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題名 由股權結構探討現金股利政策的訊號效果-台灣上市公司1981年至2000年研究 作者 周惠芳 貢獻者 屠美亞
周惠芳關鍵詞 股權結構
現金股利
訊號效果日期 2001 上傳時間 18-Apr-2016 16:26:00 (UTC+8) 摘要 本研究有興趣的是台灣自民國70年至民國89年間,內部人持股比率和現金股利率二者之間的關係。Jensen and Meckling(1976)、Rozeff(1982)、Easterbrook(1984)皆著墨於代理問題下的股利政策,公司由於所有權和經營權分離,使內部人和外部股東二者間存在顯著的代理問題。就代理理論而言,認為公司的股利政策和內部人持股比率二者具抵換關係。另外,Ross(1977)提出公司內部管理者和外部股東二者所擁有的資訊是不相同的,有許學者以此觀點發展出股利訊號理論,認為股利是內部管理者對公司未來表現情形的一種訊號(Signal)。Bhattacharya(1979)認為股利發放是有成本的訊號,也就是對於內部管理者而言,做出現金股利發放的決策對內部人可控制的資源減少了,對內部人而言是有成本的。既然現金股利發放對於內部人而言是有成本的,為何內部人還要發放現金股利?本研究也試圖就訊號理論而言,說明當內部人持股比例愈高而現金股利發放愈多時,現金股利發放的愈多對內部人而言成本愈大,代表內部人透過現金股利的發放給予外界公司未來營運樂觀的訊息,且此訊號效果會和內部人持股比率呈現正向關係。因此就訊號理論,內部人持股比率愈高的公司會因現金股利的發放給外界的訊號效果來建立公司聲譽為目的而發放愈多的現金股利。 參考文獻 一、英文部分Akhigbe, Aigbe and Jeff Madura, “Dividend Policy and Corporate Performance,” Journal of Business Finance and Accounting 23, December 1996, p1267-1287Asquith, Paul and David W. Mullins Jr., “The Impact of Initiating Dividend Payments on Shareholders’ Wealth,” Journal of Business 56,1983, p77-96Bhattacharya, Sudipto, ”Imperfect Information, Dividend Policy, and the Bird in the Hand Fallacy,” Bell Journal of Economics 10, 1979, p259-270Claessens, Stijn, Simeon Djankov and Larry H.P. Lang, “The Separation of Ownership and Control in East Asian Corporations,” Journal of Financial Economics 58, 2000, p81-112Easterbrook, Frank H., “Two Agency Cost Explanations of Dividends,” American Economic Review 74, 1984, p650-659Healy, Paul M. and Krishna G. Palepu, “Earnings Information Conveyed by Dividend Initiations and Omissions,” Journal of Financial Economics 21, 1988, p149-175Holder, Mark E., Frederick W. Langrehr and J. Lawrence Hexter, “Dividend Policy Determinants: An Investigation of Influences of Stakeholder Theory,” Financial Management 27, Autumn 1998, p73-82Jensen, Gerald R., Donald P. Solberg and Thomas. S. Zorn, “Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies,” Journal of Financial and Quantitative Analysis 27, 1994, p247-263Jensen, Michael C., “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers,” American Economic Review 76, 1986, p323-329John, Kose and Joseph Williams, “Dividends, Dilution, and Taxes: A Signaling Equilibrium,” Journal of Finance 40, 1985, p1053-1070Jensen, Michael C. and William H. Meckling, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics 3, 1976, p305-360La Porta, Rafael, Florencio Lopez-De-Silanes, Andrei Shleifer and Robert W. Vishny, “Agency Problems and Dividend Policies around the World,” The Journal of finance 55, February 2000, p1-33La Porta, Rafael, Florencio Lopez-de-Silanes and Andrei Shleifer, “Corporate Ownership around the World,” Journal of Finance 54, 1999, p471-518Lloyd, William P., John S. Jahera Jr., and Daniel E. Page, “Agency