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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\n公開資訊觀測站，http://newmops.tse.com.tw/。\n中央銀行網站，http://www.cbc.gov.tw/。\n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。\n台灣經濟新報資料庫，1997-2006。\n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。\n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/。\n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。\n周啟東（2002）。年終獎金十三個月的成衣公司。商業周刊，786。\n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。\n國際貿易局經貿資訊網，http://cweb.trade.gov.tw/。\n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。\n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。\n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。\n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。\n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。\n聚陽實業官方網站，http://www.makalot.com.tw/。\n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。\n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。\n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。\n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/。\n英文部分\nAgrawal, 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.\nAharony, J., & Swary, I. (1980). Quarterly dividend and earnings announcements and stockholders’ returns: an empirical analysis. The Journal of Finance, 35(1), 1-12.\nAlli, K. L., Khan, Q., & Ramirez, G. G. (1993). Determinants of corporate dividend policy: a factorial analysis. The Financial Review, 28(4), 523-547.\nAmbarish, R., John, K., & Williams, J. (1987). Efficient signalling with dividends and investments. The Journal of Finance, 42(2), 321-343.\nBaker, K. H., & Powell, G. E. (2000). Determinants of corporate dividend policy: a survey of NYSE firms. Financial Practice and Education, 10(1), 29-40.\nBaker, K. H., Veit, E. T., & Powell, G. E. (2001). Factors influencing dividend policy decisions of Nasdaq firms. The Financial Review, 36(3), 19-38.\nBernheim, B. D., & Wantz, A. (1995). A tax-based test of the dividend signaling hypothesis. The American Economic Review, 85(3), 532-551.\nBhattacharyya, S. (1979). Imperfect information, dividend policy, and ‘the bird in the hand’ fallacy. The Bell Journal of Economics, 10(1), 259-270.\nBlack, 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.\nBrav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483-527.\nChaplinsky, S., & Seyhun, H. N. (1990). Dividends and taxes: evidence on tax-reduction strategies. The Journal of Business, 63(2), 239-260.\nChen, 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.\nChristie, W. G. (1994). Are dividend omissions truly the cruelest cut of all? The Journal of Financial and Quantitative Analysis, 29(3), 459-480.\nCollins, 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.\nDenis, 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.\nDhillon, U. S., & Johnson, H. (1994). The effect of dividend changes on stock and bond prices. The Journal of Finance, 49(1), 281-289.\nDownes, D. H. & Heinkel, R. (1982). Signaling and the valuation of unseasoned new issues. The Journal of Finance, 37(1), 1-10.\nD`Souza, J., & Saxena, A. K. (1999). Agency cost, market risk, investment opportunities and dividend policy - an international perspective. Managerial Finance, 25(6), 35-43.\nEasterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.\nFluck, Z. (1998). Optimal financial contracting: debt versus outside equity. The Review of Financial Studies, 11(2), 383-418.\nFluck, Z. (1999). The dynamics of the management-shareholder conflict. The Review of Financial Studies, 12(2), 379-404.\nHart, O., & Moore, J. (1994). A theory of debt based on inalienability of human capital. The Quarterly Journal of Economics, 109(4), 841-879.\nHiggins, R. C. (1972). The corporate dividend-saving decision. The Journal of Financial and Quantitative Analysis, 7(2), 1527-1541.\nJensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.\nJohn, K., & Williams, J. (1985). Dividends, dilution and taxes: a signaling equilibrium. The Journal of Finance, 40(4), 1053-1070.\nKalay, A. (1982). Stockholder-bondholder conflict and dividend constraints. Journal of Financial Economics, 10(2), 211-233.\nKao, 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.\nKhorana, A., & Servaes, H. (1999). The determinants of mutual fund starts. The Review of Financial Studies, 12(5), 1043-1074.\nLang, L. H. P. & Litzenberger, R. H. (1989). Dividend announcements – cash flow signalling vs. cash flow hypothesis. Journal of Financial Economics, 24(1), 181-191.\nLakonishok, J. & Vermaelen, T. (1986). Tax-induced trading around ex-dividend days. Journal of Financial Economics, 16(3), 287-319.\nLee, 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.\nLewellen, 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.\nLitzenberger, 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.\nLloyd, 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.\nLong, 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.\nMacKinlay, A. C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35(1), 13-39.\nManuel, 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.\nMichaely, R. (1991). Ex-dividend day stock price behavior: the case of the 1986 tax reform act. The Journal of Finance, 46(3), 845-859.\nMiller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business, 34(4), 411-433.\nMiller, M. H., & Rock, K. (1985). Dividend policy under asymmetric information. The Journal of Finance, 40(4), 1031-1051.\nMyers, S. (1998). Outside equity financing. NBER Working Paper No. 6561. \nNaceur, S. B., Goaied, M., & Belanes, A. (2006). On the Determinants and Dynamics of Dividend Policy. International Review of Finance, 6(1-2), 1-23.\nPenman, S. H. (1983). The predictive content of earnings forecasts and dividends. Journal of Finance, 38(4), 1181-1199.\nPoterba, J. M. (1986). The market valuation of cash dividends – the citizens utilities case reconsidered. Journal of Financial Economics, 15(3), 395-405.\nRozeff, M. S. (1982). Growth, beta, and agency costs as determinants of dividend payout ratios. The Journal of Financial Research, 5(3), 249-259.\nSant, R. & Cowan, A. R. (1994). Do dividends signal earnings? the case of omitted dividends. Journal of Banking and Finance, 18(6), 1113-1133.\nShefrin, H. M., & Statman, M. (1984). Explaining investor preference for cash dividends. Journal of Financial Economics, 13(2), 253-282.\nShefrin, H. M., & Thaler, R. H. (1988). The behavioral life-cycle hypothesis. Economic Inquiry, 26(4), 609-643.\nYoon, P. S., & Starks, L. T. (1995). Signaling, investment opportunities, and dividend announcements. The Review of Financial Studies, 8(4), 995-1018.\nZwiebel, 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) https://ah.lib.nccu.edu.tw/item?item_id=106549-
