臺灣博碩士論文加值系統

本論文旨在檢視台灣上市公司獨特之股利(包括現金股利、股票股利及雙股利)發放趨勢，股利迎合現象是否存在，以及影響股利決策之因素。研究結果發現，90年代末期以後，發放雙股利或現金股利的公司比率逐漸上揚，發放股票股利的公司比率則大幅下滑。股利溢價不僅會影響股利發放與否，同時也會影響股利增減決策與股利變化幅度。當某種形態的股利溢價(如現金股利)較高時，經理人較有可能發放該種股利，而較不可能發放其他股利(如股票股利)。當現金股利溢價較高時，公司較有可能決定增加現金股利，而當現金股利或股票股利溢價較高時，公司較有可能增加現金股利或股票股利發放幅度。既使在控制了公司特質、風險、外部股利政策、總體經濟情勢等因素後，迎合現象依舊顯著。其他會影響股利發放與變化決策之重要因素也進行了確認。本論文對台灣股票市場所發行的各類股利發放實務，提供了一個完整的了解。

This study examines the unique patterns of dividend polices, including cash-only, stock-only, and dual dividends, the presence of dividend catering situations, and the factors driving the dividend decisions of Taiwanese firms. After the late 1990s, the proportion of firms paying dual dividends or cash-only dividends has risen gradually while the percentage of firms paying stock-only dividends has fallen sharply. Dividend premiums are related to not only the dividend decision, but also dividend changes and the magnitude of dividend changes. When one type of dividend premium (i.e. cash dividend) is high, managers are more likely to issue the same type of dividend and less likely to issue the other type of dividend (i.e. stock dividend). Firms are more likely to increase cash dividends when cash dividend premiums are high and raise the magnitudes of cash and stock dividends when cash and stock dividend premiums are high, respectively. Catering persists even after controlling for the effect of a firm’s characteristics, risk, external policy, and macroeconomic situations. Other important determinants of the decision to pay or change dividends are also identified herein. This study offers a comprehensive understanding of all types of dividend payout practices in the Taiwan stock market.

論文審定書 i

致謝辭 ii

摘要 iii

Abstract iv

Content Index v

List of Figures viii

List of Tables ix

Chapter 1 Introduction 1
1.1 Background and Motivation 1
1.2 Purposes and Research Questions 5
1.3 Organization of This Research 7

Chapter 2 Literature Review 8
2.1 Pattern of Dividend Payout 8
2.2 Catering Theory 10
2.3 Other Determinants of Dividends 14

Chapter 3 Presence of Dividend Catering 18
3.1 Hypothesis 18
3.2 Sample 19
3.3 Measurement of Variables 20

Chapter 4 Catering Effects in Corporate Dividend Policy 25
4.1 Patterns of Various Dividend Payers 25
4.2 Descriptive Statistics 27
4.3 Multinomial Logistic Regression of the Cash-Dividend-Only Decision on the Three Types of Dividend Premiums 33
4.4 Multinomial Logistic Regression of the Stock-Dividend-Only Decision on the Three Types of Dividend Premiums 37
4.5 Multinomial Logistic Regression of the Dual Dividend Decision on the Three Types of Dividend Premiums 40
4.6 Multinomial Logistic Regression of the Cash Dividend Decision on Cash Dividend Premiums 40
4.7 Robustness Checks 44
4.7.1 Alternative Proxy on Investor Sentiment for Dividends 45
4.7.2 Do Firms Cater to Investors’ Preference for Low-Priced Firms? 51
4.7.3 Alternative Proxy for Maturity 53

Chapter 5 Extended Catering Theory 58
5.1 Hypothesis 58
5.2 Sample 59
5.3 Method and Measurement 60

Chapter 6 Dividend Changes and Catering Incentives 64
6.1 Descriptive Statistics 64
6.2 Logistic Regression Results for the Decision to Change Dividends and the Magnitude of Dividend Changes 69
6.3 Robustness Checks 72
6.3.1 Alternative Proxy on Investor Sentiment for Dividends 73
6.3.2 Alternative Proxy for Growth Opportunities and Maturity 73
6.3.3 Catering to High-Level Dividend Premiums 81

Chapter 7 Conclusion and Future Study 85
7.1 Conclusion 85
7.2 Future Study 87

References 89

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