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題名 聚陽實業股利政策個案研究
作者 方蘭心
貢獻者 李志宏
方蘭心
關鍵詞 聚陽
股利政策
日期 2007
上傳時間 6-May-2016 16:36:45 (UTC+8)
摘要 台灣成衣產業在1990年以後，面臨生產成本上升和紡織配額解除的兩大衝擊，但部分成衣業者依然維持高現金股利政策。經由訪問聚陽的財務部人員，和分析聚陽的財務資料，發現聚陽制定股利政策符合訊號發射理論和剩餘理論。以紡織產業和傳統產業為樣本建立的股利預測模型當中，則發現聚陽實際發放的現金股利較模型預測高。但因為帳上龐大的現金部位，和過去實施高股利政策等因素的影響，降低現金股利的可行性有待進一步研究。
參考文獻 中文部分
公開資訊觀測站，http://newmops.tse.com.tw/。
中央銀行網站，http://www.cbc.gov.tw/。
王士和（2004）。台灣上市公司股利政策特性與其影響因素之探討。國立中正大學企業管理研究所碩士論文。
台灣經濟新報資料庫，1997-2006。
呂執中（2005）。成衣紡織業e化全球運籌管理個案－聚陽實業公司。載於林則孟、陳鴻基（主編），製商整合e化個案集第二冊（頁39-74）。新竹市：製商整合科技人才培育先導計畫辦公室。
林正智（2004，6月19日）。取消配額，成衣廠走向大者恆大。自由時報電子新聞網。2007年6月15日，取自http://www.libertytimes.com.tw/。
林博政（1998）。台灣上市公司股利發放模式之實證研究。東海大學管理研究所碩士論文。
周啟東（2002）。年終獎金十三個月的成衣公司。商業周刊，786。
洪明宏（2002）。現金股利發放之相關研究-測試自由現金流量假說於台灣之適用性。國立中正大學財務金融研究所碩士論文。
國際貿易局經貿資訊網，http://cweb.trade.gov.tw/。
陳淑瑩（2004）。成衣型成衣公司垂直整合或水平擴張之硏究：以聚陽公司為例。銘傳大學高階管理研究所碩士論文。
黃心薇（2004）。供應鏈、價值鏈管理下之經營模式之研究---以聚陽、利豐為例。國立中山大學企業管理系研究所碩士論文。
黃琬娟（1995）。現金股利變動宣告和股價關聯性之研究。國立中央大學企業管理學系研究所碩士論文。
葉文郁（1995）。上市公司股利發放模式及現金股利顧客效果之研究。國立政治大學企業管理學系研究所碩士論文。
楊世芬（2000）。台灣上市公司現金股利宣告效果之實證研究。論文發表於中華民國管理科學學會主辦之「全國管理碩士論文獎暨研討會」，台北。
聚陽實業官方網站，http://www.makalot.com.tw/。
黎明淵、林俞廷（2004，12月）。股利政策決定因素再探討。第八屆財金理論與實務研討會，台中。
劉巧蘭（2007）。全球成衣商品鏈發展與台灣成衣業之回應。國立中山大學政治學研究所碩士論文。
謝銘智（1998）。股利政策與公司特性之關連性。國立政治大學會計研究所碩士論文。
謝麗雪（2006）。後配額時代台灣紡織業因應之道。2007年6月15日，取自http://www.itis.org.tw/。
英文部分
Agrawal, A., & Jayaraman, N. (1994). The dividend policies of all-equity firms: A direct test of the free cash flow theory. Managerial and Decision Economics, 15(2), 139-148.
Aharony, J., & Swary, I. (1980). Quarterly dividend and earnings announcements and stockholders’ returns: an empirical analysis. The Journal of Finance, 35(1), 1-12.
Alli, K. L., Khan, Q., & Ramirez, G. G. (1993). Determinants of corporate dividend policy: a factorial analysis. The Financial Review, 28(4), 523-547.
Ambarish, R., John, K., & Williams, J. (1987). Efficient signalling with dividends and investments. The Journal of Finance, 42(2), 321-343.
Baker, K. H., & Powell, G. E. (2000). Determinants of corporate dividend policy: a survey of NYSE firms. Financial Practice and Education, 10(1), 29-40.
