臺灣博碩士論文加值系統

本論文之研究目的在於驗證台灣上市公司之股利政策，是否受到資本市場三項重要因素影響而產生變化，這三項因素分別為1998年兩稅合一的採行、2000年庫藏股買回之實施，以及公司治理的良窳。
本研究採用追蹤資料與動態追蹤資料模型驗證1985至2014年台灣上市公司的股利政策。研究結果發現，股利扣抵率較高之公司，其股利發放率也相對較高，此一結論符合稅賦偏好理論。股利政策對投資人行為的影響方面，本國自然人是唯一受到兩稅合一影響的投資人，但其對台灣上市公司的持股比例卻逐年下降；相反地，外國機構投資人對台股之持股比例卻逐年增加。此外，公司治理較佳的上市公司擁有較高的股利發放率，該結論支持股利的結果模型；但公司治理較差者，若有發行現金增資的計畫，其股利發放率將會高於公司治理較佳者，此一結果則與股利的替代模型一致。股權結構對股利政策的影響方面，非家族企業公司的股利發放率較家族企業為高，公司治理與股權結構對股利政策的制定亦為相互影響。最後，研究結果並不支持股利與庫藏股的完全替代效果，因為自台股開始實施庫藏股起，現金股利與庫藏股買回兩者皆逐年增加。以Lintner模型分別驗證股利金額與總發放金額的結果顯示，相較之下股利發放金額較具僵固性，該結果支持公司財務彈性假說。而公司治理較佳者無論在股利金額或總發放金額方面，皆較公司治理較差者高，因此該結論符合股利的結果模型。

The purpose of this research is to examine whether the corporate dividend payout policy is influenced by the introduction of dividend imputation in 1998, the permission of stock repurchases in 2000, and the corporate governance in Taiwan.
This study uses the panel data and dynamic panel data models to investigate the listed firms on the TWSE from 1985 to 2014. The finding of this study is consistent with the tax preference for the distribution of dividends: a higher level of tax deductible rate was associated with a higher cash dividend payout ratio. In terms of the investor behavior, domestic individual investors have been the only shareholders affected by the introduced dividend imputation, whereas the percentage of firms owned by domestic individual investors has decreased. However, the percentage of firms owned by foreign institutional investors has increased. Besides, strong corporate governance (SCG) firms generally have higher dividend payouts than weak corporate governance (WCG) firms, supporting the outcome model of dividend. As firms plan to issue seasoned offerings in the future, WCG firms have higher dividend payouts than do SCG firms; this result is consistent with the substitute model of dividend. As regards the ownership structure of companies, nonfamily-controlled firms have higher dividend payout ratios, and corporate governance and ownership structure are interdependent factors when companies develop dividend policies. Finally, the result is inconsistent with the perfect substitute effect between dividends and repurchases whereas dividends and total payouts increase synchronously since repurchases were permitted. Dividends are more rigid than total payouts in Lintner’s model, which supports the financial flexibility hypothesis. Firms with strong corporate governance have higher dividends and total payouts than firms with weak corporate governance, is consistent with the outcome agency model of dividends.

指導教授推薦書
口試委員會審定書
致謝 iii
中文摘要 iv
英文摘要 vi
Chapter 1 Introduction - 1 -
Chapter 2 Literature Review - 5 -
2.1. Tax, investor behavior, and payout policy - 5 -
2.2. Corporate governance and payout policy - 7 -
2.3. Stock repurchase and payout policy - 12 -
Chapter 3 Data and Methodology - 18 -
3.1. Data................. - 18 -
3.2. Sample and research period - 18 -
3.3. Methodology - 19 -
3.4. Empirical model - 21 -
Chapter 4 Tax, Investor Behavior, and Dividend Policy ....................- 26 -
4.1. Taxes and dividend payout in Taiwan ..........- 26 -
4.2. Imputation tax and dividend payout.... - 28 -
Chapter 5 Corporate Governance and Dividend Policy... - 58 -
5.1. Empirical model ...- 58 -
5.2. Data description - 64 -
5.3. Results - 71 -
Chapter 6 Stock Repurchase and Dividend Policy - 84 -
6.1. Institutional environment and tax treatment - 84 -
6.2. Hypotheses and model - 86 -
6.3. Data description - 90 -
6.4. Empirical test - 101 -
6.5. Corporate governance and payout policy - 109 -
Chapter 7 Conclusions - 120 -
7.1. Tax, investor behavior, and payout policy - 120 -
7.2. Corporate governance and payout policy - 121 -
7.3. Stock repurchase and payout policy - 123 -
References - 126 -

