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題名 公司多角化經營策略與股利發放政策之關聯性研究
Firm diversification and Dividend policy作者 林君蓉 貢獻者 詹凌菁
林君蓉關鍵詞 多角化
股利發放政策
經營績效
盈餘品質
Firm diversification
Dividend policy
Performance
Earnings quality日期 2010 上傳時間 5-Sep-2013 14:27:06 (UTC+8) 摘要 本文以2000~2009台灣地區不含金融證券業之上市公司為樣本，資料來源為台灣經濟新報社資料庫(Taiwan Economic Journal)，研究主題為探討多角化與股利發放政策之關聯性，同時也檢測多角化程度愈高而經營績效較差或盈餘品質較差的企業與股利發放政策之關係，實證研究的結果顯示，多角化程度會影響股利發放政策，而多角化與股利發放政策呈現顯著負相關，企業多角化程度愈高，股利支付率較低、較不會發放股利及較不會增加發放股利，而這些現象主要是集中在經營績效較差或盈餘品質較差的企業。
Based on a sample of firms listed in Taiwan during 2000-2009, this study investigates the relationship between firm diversification and dividend policy and the extent to which firm performance and earnings quality affect diversified companies in making dividend policy decisions. The empirical results show that firms with greater diversification are less likely to pay dividends, pay lower dividend yields, and are less likely to increase dividends. I also find that such evidence is more pronounced among poor financial performance and lower earnings quality firms.參考文獻 一、中文部份王中全，2007，迎合理論對台灣上市櫃公司股利發放政策影響之研究，中山大學企業管理學系研究所碩士論文。王祝三、陳麗萍，2003，我國上市公司偏好發放股票股利程度之決定因素及對長期股價之影響，2003 年全國大專教師研討會。王俊仁，1996，台灣上櫃公司股利政策動機之研究，東海大學管理研究所未出版碩士論文。余易明，1997，集團企業多角化價值與融資優勢之時間趨勢研究，國立中央大學企業管理研究所碩士論文。晁群祥，公司成長機與融資、股利政策之實證研究－以台灣上市公司為例，1993，國立中山大學企業管理研究所未出版碩士論文。吳佩琪，1995，台灣地區集團企業多角化真實效果－公司價值與會計績效研究，國立中正大學財務金融研究所碩士論文。許致中，1985，台灣地區企業多角化策略對績效影響之研究，國立交通大學管理研究所碩士論文。黃仲生，1985，多角化對公司價值影響之實證研究，中山大學財務管理研究所未出版碩士論文。黃營杉，1988，股票上櫃公司經營變革與績效之研究，中興大學法商學院企業管理學系，證券櫃檯買賣中心委託研究報告。黃旭輝，1996，成長機會與股票股利關係之實證研究--代理問題觀點,國立空中大學管理與資訊學報，第 2 期:133-148。陳隆麒、闕河士、黃國誠、黃旭輝，1985，公司上市後首次支付股利對股東財富影響之研究，中山管理評論，第1期:135-153。馮君弘，1991，企業多角化與企業價值關係之研究:公司治理機制與高階管理團隊觀點，雲林科技大學企業管理研究所未出版碩士論文。闕河士，1985，股票股利訊號發射模式與宣告效果之研究，國立政治大學企業管理研究所未出版博士論文。劉全益，1981，台灣地區企業多角化與進入策略研究，國立成功大學企業管理研究所碩士論文。謝明翰，1989，企業成長機會與融資政策、股利政策及高階主管酬勞之關聯性研究，國立台灣大學會計學研究所未出版碩士論文。闕河士、黃旭輝，1986，成長機會與股票股利關係之實證研究－代理問題觀點，管理與資訊學報，第2期:133-148。二、英文部份Akhigbe, A. & J. 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國立政治大學
會計研究所
98353011
99資料來源 http://thesis.lib.nccu.edu.tw/record/#G0098353011 資料類型 thesis dc.contributor.advisor 詹凌菁 zh_TW dc.contributor.author (Authors) 林君蓉 zh_TW dc.creator (作者) 林君蓉 zh_TW dc.date (日期) 2010 en_US dc.date.accessioned 5-Sep-2013 14:27:06 (UTC+8) - dc.date.available 5-Sep-2013 14:27:06 (UTC+8) - dc.date.issued (上傳時間) 5-Sep-2013 14:27:06 (UTC+8) - dc.identifier (Other Identifiers) G0098353011 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/60350 - 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) 98353011 zh_TW dc.description (描述) 99 zh_TW dc.description.abstract (摘要) 本文以2000~2009台灣地區不含金融證券業之上市公司為樣本，資料來源為台灣經濟新報社資料庫(Taiwan Economic Journal)，研究主題為探討多角化與股利發放政策之關聯性，同時也檢測多角化程度愈高而經營績效較差或盈餘品質較差的企業與股利發放政策之關係，實證研究的結果顯示，多角化程度會影響股利發放政策，而多角化與股利發放政策呈現顯著負相關，企業多角化程度愈高，股利支付率較低、較不會發放股利及較不會增加發放股利，而這些現象主要是集中在經營績效較差或盈餘品質較差的企業。 