Baker, K. H., Veit, E. T., & Powell, G. E. (2001). Factors influencing dividend policy decisions of Nasdaq firms. The Financial Review, 36(3), 19-38.
Bernheim, B. D., & Wantz, A. (1995). A tax-based test of the dividend signaling hypothesis. The American Economic Review, 85(3), 532-551.
Bhattacharyya, S. (1979). Imperfect information, dividend policy, and ‘the bird in the hand’ fallacy. The Bell Journal of Economics, 10(1), 259-270.
Black, F. & Scholes, M. (1974). The effects of dividend yield and dividend policy on common stock prices and returns. Journal of Financial Economics, 1(1), 1-22.
Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483-527.
Chaplinsky, S., & Seyhun, H. N. (1990). Dividends and taxes: evidence on tax-reduction strategies. The Journal of Business, 63(2), 239-260.
Chen, N. F., Grundy, B. & Stambaugh, R. F. (1990). Changing risk, changing risk-premiums, and dividend yield effects. The Journal of Business, 63(1), S51-S70.
Christie, W. G. (1994). Are dividend omissions truly the cruelest cut of all? The Journal of Financial and Quantitative Analysis, 29(3), 459-480.
Collins, M. C., Saxena, A. K., & Wansley, J. W. (1996). The role of insiders and dividend policy: a comparison of regulated and unregulated firms. Journal of Financial and Strategic Decisions, 9(2), 1-9.
Denis, D. J., Denis, D. K., & Sarin, A. (1994). The information content of dividend changes: cash flow signaling, overinvestment, and dividend clienteles. The Journal of Financial and Quantitative Analysis, 29(4), 567-587.
Dhillon, U. S., & Johnson, H. (1994). The effect of dividend changes on stock and bond prices. The Journal of Finance, 49(1), 281-289.
Downes, D. H. & Heinkel, R. (1982). Signaling and the valuation of unseasoned new issues. The Journal of Finance, 37(1), 1-10.
D`Souza, J., & Saxena, A. K. (1999). Agency cost, market risk, investment opportunities and dividend policy - an international perspective. Managerial Finance, 25(6), 35-43.
Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.
Fluck, Z. (1998). Optimal financial contracting: debt versus outside equity. The Review of Financial Studies, 11(2), 383-418.
Fluck, Z. (1999). The dynamics of the management-shareholder conflict. The Review of Financial Studies, 12(2), 379-404.
Hart, O., & Moore, J. (1994). A theory of debt based on inalienability of human capital. The Quarterly Journal of Economics, 109(4), 841-879.
Higgins, R. C. (1972). The corporate dividend-saving decision. The Journal of Financial and Quantitative Analysis, 7(2), 1527-1541.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
John, K., & Williams, J. (1985). Dividends, dilution and taxes: a signaling equilibrium. The Journal of Finance, 40(4), 1053-1070.
Kalay, A. (1982). Stockholder-bondholder conflict and dividend constraints. Journal of Financial Economics, 10(2), 211-233.
Kao, C., & Wu, C. (1994). Tests of dividend signaling using the Marsh-Merton model: a generalized friction approach. The Journal of Business, 67(1), 45-68.
Khorana, A., & Servaes, H. (1999). The determinants of mutual fund starts. The Review of Financial Studies, 12(5), 1043-1074.
Lang, L. H. P. & Litzenberger, R. H. (1989). Dividend announcements – cash flow signalling vs. cash flow hypothesis. Journal of Financial Economics, 24(1), 181-191.
Lakonishok, J. & Vermaelen, T. (1986). Tax-induced trading around ex-dividend days. Journal of Financial Economics, 16(3), 287-319.
Lee, Y., Liu, Y., Roll R. & Subrahmanyam, A. (2006). Taxes and dividend clientele: evidence from trading and ownership structure. Journal of Banking & Finance, 30(1), 229-246.
Lewellen, W. G., Stanley, K. L., Lease, R. C., & Schlarbaum, G. G. (1978). Some direct evidence on the dividend clientele phenomenon. The Journal of Finance, 33(5), 1385-1399.
Litzenberger, R. H. & Ramaswamy, K. (1982). The effects of dividend on common stock prices – tax effects or information effects. The Journal of Finance, 37(2), 429-443.
