臺灣博碩士論文加值系統

董事會選舉制度一直是影響公司治理的重大因素，但近年來許多企業常利用董事會選舉制度來掌握董事，造成萬年董事長和一言堂董事會的情況發生，故民國2011年政府為解決此一弊端，修改公司法第198條將以前可使用全額連記法改為現今只能使用累計投票制，其目的就是期望董事會能加入非控制股權董事席次，讓企業董事會不再只是固定成員，而企業也有更良好的決策產生，促使企業更蓬勃發展；股利政策是財務活動中重大決策之一，且Rozeff (1982)認為股利政策可降低代理成本解決代理問題尤其是現金股利發放，故本研究探討非控制股權董事對企業股利政策影響，期望能為公司治理提出的貢獻。
結果顯示：非控制股權董事的席次越多現金股利發放的程度越高，代表非控制股權董事確實是偏好現金股利，其原因是非控制股權董事皆由非控制股權股東或外部獨立董事所組成，而外部股東要的就是現金股利(Gordon, 1962; Rozeff, 1982)，而獨立董事皆由具備專門學識及經驗者擔任，對於現金股利也較偏好(張雅琳，2004；趙苑婷，2011)，其原因現金股利發放政策可以提高公司價值，對於企業的募集資金是有很大的助益，故獨立董事也偏好現金股利政策。

The electoral system of board has been a major factor affecting corporate governance. But in these years many companies often use the electoral system to control the member of board, so let the situation of long time long-serving chairman and one maker board happenes. Therefore, at 2011 for solve this malpractice. Government modify Company Law Section 198 from the block vote to only can use cumulative voting. Its goal is expected non-controlling interest can be join to the board, and let the board seats become flowing. Then that companies produce more good decisions and become flourish. Dividend policy is one of the major decisions in financial activities, and Rozeff (1982) considered the dividend policy can reduce agency costs and can solve the problem of payment of cash dividends. This study was to investigate the non-controlling interest of directors for corporate dividend policy implications. And expect can made contribution to the corporate governance.
The results show that: the more seat of non-controlling interest in the board let cash dividend payment become higher. It’s mean that non-controlling interest is really prefer cash dividends. And the reason is the non-controlling interest are chosen by non-controlling interest shareholders or independent directors. Because the request of outside shareholders is cash dividends (Gordon, 1962; Rozeff, 1982). The independent directors rests with specialized knowledge and experience are preference for cash dividends, too(張雅琳，2004；趙苑婷，2011). Because the cash dividend policy can improve the value of the company, and can have a great help for raise funds. So the independent directors also prefer cash dividend policy.

內容目錄
中文摘要　．．．．．．．．．．．．．．．．．．．．．． iii
英文摘要　．．．．．．．．．．．．．．．．．．．．．． iv
誌謝辭　　．．．．．．．．．．．．．．．．．．．．．． v
內容目錄　．．．．．．．．．．．．．．．．．．．．．． vi
表目錄　　．．．．．．．．．．．．．．．．．．．．．． viii
圖目錄　　．．．．．．．．．．．．．．．．．．．．．． ix
第一章　　緒論．．．．．．．．．．．．．．．．．．．． 1
　　第一節　　研究背景．．．．．．．．．．．．．．．． 1
　　第二節　　研究目的．．．．．．．．．．．．．．．． 2
　　第三節　　研究架構與流程．．．．．．．．．．．．． 3
第二章　　文獻探討．．．．．．．．．．．．．．．．．． 5
　　第一節　　股利政策相關文獻．．．．．．．．．．．． 5
　　第二節　　代理成本相關文獻．．．．．．．．．．． 8
　　第三節　　法令相關文獻．．．．．．．．．．．．． 10
第三章　　研究方法．．．．．．．．．．．．．．．．．． 13
　　第一節　　假說之建立．．．．．．．．．．．．．．． 13
　　第二節　　樣本的選取與蒐集．．．．．．．．．．．． 14
　　第三節　　變數之操作型定義．．．．．．．．．．．． 15
　　第四節　　分析方法與實證模型．．．．．．．．．．． 19
第四章　　實證結果與分析．．．．．．．．．．．．．．． 21
　　第一節　　敘述性統計分析．．．．．．．．．．．．． 21
　　第二節　　Pearson相關性分析．．．．．．．．．．． 23
　　第三節．多元迴歸分析．．．．．．．．．．．．．．． 25
第五章　　結論與建議．．．．．．．．．．．．．．．． 29
　　第一節　　結論．．．．．．．．．．．．．．．．． 29
　　第二節　　建議．．．．．．．．．．．．．．．．． 30
參考文獻　．．．．．．．．．．．．．．．．．．．．． 31

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楊凱婷(2009)，從股東行動主義之觀點論股東提案權制度，輔仁大學財經法律學研究所碩士論文。
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