Costs and Dividend Payout Ratios,” Quarterly Journal of Business and Economics, summer, 1985, p19-29Lintner, John, “Distribution of Incomes of Corporations among Dividends, Retained Earnings and Taxes,” American Economic Review 46, 1956, p97-113Miller, Mertton H. and Kevin Rock, “Dividend Policy under Asymmetric Information,” The Journal of Finance 40, 1985, p1031-1051Miller, Merton H. and Franco Modigliani, “Dividend Policy, Growth, and the Valuation of Shares,” Journal of Business 34, 1961, p411-433Pettit, R. Richardson, “Dividend Announcement, Security Performance, and Capital Market Efficiency,” Journal of Finance 27, 1972, p993-1007Rozeff, Michael S., “Growth, Beta, and Agency Costs as Determinants of Dividend Payout Rations,” Journal of Financial Research, 1982, p249-259Ross, Stephen A., “The Determination of Financial Structure: The Incentive Signaling Approach,” The Bell Journal of Economics 8, 1977, p23-41Shleifer, Andrei and Robert W. Vishny, “A Survey of Corporate Governance,” Journal of Finance 52, 1997, p737-783Subrahanyam, Vijaya, Nanda Rangan and Stuart Rosenstein, “The Role of Outside Directors in Bank Acquisitions,” Financial Management 26, 1997, p23-36Schooley, Diane K., and L. Dwayne, Barney, Jr., “Using Dividend Policy and Managerial Ownership to Reduce Agency Costs,” The Journal of Financial Research 17, Fall 1994, p363-373Vogt, Stephen C., “The Cash Flow/Investment Relationship: Evidence from U.S. Manufacturing Firm,” Financial Management 23, summer 1994, pP3-20Watts, Ross, “The Information Content of Dividends,” The Journal of Business 46, April 1973, p191-211二、中文部分王宏吉,代理成本、交易成本與現金股利實証研究,輔仁大學企管所碩士論文,1996沈明鑑,集團企業與非集團企業股利政策之研究─以台灣地區上市公司為例,大葉工學院事業經營研究所碩士論文,1995吳文琦,現金股利宣告資訊效果—訊假假說、過度投資假說及顧客效果假說三者互動模式之研究,元智大學管理學院管理研究所,1998李彥真,現金股利變動宣告的資訊內容與產業移轉效果之研究,輔仁大學管理研究所財務管理組,1998林基煌,代理成本與融資決策,國立政治大學學報,第68期,1994姜淑美,董監事持股與財務決策間關係之探討,國立中正大學財務金融所碩士論文,1993洪振虔,台灣地區上市公司股利發放之探討,中山大學企管研究所碩士論文,1989張慶文,現金股利無償增資配股之決策選擇與其資訊內涵差異之研究,國立政治大學會計學系碩士論文,1997秦煥富,從代理問題觀點驗証股利收益率與CEO持股比率之間的關係,中興大學企研所碩士論文,1995唐明良,台灣股票上市公司股利政策管理動機之實證研究,成功大學會計研究所碩士論文,1994黃琬娟,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研究所,1995劉秀玲,影響資本結構和現金股利政策及內部股權決定因素分析,國立台灣技術學院管理技術研究所碩士論文,1994鄭立暘,現金股利之資訊內容、Tobin’s Q與股利率之關係,國立中正大財務金融所碩士論文,1996鄭明祺,我國上市公司代理問題對投資、融資決策與股利政策之影響,中原大學企管研究所碩士論文,1993 描述 碩士
國立政治大學
財務管理研究所
88357007資料來源 http://thesis.lib.nccu.edu.tw/record/#A2002001555 資料類型 thesis dc.contributor.advisor 屠美亞 zh_TW dc.contributor.author (Authors) 周惠芳 zh_TW dc.creator (作者) 周惠芳 zh_TW dc.date (日期) 2001 en_US dc.date.accessioned 18-Apr-2016 16:26:00 (UTC+8) - dc.date.available 18-Apr-2016 16:26:00 (UTC+8) - dc.date.issued (上傳時間) 18-Apr-2016 16:26:00 (UTC+8) - dc.identifier (Other Identifiers) A2002001555 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/85345 - 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) 88357007 zh_TW dc.description.abstract (摘要) 本研究有興趣的是台灣自民國70年至民國89年間,內部人持股比率和現金股利率二者之間的關係。