Lloyd, W. P., Jahera, J. S. Jr., & Page, D. E. (1985). Agency Costs and Dividend Payout Ratios. Quarterly Journal of Business and Economics, 24(3), 19-29.
Long, M. S., Malitz, I. B., & Sefcik, S. E. (1994). An empirical examination of dividend policy following debt issues. The Journal of Financial and Quantitative Analysis, 29(1), 131-144.
MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35(1), 13-39.
Manuel, T. A., Brooks, L. D., and Schadler, F. P. (1993). Common stock price effects of security issues conditioned by current earnings and dividend announcements. The Journal of Business, 66(4), 571-593.
Michaely, R. (1991). Ex-dividend day stock price behavior: the case of the 1986 tax reform act. The Journal of Finance, 46(3), 845-859.
Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business, 34(4), 411-433.
Miller, M. H., & Rock, K. (1985). Dividend policy under asymmetric information. The Journal of Finance, 40(4), 1031-1051.
Myers, S. (1998). Outside equity financing. NBER Working Paper No. 6561.
Naceur, S. B., Goaied, M., & Belanes, A. (2006). On the Determinants and Dynamics of Dividend Policy. International Review of Finance, 6(1-2), 1-23.
Penman, S. H. (1983). The predictive content of earnings forecasts and dividends. Journal of Finance, 38(4), 1181-1199.
Poterba, J. M. (1986). The market valuation of cash dividends – the citizens utilities case reconsidered. Journal of Financial Economics, 15(3), 395-405.
Rozeff, M. S. (1982). Growth, beta, and agency costs as determinants of dividend payout ratios. The Journal of Financial Research, 5(3), 249-259.
Sant, R. & Cowan, A. R. (1994). Do dividends signal earnings? the case of omitted dividends. Journal of Banking and Finance, 18(6), 1113-1133.
Shefrin, H. M., & Statman, M. (1984). Explaining investor preference for cash dividends. Journal of Financial Economics, 13(2), 253-282.
Shefrin, H. M., & Thaler, R. H. (1988). The behavioral life-cycle hypothesis. Economic Inquiry, 26(4), 609-643.
Yoon, P. S., & Starks, L. T. (1995). Signaling, investment opportunities, and dividend announcements. The Review of Financial Studies, 8(4), 995-1018.
Zwiebel, J. (1996). Dynamic capital structure under Managerial entrenchment. The American Economic Review, 86(5), 1197-1215.
描述 碩士
國立政治大學
財務管理研究所
94357011
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094357011
資料類型 thesis
dc.contributor.advisor 李志宏zh_TW
dc.contributor.author (Authors) 方蘭心zh_TW
dc.creator (作者) 方蘭心zh_TW
dc.date (日期) 2007en_US
dc.date.accessioned 6-May-2016 16:36:45 (UTC+8)-
dc.date.available 6-May-2016 16:36:45 (UTC+8)-
dc.date.issued (上傳時間) 6-May-2016 16:36:45 (UTC+8)-
dc.identifier (Other Identifiers) G0094357011en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/94424-
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) 94357011zh_TW
dc.description.abstract (摘要) 台灣成衣產業在1990年以後，面臨生產成本上升和紡織配額解除的兩大衝擊，但部分成衣業者依然維持高現金股利政策。經由訪問聚陽的財務部人員，和分析聚陽的財務資料，發現聚陽制定股利政策符合訊號發射理論和剩餘理論。以紡織產業和傳統產業為樣本建立的股利預測模型當中，則發現聚陽實際發放的現金股利較模型預測高。但因為帳上龐大的現金部位，和過去實施高股利政策等因素的影響，降低現金股利的可行性有待進一步研究。zh_TW
dc.description.tableofcontents 第一章 緒論.............................................2
