp1-25.

20.Prtingtion, G.H., “Dividend Policy and Its Relationship to Investment and Financing Policies: Empirical Evidence,” Journal fo Business Finance and Accounting 12, 1985, pp531-542.

21. Peterson P. P. and G. A. Benesh, “A Reexamination of the Empirical Relationship between Investment and Financing Decision,” Journal of Financial and Quantitativ Analysis 18, 1983, pp439-453.
22. Pruitt, W. Stephen, and Lawrene J. Gitman., “the Interactions between the Investment , Financing and Dividend Decisions of Major U.S. Firms,”The Financial Review, Aug 1991, pp409-430.
23. Smirlock M., and W. Marshall, “an Examination of the Empirical Relationship between the Dividend and Investment Decisions” A Note, “ Journal of Finance 38, 1983, pp1650-1667.
24. Yang, C. C., “a Reexamination of the Empirical Relationship among Firms: Investment, Dividend and Financing Decision,” 1989 Working Paper.		zh_TW