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題名 家族企業與股利發放政策之研究
Family firms and dividend policy
作者 張明芬
貢獻者 詹凌菁
張明芬
關鍵詞 家族企業
股利政策
競爭環境
family business
dividend policy
competitive environment
日期 2010
上傳時間 29-Sep-2011 16:38:59 (UTC+8)
摘要 本研究從代理理論及現金政策觀點,探討家族企業與非家族企業在股利政策上之異同,並進一步分析市占率之影響。本研究就三個不同層面來分析家族特性對股利政策之影響,實證結果發現家族企業和非家族企業在現金股利、股票股利政策之選擇上,有所不同。相較於非家族企業,家族企業較不會發放、發放較少現金股利及股票股利,且較不會增加現金股利,且若家族企業市占率愈低時,較不會發放、發放較少、較不會增加現金股利及股票股利。
We investigate whether there is any difference between family and non-family firms on dividend policy. Consistent with my predictions, the results indicate that family firms are generally different from non-family firms in both cash and stock dividend policies. We find that family firms are less likely to pay dividends and tend to pay less dividends. Also, family firms are less likely to increase cash dividends. These findings are more pronounced when family firms have less market share.
參考文獻 一、中文部份
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李皓,2001,內部人、股市多空及兩稅合一對我國上市公司股利政策影響之探討,國立中正大學財務金融學硏究所碩士論文。
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林基煌,2008,家族企業公司治理、併購策略與績效之探討,亞太經濟評論,第11卷第2期:107-134。
林嬋娟、張哲嘉,2009,董監事異常變動、家族企業與企業舞弊之關聯性,會計評論,第48期:1-33。
洪振虔,1989,台灣地區上市公司股利政策之探討,國立中山大學企業管理研究所碩士論文。
洪榮華、陳怡珮、許凱婷,2010,從代理理論觀點探討家族企業之股票買回行為,台大管理論叢,第21卷,第1期:171-204。
唐明良,1994,台灣股票上市公司股利政策管理動機之實證研究,國立成功大學會計學研究所論文。
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倪衍森、廖容岑,2006,家族企業負債代理成本及股利政策之研究-以台灣上市公司為例,管理與系統,第13期:153-179。
張錦娥,1993,所得稅對資本結構及股利政策影響之研究,私立東吳大學會計研究所碩士論文。
郭心怡,2007,家族企業多角化經營程度、股權質押比例與盈餘管理之關聯性研究,政治大學會計所論文。
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黎明淵、林俞廷,2004,股利政策決定因素再探討,國立暨南國際大學財務金融系研究所論文。
謝可杉,2007,以代理理論探討家族與非家族公司在資本結構決策上之差異,國立中央大學企業管理研究所碩士論文。
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二、英文部份
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描述 碩士
國立政治大學
會計研究所
98353019
99
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0098353019
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 張明芬zh_TW
dc.creator (作者) 張明芬zh_TW
dc.date (日期) 2010en_US
dc.date.accessioned 29-Sep-2011 16:38:59 (UTC+8)-
dc.date.available 29-Sep-2011 16:38:59 (UTC+8)-
dc.date.issued (上傳時間) 29-Sep-2011 16:38:59 (UTC+8)-
dc.identifier (Other Identifiers) G0098353019en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/50777-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 98353019zh_TW
dc.description (描述) 99zh_TW
dc.description.abstract (摘要) 本研究從代理理論及現金政策觀點,探討家族企業與非家族企業在股利政策上之異同,並進一步分析市占率之影響。本研究就三個不同層面來分析家族特性對股利政策之影響,實證結果發現家族企業和非家族企業在現金股利、股票股利政策之選擇上,有所不同。相較於非家族企業,家族企業較不會發放、發放較少現金股利及股票股利,且較不會增加現金股利,且若家族企業市占率愈低時,較不會發放、發放較少、較不會增加現金股利及股票股利。zh_TW