第一節 研究動機與目的....................................2
第二節 研究流程.........................................4
第三節 論文架構.........................................4
第二章 文獻探討.........................................5
第一節 股利顧客效果（CLIENTELE EFFECT）..................5
第二節 訊號發射理論（SIGNALING THEORY）..................6
第三節 代理成本（AGENCY COST）...........................6
第四節 自由現金流量假說（FREE CASH FLOW HYPOTHESIS）......7
第五節 剩餘理論（RESIDUAL THEORY）.......................7
第六節 其他.............................................8
第三章 台灣的成衣產業....................................9
第一節 台灣成衣產業的發展歷史.............................9
第二節 台灣成衣產業的現況................................10
第四章 聚陽公司簡介.....................................14
第一節 聚陽發展沿革.....................................14
第二節 聚陽的股利政策...................................15
第五章 股利政策之理論與實務..............................20
第一節 股利理論與聚陽股利政策之異同.......................20
第二節 股利預測模型.....................................29
第六章 結論與建議.......................................34
參考文獻...............................................34
附錄..................................................34		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094357011en_US
dc.subject (關鍵詞) 聚陽zh_TW
dc.subject (關鍵詞) 股利政策zh_TW
dc.title (題名) 聚陽實業股利政策個案研究zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文部分
公開資訊觀測站，http://newmops.tse.com.tw/。
中央銀行網站，http://www.cbc.gov.tw/。
王士和（2004）。台灣上市公司股利政策特性與其影響因素之探討。國立中正大學企業管理研究所碩士論文。
台灣經濟新報資料庫，1997-2006。
呂執中（2005）。成衣紡織業e化全球運籌管理個案－聚陽實業公司。載於林則孟、陳鴻基（主編），製商整合e化個案集第二冊（頁39-74）。新竹市：製商整合科技人才培育先導計畫辦公室。
林正智（2004，6月19日）。取消配額，成衣廠走向大者恆大。自由時報電子新聞網。2007年6月15日，取自http://www.libertytimes.com.tw/。
林博政（1998）。台灣上市公司股利發放模式之實證研究。東海大學管理研究所碩士論文。
周啟東（2002）。年終獎金十三個月的成衣公司。商業周刊，786。
洪明宏（2002）。現金股利發放之相關研究-測試自由現金流量假說於台灣之適用性。國立中正大學財務金融研究所碩士論文。
國際貿易局經貿資訊網，http://cweb.trade.gov.tw/。
陳淑瑩（2004）。成衣型成衣公司垂直整合或水平擴張之硏究：以聚陽公司為例。銘傳大學高階管理研究所碩士論文。
黃心薇（2004）。供應鏈、價值鏈管理下之經營模式之研究---以聚陽、利豐為例。國立中山大學企業管理系研究所碩士論文。
黃琬娟（1995）。現金股利變動宣告和股價關聯性之研究。國立中央大學企業管理學系研究所碩士論文。
葉文郁（1995）。上市公司股利發放模式及現金股利顧客效果之研究。國立政治大學企業管理學系研究所碩士論文。
楊世芬（2000）。台灣上市公司現金股利宣告效果之實證研究。論文發表於中華民國管理科學學會主辦之「全國管理碩士論文獎暨研討會」，台北。
聚陽實業官方網站，http://www.makalot.com.tw/。
黎明淵、林俞廷（2004，12月）。股利政策決定因素再探討。第八屆財金理論與實務研討會，台中。
劉巧蘭（2007）。全球成衣商品鏈發展與台灣成衣業之回應。國立中山大學政治學研究所碩士論文。
謝銘智（1998）。股利政策與公司特性之關連性。國立政治大學會計研究所碩士論文。
謝麗雪（2006）。後配額時代台灣紡織業因應之道。2007年6月15日，取自http://www.itis.org.tw/。
英文部分
Agrawal, A., & Jayaraman, N. (1994). The dividend policies of all-equity firms: A direct test of the free cash flow theory. Managerial and Decision Economics, 15(2), 139-148.
Aharony, J., & Swary, I. (1980). Quarterly dividend and earnings announcements and stockholders’ returns: an empirical analysis. The Journal of Finance, 35(1), 1-12.
Alli, K. L., Khan, Q., & Ramirez, G. G. (1993). Determinants of corporate dividend policy: a factorial analysis. The Financial Review, 28(4), 523-547.
Ambarish, R., John, K., & Williams, J. (1987). Efficient signalling with dividends and investments. The Journal of Finance, 42(2), 321-343.
Baker, K. H., & Powell, G. E. (2000). Determinants of corporate dividend policy: a survey of NYSE firms. Financial Practice and Education, 10(1), 29-40.