List of Figures
Figure 4. 1 Number of firms paying dividends on TWSE from 1993 to 2014 - 37 -
Figure 4. 2 Dividend payment and payout ratio during period 1993 to 2014 - 39 -
Figure 4. 3 Corporate capital structure policy: debt financing versus dividend paying - 41 -
Figure 4. 4 The comparison between income tax rate and tax deductible rate... - 53 -
Figure 4. 5 The changes of listed firms' shareholder structure in Taiwan Securities Exchange - 53 -
Figure 4. 6 The changes of DIIH among different firm size groups - 54 -
Figure 4. 7 Effect of imputation tax system on dividend payout: break down by firm size - 56 -
Figure 4. 8 Sources of cash dividend and stock dividend - 57 -
Figure 5. 1 The trend of seasoned offerings in Taiwan capital market - 76 -
Figure 5. 2 The relationship between dividend payout ratio and growth opportunity for all sample firms from 2000 to 2012 - 81 -
Figure 5. 3 The relationship between dividend payout ratio and growth opportunity for SCG firms and WCG firms from 2000 to 2012 - 81 -
Figure 5. 4 The relationship between dividend payout ratio and growth opportunity for Non-Family control firms and Family control firms from 2000 to 2012 - 82 -
Figure 6. 1 The trends of three types of cash payout in Taiwan, 1985-2014 - 93 -
Figure 6. 2 The number of firms with different dividend policies - 93 -
Figure 6. 3 The percent of firms with different dividend policies - 94 -
Figure 6. 4A The percent of strong corporate governance (SCG) firms with different dividend policies - 111 -
Figure 6. 4B The percent of weak corporate governance (WCG) firms with different dividend policies - 111 -


List of Tables
Table 4. 1 Income tax system in Taiwan: 1993 to 2014 - 30 -
Table 4.2 Summary Statistics - 42 -
Table 4.3 Correlation Matrix - 43 -
Table 4. 4 Effect of imputation tax system on corporate dividend policy by panel data model - 46 -
Table 4. 5 Effect of imputation tax system on corporate dividend and debt policy by panel data model - 48 -
Table 4. 6 Effect of imputation tax system on investor behavior by panel data model - 51 -
Table 5. 1 Definitions of variables - 63 -
Table 5. 2 Mean and median of variables - 67 -
Table 5. 3 Correlation coefficient between variables - 73 -
Table 5. 4 Dynamic panel data regression - 75 -
Table 6. 1 Summary statistics for earnings and firm size of various types of payout - 95 -
Table 6. 2 Payout as a percentage of earnings per year - 98 -
Table 6. 3 Percentages of payouts for high income firms - 99 -
Table 6. 4 Summary statistics for payout and firm characteristics - 101 -
Table 6. 5 Classical Lintner model and total payout model - 106 -
Table 6. 6 Classical Lintner model and total payout model by introducing firm characteristics - 108 -
Table 6. 7 Summary statistics for payout and firm characteristics under different corporate governance regimes - 112 -
Table 6. 8 Classical Lintner model and total payout model under different corporate governance regimes - 113 -
Table 6. 9 Classical Lintner model and total payout model by introducing firm characteristics under different corporate governance regimes - 118 -

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