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題名 股利僵固性對未來企業價值與投資決策之影響
The Impact of Dividend Stickiness on Investment Decision and Stock Returns作者 余哲瑋
Yu, Che-Wei貢獻者 翁嘉祥
Weng, Chia-Hsiang
余哲瑋
Yu, Che-Wei關鍵詞 股利僵固性
訊號發射理論
迎合理論
Dividend stickiness
Signaling theory
Catering theory日期 2021 上傳時間 10-Feb-2022 12:52:54 (UTC+8) 摘要 本研究採用2000年至2020年之台灣上市櫃公司為研究樣本，探討企業發生股利僵固情形下，現金股利增減率與企業未來價值和未來投資決策影響。當企業發生股利僵固情形，企業淨利下降，卻大量發放現金股利，這將影響未來企業的價值與投資決策。研究結果顯示在股利僵固情形發生情況下，現金股利增減率與未來企業價值呈現正相關，現金股利增減率與未來資本資出呈現正相關。研究結果支持股利訊號理論，透過發放現金股利的訊號傳達投資人未來前景看好。
This research uses listed companies in Taiwan from the year 2000 to 2020 as researching sample to look into the impact of cash dividend change rate on future firm value and future investment decision under the circumstances of dividend stickiness. When companies experienced dividend stickiness, their net profits have declined yet they have paid a large number of cash dividends, which will affect the value of the company and investment decision in the future. The results show that cash dividend change rate is positively associated with future firm value and capital expenditure. The results support signaling theory. The company is optimistic about the future prospects and conveys the signal to investors by paying cash dividends.參考文獻 林穎芬、黃麗津、陳思源（2012）。經理人薪酬、公司治理與現金股利政策。中山管理評論。20(4)，1213-1251。 黃柏凱、張邦茹、林書伃、姜堯民（2021）。公司成長性對停發現金股利決策的影響。管理與系統。28(2)，225-248。 劉任昌、邱志忠、楊朝成（2014）。臺灣企業之發放政策：現金股利、股票購回與現金減資。證券市場發展季刊，26(3)，47-96。 Baker, M., & Wurgler, J. (2004). A catering theory of dividends. The Journal of Finance, 59(3), 1125-1165. Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and “The Bird in the Hand” Fallacy. The Bell Journal of Economics, 10, 259-270. 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. DeAngelo, H., DeAngelo, L., & Skinner, D. J. (1992). Dividends and losses. Journal of Finance, 57, 1837-1863. DeAngelo, H., DeAngelo, L., & Skinner, D. J. (2003). Reversal of fortune dividend signaling and the disappearance of sustained earnings growth. Journal of Financial Economics,40(3), 341-371. Grullon, G., Michaely, R., & Swaminathan, B. (2002). Are Dividend Changes a Sign of Firm Maturity?. Journal of Business, 75, 387-424. Grullon, G., Michaely, R., Benartzi, S., & Thaler, R. H. (2005). Dividend changes do not signal changes in future profitability. The Journal of Business, 78(5), 1659-1682. Guttman, I., Kadan, O., & Kandel, E. (2010). Dividend Stickiness and Strategic Pooling. The Review of Financial Studies, 23(12), 4455–4495. Jensen, M. C., & Meckling, W. H. (1976). Theory of firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. Jensen, M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance and Takeover. American Economic Review, 76, 323-329. Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review, 46(2), 97-113. Li, W., & Lie, E. (2006). Dividend changes and catering incentives. Journal of Financial Economics,80(2), 293-308. Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34, 411-433. Richardson, G., Sefcik, S.E., & Thompson, R. (1986). A test of dividend irrelevance using volume reactions to a change in dividend policy. Journal of Financial Economics, 17(2), 313-333. Ross, W. (1973). The Information Content of Dividends. The Journal of Business,46(2), 191-211. Shefrin, H. M., & Statman, M. (1984). Explaining investor preference for cash dividends,13(2), 253-282. Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87, 355-374. Wang, M.-H., Ke, M.-C., Lin, F.-Y., & Huang, Y.-S. (2016). Dividend policy and the catering theory: evidence from the Taiwan Stock Exchange. Managerial Finance, 42 (10), 999-1016. Zhou, P., & Ruland, W. (2006). Dividend payout and future earnings growth. Financial Analysts Journal, 62(3), 58-69. 描述 碩士
國立政治大學
會計學系