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\n第一節 研究動機與目的....................................2\n第二節 研究流程.........................................4\n第三節 論文架構.........................................4\n第二章 文獻探討.........................................5\n第一節 股利顧客效果（CLIENTELE EFFECT）..................5\n第二節 訊號發射理論（SIGNALING THEORY）..................6\n第三節 代理成本（AGENCY COST）...........................6\n第四節 自由現金流量假說（FREE CASH FLOW HYPOTHESIS）......7\n第五節 剩餘理論（RESIDUAL THEORY）.......................7\n第六節 其他.............................................8\n第三章 台灣的成衣產業....................................9\n第一節 台灣成衣產業的發展歷史.............................9\n第二節 台灣成衣產業的現況................................10\n第四章 聚陽公司簡介.....................................14\n第一節 聚陽發展沿革.....................................14\n第二節 聚陽的股利政策...................................15\n第五章 股利政策之理論與實務..............................20\n第一節 股利理論與聚陽股利政策之異同.......................20\n第二節 股利預測模型.....................................29\n第六章 結論與建議.......................................34\n參考文獻...............................................34\n附錄..................................................34zh_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\n公開資訊觀測站，http://newmops.tse.com.tw/。\n中央銀行網站，http://www.cbc.gov.tw/。\n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。\n台灣經濟新報資料庫，1997-2006。\n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。\n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/。\n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。\n周啟東（2002）。年終獎金十三個月的成衣公司。商業周刊，786。\n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。\n國際貿易局經貿資訊網，http://cweb.trade.gov.tw/。\n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。\n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。\n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。\n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。\n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。\n聚陽實業官方網站，http://www.makalot.com.tw/。\n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。\n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。\n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。\n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/。\n英文部分\nAgrawal, 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.\nAharony, J., & Swary, I. (1980). Quarterly dividend and earnings announcements and stockholders’ returns: an empirical analysis. The Journal of Finance, 35(1), 1-12.\nAlli, K. L., Khan, Q., & Ramirez, G. G. (1993). Determinants of corporate dividend policy: a factorial analysis. The Financial Review, 28(4), 523-547.\nAmbarish, R., John, K., & Williams, J. (1987). Efficient signalling with dividends and investments. The Journal of Finance, 42(2), 321-343.\nBaker, K. H., & Powell, G. E. (2000). Determinants of corporate dividend policy: a survey of NYSE firms. Financial Practice and Education, 10(1), 29-40.\nBaker, K. H., Veit, E. T., & Powell, G. E. (2001). Factors influencing dividend policy decisions of Nasdaq firms. The Financial Review, 36(3), 19-38.\nBernheim, B. D., & Wantz, A. (1995). A tax-based test of the dividend signaling hypothesis. The American Economic Review, 85(3), 532-551.\nBhattacharyya, S. (1979). Imperfect information, dividend policy, and ‘the bird in the hand’ fallacy. The Bell Journal of Economics, 10(1), 259-270.\nBlack, 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.\nBrav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483-527.\nChaplinsky, S., & Seyhun, H. N. (1990). Dividends and taxes: evidence on tax-reduction strategies. The Journal of Business, 63(2), 239-260.\nChen, 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.\nChristie, W. G. (1994). Are dividend omissions truly the cruelest cut of all? The Journal of Financial and Quantitative Analysis, 29(3), 459-480.\nCollins, 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.\nDenis, 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.\nDhillon, U. S., & Johnson, H. (1994). The effect of dividend changes on stock and bond prices. The Journal of Finance, 49(1), 281-289.\nDownes, D. H. & Heinkel, R. (1982). Signaling and the valuation of unseasoned new issues. The Journal of Finance, 37(1), 1-10.\nD`Souza, J., & Saxena, A. K. (1999). Agency cost, market risk, investment opportunities and dividend policy - an international perspective. Managerial Finance, 25(6), 35-43.\nEasterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.\nFluck, Z. (1998). Optimal financial contracting: debt versus outside equity. The Review of Financial Studies, 11(2), 383-418.\nFluck, Z. (1999). The dynamics of the management-shareholder conflict. The Review of Financial Studies, 12(2), 379-404.\nHart, O., & Moore, J. (1994). A theory of debt based on inalienability of human capital. The Quarterly Journal of Economics, 109(4), 841-879.\nHiggins, R. C. (1972). The corporate dividend-saving decision. The Journal of Financial and Quantitative Analysis, 7(2), 1527-1541.\nJensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.\nJohn, K., & Williams, J. (1985). Dividends, dilution and taxes: a signaling equilibrium. The Journal of Finance, 40(4), 1053-1070.\nKalay, A. (1982). Stockholder-bondholder conflict and dividend constraints. Journal of Financial Economics, 10(2), 211-233.\nKao, 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.\nKhorana, A., & Servaes, H. (1999). The determinants of mutual fund starts. The Review of Financial Studies, 12(5), 1043-1074.\nLang, L. H. P. & Litzenberger, R. H. (1989). Dividend announcements – cash flow signalling vs. cash flow hypothesis. Journal of Financial Economics, 24(1), 181-191.\nLakonishok, J. & Vermaelen, T. (1986). Tax-induced trading around ex-dividend days. Journal of Financial Economics, 16(3), 287-319.\nLee, 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.\nLewellen, W. G., Stanley, K. L., Lease, R. C., & Schlarbaum, G. G. (1978). Some direct evidence on the dividend clientele phenomenon. 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