Jensen and Meckling(1976)、Rozeff(1982)、Easterbrook(1984)皆著墨於代理問題下的股利政策,公司由於所有權和經營權分離,使內部人和外部股東二者間存在顯著的代理問題。就代理理論而言,認為公司的股利政策和內部人持股比率二者具抵換關係。另外,Ross(1977)提出公司內部管理者和外部股東二者所擁有的資訊是不相同的,有許學者以此觀點發展出股利訊號理論,認為股利是內部管理者對公司未來表現情形的一種訊號(Signal)。Bhattacharya(1979)認為股利發放是有成本的訊號,也就是對於內部管理者而言,做出現金股利發放的決策對內部人可控制的資源減少了,對內部人而言是有成本的。既然現金股利發放對於內部人而言是有成本的,為何內部人還要發放現金股利?本研究也試圖就訊號理論而言,說明當內部人持股比例愈高而現金股利發放愈多時,現金股利發放的愈多對內部人而言成本愈大,代表內部人透過現金股利的發放給予外界公司未來營運樂觀的訊息,且此訊號效果會和內部人持股比率呈現正向關係。因此就訊號理論,內部人持股比率愈高的公司會因現金股利的發放給外界的訊號效果來建立公司聲譽為目的而發放愈多的現金股利。 zh_TW dc.description.tableofcontents 封面頁證明書致謝詞論文摘要目錄圖目錄表目錄第一章 緒論第一節 研究動機與目的第二節 研究問題第三節 研究架構第四節 研究流程第二章 文獻探討第一節 股權結構與現金股利政策第二節 訊號理論與現金股利政策第三節 綜合探討和評析第三章 研究方法及實証模型第一節 資料來源和蒐集第二節 資料取樣第三節 研究方法第四節 使用變數說明第五節 區分時期第四章 實証結果分析第一節 敘述統計分析第二節 實証結果第一部分:內部人持股比率第二部分:股權結構分析第五章 結論與建議第一節 結論第二節 建議參考文獻 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#A2002001555 en_US dc.subject (關鍵詞) 股權結構 zh_TW dc.subject (關鍵詞) 現金股利 zh_TW dc.subject (關鍵詞) 訊號效果 zh_TW dc.title (題名) 由股權結構探討現金股利政策的訊號效果-台灣上市公司1981年至2000年研究 zh_TW dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、英文部分Akhigbe, Aigbe and Jeff Madura, “Dividend Policy and Corporate Performance,” Journal of Business Finance and Accounting 23, December 1996, p1267-1287Asquith, Paul and David W. Mullins Jr., “The Impact of Initiating Dividend Payments on Shareholders’ Wealth,” Journal of Business 56,1983, p77-96Bhattacharya, Sudipto, ”Imperfect Information, Dividend Policy, and the Bird in the Hand Fallacy,” Bell Journal of Economics 10, 1979, p259-270Claessens, Stijn, Simeon Djankov and Larry H.P. Lang, “The Separation of Ownership and Control in East Asian Corporations,” Journal of Financial Economics 58, 2000, p81-112Easterbrook, Frank H., “Two Agency Cost Explanations of Dividends,” American Economic Review 74, 1984, p650-659Healy, Paul M. and Krishna G. Palepu, “Earnings Information Conveyed by Dividend Initiations and Omissions,” Journal of Financial Economics 21, 1988, p149-175Holder, Mark E., Frederick W. Langrehr and J. Lawrence Hexter, “Dividend Policy Determinants: An Investigation of Influences of Stakeholder Theory,” Financial Management 27, Autumn 1998, p73-82Jensen, Gerald R., Donald P. Solberg and Thomas. S. Zorn, “Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies,” Journal of Financial and Quantitative Analysis 27, 1994, p247-263Jensen, Michael C., “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers,” American Economic Review 76, 1986, p323-329John, Kose and Joseph Williams, “Dividends, Dilution, and Taxes: A Signaling Equilibrium,” Journal of Finance 40, 1985, p1053-1070Jensen, Michael C. and William