107266005資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107266005 資料類型 thesis dc.contributor.advisor 翁嘉祥 zh_TW dc.contributor.advisor Weng, Chia-Hsiang en_US dc.contributor.author (Authors) 余哲瑋 zh_TW dc.contributor.author (Authors) Yu, Che-Wei en_US dc.creator (作者) 余哲瑋 zh_TW dc.creator (作者) Yu, Che-Wei en_US dc.date (日期) 2021 en_US dc.date.accessioned 10-Feb-2022 12:52:54 (UTC+8) - dc.date.available 10-Feb-2022 12:52:54 (UTC+8) - dc.date.issued (上傳時間) 10-Feb-2022 12:52:54 (UTC+8) - dc.identifier (Other Identifiers) G0107266005 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/138882 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 107266005 zh_TW dc.description.abstract (摘要) 本研究採用2000年至2020年之台灣上市櫃公司為研究樣本，探討企業發生股利僵固情形下，現金股利增減率與企業未來價值和未來投資決策影響。當企業發生股利僵固情形，企業淨利下降，卻大量發放現金股利，這將影響未來企業的價值與投資決策。研究結果顯示在股利僵固情形發生情況下，現金股利增減率與未來企業價值呈現正相關，現金股利增減率與未來資本資出呈現正相關。研究結果支持股利訊號理論，透過發放現金股利的訊號傳達投資人未來前景看好。 zh_TW dc.description.abstract (摘要) This research uses listed companies in Taiwan from the year 2000 to 2020 as researching sample to look into the impact of cash dividend change rate on future firm value and future investment decision under the circumstances of dividend stickiness. When companies experienced dividend stickiness, their net profits have declined yet they have paid a large number of cash dividends, which will affect the value of the company and investment decision in the future. The results show that cash dividend change rate is positively associated with future firm value and capital expenditure. The results support signaling theory. The company is optimistic about the future prospects and conveys the signal to investors by paying cash dividends. en_US dc.description.tableofcontents 第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究問題 1 第三節 研究架構 2 第二章 文獻探討與假說形成 3 第一節 文獻探討 3 第二節 形成假說 7 第三章 研究方法與設計 9 第一節 研究模型 9 第二節 應變數、自變數及虛擬變數 10 第三節 控制變數 11 第四節 資料來源及樣本之選取 12 第四章 實證結果 13 第一節 敘述性統計 13 第二節 迴歸結果分析 17 第三節 橫斷面分析 20 第五章 結論 27 參考文獻 28 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107266005 en_US dc.subject (關鍵詞) 股利僵固性 zh_TW dc.subject (關鍵詞) 訊號發射理論 zh_TW dc.subject (關鍵詞) 迎合理論 zh_TW dc.subject (關鍵詞) Dividend stickiness en_US dc.subject (關鍵詞) Signaling theory en_US dc.subject (關鍵詞) Catering theory en_US dc.title (題名) 股利僵固性對未來企業價值與投資決策之影響 zh_TW dc.title (題名) The Impact of Dividend Stickiness on Investment Decision and Stock Returns en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 林穎芬、黃麗津、陳思源（2012）。經理人薪酬、公司治理與現金股利政策。中山管理評論。20(4)，1213-1251。 黃柏凱、張邦茹、林書伃、姜堯民（2021）。公司成長性對停發現金股利決策的影響。管理與系統。28(2)，225-248。 劉任昌、邱志忠、楊朝成（2014）。臺灣企業之發放政策：現金股利、股票購回與現金減資。證券市場發展季刊，26(3)，47-96。 Baker, M., & Wurgler, J. (2004). A catering theory of dividends. The Journal of Finance, 59(3), 1125-1165. Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and “The Bird in the Hand” Fallacy. The Bell Journal of Economics, 10, 259-270. 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. DeAngelo, H., DeAngelo, L., & Skinner, D. J. (1992). Dividends and losses. Journal of Finance, 57, 1837-1863. DeAngelo, H., DeAngelo, L., & Skinner, D. J. (2003). Reversal of fortune dividend signaling and the disappearance of sustained earnings growth. Journal of Financial Economics,40(3), 341-371. Grullon, G., Michaely, R., & Swaminathan, B. (2002). Are Dividend Changes a Sign of Firm Maturity?. Journal of Business, 75, 387-424. Grullon, G., Michaely, R., Benartzi, S., & Thaler, R. H. (2005). Dividend changes do not signal changes in future profitability. The Journal of Business, 78(5), 1659-1682. Guttman, I., Kadan, O., & Kandel, E. (2010). Dividend Stickiness and Strategic Pooling. The Review of Financial Studies, 23(12), 4455–4495. Jensen, M. C., & Meckling, W. H. (1976). Theory of firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. Jensen, M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance and Takeover. American Economic Review, 76, 323-329. Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review, 46(2), 97-113. Li, W., & Lie, E. (2006). Dividend changes and catering incentives. Journal of Financial Economics,80(2), 293-308. Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34, 411-433. Richardson, G., Sefcik, S.E., & Thompson, R. (1986). A test of dividend irrelevance using volume reactions to a change in dividend policy. Journal of Financial Economics, 17(2), 313-333. Ross, W. (1973). The Information Content of Dividends. The Journal of Business,46(2), 191-211. Shefrin, H. M., & Statman, M. (1984). Explaining investor preference for cash dividends,13(2), 253-282. Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87, 355-374. Wang, M.-H., Ke, M.-C., Lin, F.-Y., & Huang, Y.-S. (2016). Dividend policy and the catering theory: evidence from the Taiwan Stock Exchange. Managerial Finance, 42 (10), 999-1016. Zhou, P., & Ruland, W. (2006). Dividend payout and future earnings growth. Financial Analysts Journal, 62(3), 58-69. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200002 en_US