dc.description.abstract (摘要) We investigate whether there is any difference between family and non-family firms on dividend policy. Consistent with my predictions, the results indicate that family firms are generally different from non-family firms in both cash and stock dividend policies. We find that family firms are less likely to pay dividends and tend to pay less dividends. Also, family firms are less likely to increase cash dividends. These findings are more pronounced when family firms have less market share.en_US
dc.description.tableofcontents 第壹章 緒論 1
一 研究動機與目的 1
二 研究問題 4
三 研究架構與流程 5
第貳章 文獻探討 7
第一節 家族企業 7
一 家族企業之定義 7
二 家族企業之代理問題 11
三 家族企業董事會特性 12
第二節 股利政策 14
一 股利政策相關理論 14
二 影響股利政策之原因 16
三 家族企業之股利政策 18
第參章 研究方法 20
第一節 研究假說 20
第二節 變數衡量與模型建立 23
第三節 實證模型 28
第四節 研究期間與樣本選取 34
一 研究期間 34
二 樣本選取過程及標準 34
三 樣本產業分布情形 36
第肆章 實證結果分析 38
第一節 敘述性統計分析 38
第二節 多元迴歸分析結果 46
第三節 額外測試 65
第伍章 研究結論、限制與建議 73
第一節 研究結論 73
第二節 研究限制 75
第三節 研究建議 76
參考文獻 77
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0098353019en_US
dc.subject (關鍵詞) 家族企業zh_TW
dc.subject (關鍵詞) 股利政策zh_TW
dc.subject (關鍵詞) 競爭環境zh_TW
dc.subject (關鍵詞) family businessen_US
dc.subject (關鍵詞) dividend policyen_US
dc.subject (關鍵詞) competitive environmenten_US
dc.title (題名) 家族企業與股利發放政策之研究zh_TW
dc.title (題名) Family firms and dividend policyen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文部份zh_TW
dc.relation.reference (參考文獻) 江佳妮,2009,經理人樂觀傾向、家族企業特性與投資現金流量敏感度的關係,國立中央大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 吳忠諺,2008,探討經理人樂觀傾向與股票購回之關係-以台灣家族企業為例,中央大學企業管理研究所未發表碩士論文。zh_TW
dc.relation.reference (參考文獻) 李振宇、蘇威傑,2009,研發承諾與營運績效:以台灣家族企業為例,組織與管理,第2卷第2期:197-221。zh_TW
dc.relation.reference (參考文獻) 李皓,2001,內部人、股市多空及兩稅合一對我國上市公司股利政策影響之探討,國立中正大學財務金融學硏究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 侍台誠,1994,董事會特性中家族因素與經營績效之實證研究:兼論法人董事的影響,國立台灣大學會計學研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 周行一、陳錦村、陳坤宏,1996,家族企業、聯署集團與公司價值,中國財務學刊第4卷,第1期:115-139。zh_TW
dc.relation.reference (參考文獻) 林基煌,2008,家族企業公司治理、併購策略與績效之探討,亞太經濟評論,第11卷第2期:107-134。zh_TW
dc.relation.reference (參考文獻) 林嬋娟、張哲嘉,2009,董監事異常變動、家族企業與企業舞弊之關聯性,會計評論,第48期:1-33。zh_TW
dc.relation.reference (參考文獻) 洪振虔,1989,台灣地區上市公司股利政策之探討,國立中山大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 洪榮華、陳怡珮、許凱婷,2010,從代理理論觀點探討家族企業之股票買回行為,台大管理論叢,第21卷,第1期:171-204。zh_TW
dc.relation.reference (參考文獻) 唐明良,1994,台灣股票上市公司股利政策管理動機之實證研究,國立成功大學會計學研究所論文。zh_TW
dc.relation.reference (參考文獻) 馬黛、李永全,2008,家族控制對負債融資決策的影響-以台灣為例,台大管理論叢,第18卷,第2期:133-170。zh_TW
dc.relation.reference (參考文獻) 高嘉穗,2000,現金增資與股利政策互動關係之研究,私立東吳大學會計學研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 倪衍森、廖容岑,2006,家族企業負債代理成本及股利政策之研究-以台灣上市公司為例,管理與系統,第13期:153-179。zh_TW
dc.relation.reference (參考文獻) 張錦娥,1993,所得稅對資本結構及股利政策影響之研究,私立東吳大學會計研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 郭心怡,2007,家族企業多角化經營程度、股權質押比例與盈餘管理之關聯性研究,政治大學會計所論文。zh_TW
dc.relation.reference (參考文獻) 郭南廷,2003,兩稅合一與取消盈餘配股緩課對除權除息日股價行為之影響,國立成功大學會計學研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 陳定國,1986,有效經營,天下叢書,台北:經濟與生活出版事業股份有限公司。zh_TW
dc.relation.reference (參考文獻) 陳舒怡,1997,上市公司發放現金股利與無償配股之研究,私立東吳大學會計研究所碩士論文。zh_TW
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