H. Meckling, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics 3, 1976, p305-360La Porta, Rafael, Florencio Lopez-De-Silanes, Andrei Shleifer and Robert W. Vishny, “Agency Problems and Dividend Policies around the World,” The Journal of finance 55, February 2000, p1-33La Porta, Rafael, Florencio Lopez-de-Silanes and Andrei Shleifer, “Corporate Ownership around the World,” Journal of Finance 54, 1999, p471-518Lloyd, William P., John S. Jahera Jr., and Daniel E. Page, “Agency Costs and Dividend Payout Ratios,” Quarterly Journal of Business and Economics, summer, 1985, p19-29Lintner, John, “Distribution of Incomes of Corporations among Dividends, Retained Earnings and Taxes,” American Economic Review 46, 1956, p97-113Miller, Mertton H. and Kevin Rock, “Dividend Policy under Asymmetric Information,” The Journal of Finance 40, 1985, p1031-1051Miller, Merton H. and Franco Modigliani, “Dividend Policy, Growth, and the Valuation of Shares,” Journal of Business 34, 1961, p411-433Pettit, R. Richardson, “Dividend Announcement, Security Performance, and Capital Market Efficiency,” Journal of Finance 27, 1972, p993-1007Rozeff, Michael S., “Growth, Beta, and Agency Costs as Determinants of Dividend Payout Rations,” Journal of Financial Research, 1982, p249-259Ross, Stephen A., “The Determination of Financial Structure: The Incentive Signaling Approach,” The Bell Journal of Economics 8, 1977, p23-41Shleifer, Andrei and Robert W. Vishny, “A Survey of Corporate Governance,” Journal of Finance 52, 1997, p737-783Subrahanyam, Vijaya, Nanda Rangan and Stuart Rosenstein, “The Role of Outside Directors in Bank Acquisitions,” Financial Management 26, 1997, p23-36Schooley, Diane K., and L. Dwayne, Barney, Jr., “Using Dividend Policy and Managerial Ownership to Reduce Agency Costs,” The Journal of Financial Research 17, Fall 1994, p363-373Vogt, Stephen C., “The Cash Flow/Investment Relationship: Evidence from U.S. Manufacturing Firm,” Financial Management 23, summer 1994, pP3-20Watts, Ross, “The Information Content of Dividends,” The Journal of Business 46, April 1973, p191-211二、中文部分王宏吉,代理成本、交易成本與現金股利實証研究,輔仁大學企管所碩士論文,1996沈明鑑,集團企業與非集團企業股利政策之研究─以台灣地區上市公司為例,大葉工學院事業經營研究所碩士論文,1995吳文琦,現金股利宣告資訊效果—訊假假說、過度投資假說及顧客效果假說三者互動模式之研究,元智大學管理學院管理研究所,1998李彥真,現金股利變動宣告的資訊內容與產業移轉效果之研究,輔仁大學管理研究所財務管理組,1998林基煌,代理成本與融資決策,國立政治大學學報,第68期,1994姜淑美,董監事持股與財務決策間關係之探討,國立中正大學財務金融所碩士論文,1993洪振虔,台灣地區上市公司股利發放之探討,中山大學企管研究所碩士論文,1989張慶文,現金股利無償增資配股之決策選擇與其資訊內涵差異之研究,國立政治大學會計學系碩士論文,1997秦煥富,從代理問題觀點驗証股利收益率與CEO持股比率之間的關係,中興大學企研所碩士論文,1995唐明良,台灣股票上市公司股利政策管理動機之實證研究,成功大學會計研究所碩士論文,1994黃琬娟,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研究所,1995劉秀玲,影響資本結構和現金股利政策及內部股權決定因素分析,國立台灣技術學院管理技術研究所碩士論文,1994鄭立暘,現金股利之資訊內容、Tobin’s Q與股利率之關係,國立中正大財務金融所碩士論文,1996鄭明祺,我國上市公司代理問題對投資、融資決策與股利政策之影響,中原大學企管研究所碩士論文,1993 zh_TW