臺灣博碩士論文加值系統

公司的股利政策一直以來就是一個相當值得研究的議題，過往探討股利政策的文獻不勝枚舉，但卻沒有文獻是從國際化角度切入探討股利政策與其之間的關係，這成為本次研究的研究目的。本次研究係根據Denis and Osobov（2008）的模型，並且採用五個國際化變數來檢驗公司的國際化程度是否會影響公司的股利發放以及股利發放的比例。研究結論如下：
1.公司的國際化程度若越高，越傾向於發放股利。
2.公司的國際化程度越高，股利支付率也越高，不過這部分較沒有一致的實證結果來支持。
3. 跨國公司的股利發放確實會受到國際化的影響，本國企業則無。
4. 公司的國際化程度與股利發放傾向及股利支付率之間的非線性關係並不一致
無論如何，我們知道公司的國際化程度的確會影響公司的股利政策，這結果
希望能給台灣的上市公司作為參考之用。以期望在越趨國際化的全球市場，台灣
的公司能夠占有一席之地。

關鍵字：股利政策、國際化

The dividend policy of company is always a subject which is worth to explore. Past literature about dividend policy is too much, but there is none to explore the relationship between internationalization and dividend policy. That’s the purpose of this research.
This research follows the model of Denis and Osobov, uses five different international variables to explore whether the internationalization of firms will affect the propensity of dividend payment and dividend payout ratio or not. The results are as follows：
1. It’s true that the internationalization of firms would affect the propensity of dividend payment.
2. The internationalization of firms would affect the payout ratio too, but there is no evidence robust to support.
3. Taiwan’s MNCs dividend payment would be affect by internationalization, neither do DCs.
4. It’s not so identical that there is a nonlinear relationship between the internationalization of firms and dividend payment, and there is a nonlinear relationship between the internationalization of firms and dividend payout ratio, and it is also not identical.
However, we can understand that the internationalization of firms would affect dividend policy, and this result can be a good example for all the pubic firms in Taiwan.

Key Word: Dividend policy, Internationalization

第一章 緒論..........................................................................................P.1
第一節 研究背景與動機................................................................................ P.1
第二節 研究目的.............................................................................................P.3
第三節 研究範圍與限制.................................................................................P.3
第四節 研究架構.............................................................................................P.4
第二章 文獻探討..................................................................................P.6
第一節 股利的相關理論.......................................................................P.6
第二節 顧客效果理論..........................................................................P.6
第三節 股利訊號發射理論...................................................................P.7
第四節 迎合理論.................................................................................P.12
第五節 企業生命週期理論...................................................................P.13
第三章 研究設計..................................................................................P.15
第一節 模型建立.................................................................................P.15
第二節 研究變數定義..........................................................................P.16
第三節 樣本與資料來源.......................................................................P.19

第四章 實證結果分析...........................................................................P.21
第一節 海外資產比與股利政策及股利支付率之間的關係.........................P.23
第二節 外銷比與股利政策及股利支付率之間的關係.................................P.25
第三節 海外子公司數與股利政策及股利支付率之間的關係.....................P.26
第四節 海外投資國家數與股利政策及股利支付率之間的關係.................P.27
第五節 大陸投資餘額佔總資產百分比與股利政策及股利支付率之間的關係
..........................................................................................................................P.28
第六節 台灣跨國公司的海外資產比與股利發放及股利支付率的關係.....P.30
第七節 台灣本國公司的海外資產比與股利發放及股利支付率的關係.....P.31
第五章 結論與建議
第一節 研究結論.................................................................................P.33
第二節 研究建議.................................................................................P.33
參考文獻................................................................................................P.34

【中文部分】
王中全(民 97 年)，「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。

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