Baker, K. H., Veit, E. T., & Powell, G. E. (2001). Factors influencing dividend policy decisions of Nasdaq firms. The Financial Review, 36(3), 19-38.
Bernheim, B. D., & Wantz, A. (1995). A tax-based test of the dividend signaling hypothesis. The American Economic Review, 85(3), 532-551.
Bhattacharyya, S. (1979). Imperfect information, dividend policy, and ‘the bird in the hand’ fallacy. The Bell Journal of Economics, 10(1), 259-270.
Black, F. & Scholes, M. (1974). The effects of dividend yield and dividend policy on common stock prices and returns. Journal of Financial Economics, 1(1), 1-22.
Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483-527.
Chaplinsky, S., & Seyhun, H. N. (1990). Dividends and taxes: evidence on tax-reduction strategies. The Journal of Business, 63(2), 239-260.
Chen, N. F., Grundy, B. & Stambaugh, R. F. (1990). Changing risk, changing risk-premiums, and dividend yield effects. The Journal of Business, 63(1), S51-S70.
Christie, W. G. (1994). Are dividend omissions truly the cruelest cut of all? The Journal of Financial and Quantitative Analysis, 29(3), 459-480.
Collins, M. C., Saxena, A. K., & Wansley, J. W. (1996). The role of insiders and dividend policy: a comparison of regulated and unregulated firms. Journal of Financial and Strategic Decisions, 9(2), 1-9.
Denis, D. J., Denis, D. K., & Sarin, A. (1994). The information content of dividend changes: cash flow signaling, overinvestment, and dividend clienteles. The Journal of Financial and Quantitative Analysis, 29(4), 567-587.
Dhillon, U. S., & Johnson, H. (1994). The effect of dividend changes on stock and bond prices. The Journal of Finance, 49(1), 281-289.
Downes, D. H. & Heinkel, R. (1982). Signaling and the valuation of unseasoned new issues. The Journal of Finance, 37(1), 1-10.
D`Souza, J., & Saxena, A. K. (1999). Agency cost, market risk, investment opportunities and dividend policy - an international perspective. Managerial Finance, 25(6), 35-43.
Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.
Fluck, Z. (1998). Optimal financial contracting: debt versus outside equity. The Review of Financial Studies, 11(2), 383-418.
Fluck, Z. (1999). The dynamics of the management-shareholder conflict. The Review of Financial Studies, 12(2), 379-404.
Hart, O., & Moore, J. (1994). A theory of debt based on inalienability of human capital. The Quarterly Journal of Economics, 109(4), 841-879.
Higgins, R. C. (1972). The corporate dividend-saving decision. The Journal of Financial and Quantitative Analysis, 7(2), 1527-1541.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
John, K., & Williams, J. (1985). Dividends, dilution and taxes: a signaling equilibrium. The Journal of Finance, 40(4), 1053-1070.
Kalay, A. (1982). Stockholder-bondholder conflict and dividend constraints. Journal of Financial Economics, 10(2), 211-233.
Kao, C., & Wu, C. (1994). Tests of dividend signaling using the Marsh-Merton model: a generalized friction approach. The Journal of Business, 67(1), 45-68.
Khorana, A., & Servaes, H. (1999). The determinants of mutual fund starts. The Review of Financial Studies, 12(5), 1043-1074.
Lang, L. H. P. & Litzenberger, R. H. (1989). Dividend announcements – cash flow signalling vs. cash flow hypothesis. Journal of Financial Economics, 24(1), 181-191.
Lakonishok, J. & Vermaelen, T. (1986). Tax-induced trading around ex-dividend days. Journal of Financial Economics, 16(3), 287-319.
Lee, Y., Liu, Y., Roll R. & Subrahmanyam, A. (2006). Taxes and dividend clientele: evidence from trading and ownership structure. Journal of Banking & Finance, 30(1), 229-246.
Lewellen, W. G., Stanley, K. L., Lease, R. C., & Schlarbaum, G. G. (1978). Some direct evidence on the dividend clientele phenomenon. The Journal of Finance, 33(5), 1385-1399.
Litzenberger, R. H. & Ramaswamy, K. (1982). The effects of dividend on common stock prices – tax effects or information effects. The Journal of Finance, 37(2), 429-443.
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