zh_TW dc.description.abstract (摘要) Based on a sample of firms listed in Taiwan during 2000-2009, this study investigates the relationship between firm diversification and dividend policy and the extent to which firm performance and earnings quality affect diversified companies in making dividend policy decisions. The empirical results show that firms with greater diversification are less likely to pay dividends, pay lower dividend yields, and are less likely to increase dividends. I also find that such evidence is more pronounced among poor financial performance and lower earnings quality firms. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景及動機 1第二節 研究目的 2第二章 文獻探討 4第一節 多角化策略相關文獻 4第二節 股利發放政策理論 13第三節 盈餘品質相關研究 22第三章 研究設計 26第一節 研究假說 26第二節 樣本選取與資料來源 30第三節 研究變數之設計 31第四節 實證模型與研究方法 37第四章 實證結果分析 40第一節 樣本敘述 40第二節 迴歸結果分析 40第三節 額外測試 54第五章 研究結論與建議 63第一節 研究結論 63第二節 研究建議 65參考文獻 66 zh_TW dc.format.extent 1487414 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0098353011 en_US dc.subject (關鍵詞) 多角化 zh_TW dc.subject (關鍵詞) 股利發放政策 zh_TW dc.subject (關鍵詞) 經營績效 zh_TW dc.subject (關鍵詞) 盈餘品質 zh_TW dc.subject (關鍵詞) Firm diversification en_US dc.subject (關鍵詞) Dividend policy en_US dc.subject (關鍵詞) Performance en_US dc.subject (關鍵詞) Earnings quality en_US dc.title (題名) 公司多角化經營策略與股利發放政策之關聯性研究 zh_TW dc.title (題名) Firm diversification and Dividend policy en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 一、中文部份王中全，2007，迎合理論對台灣上市櫃公司股利發放政策影響之研究，中山大學企業管理學系研究所碩士論文。王祝三、陳麗萍，2003，我國上市公司偏好發放股票股利程度之決定因素及對長期股價之影響，2003 年全國大專教師研討會。王俊仁，1996，台灣上櫃公司股利政策動機之研究，東海大學管理研究所未出版碩士論文。余易明，1997，集團企業多角化價值與融資優勢之時間趨勢研究，國立中央大學企業管理研究所碩士論文。晁群祥，公司成長機與融資、股利政策之實證研究－以台灣上市公司為例，1993，國立中山大學企業管理研究所未出版碩士論文。吳佩琪，1995，台灣地區集團企業多角化真實效果－公司價值與會計績效研究，國立中正大學財務金融研究所碩士論文。許致中，1985，台灣地區企業多角化策略對績效影響之研究，國立交通大學管理研究所碩士論文。黃仲生，1985，多角化對公司價值影響之實證研究，中山大學財務管理研究所未出版碩士論文。黃營杉，1988，股票上櫃公司經營變革與績效之研究，中興大學法商學院企業管理學系，證券櫃檯買賣中心委託研究報告。黃旭輝，1996，成長機會與股票股利關係之實證研究--代理問題觀點,國立空中大學管理與資訊學報，第 2 期:133-148。陳隆麒、闕河士、黃國誠、黃旭輝，1985，公司上市後首次支付股利對股東財富影響之研究，中山管理評論，第1期:135-153。馮君弘，1991，企業多角化與企業價值關係之研究:公司治理機制與高階管理團隊觀點，雲林科技大學企業管理研究所未出版碩士論文。闕河士，1985，股票股利訊號發射模式與宣告效果之研究，國立政治大學企業管理研究所未出版博士論文。劉全益，1981，台灣地區企業多角化與進入策略研究，國立成功大學企業管理研究所碩士論文。謝明翰，1989，企業成長機會與融資政策、股利政策及高階主管酬勞之關聯性研究，國立台灣大學會計學研究所未出版碩士論文。闕河士、黃旭輝，1986，成長機會與股票股利關係之實證研究－代理問題觀點，管理與資訊學報，第2期:133-148。二、英文部份Akhigbe, A. & J. 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