臺灣博碩士論文加值系統

本文以民國89至91年之台灣上市公司排除金融業為研究對象，探討控制股東之股權結構及董事會組成是否對股利政策產生負的侵占效果。研究結果顯示當控制股東之現金權與董事會席次之偏離情況越嚴重時，會降低現金股利的發放，此結果符合負的侵占效果假說。此外，在控制股東的控制權大於20％時，此侵占效果愈明顯。

This paper tests two models of dividends in Taiwan during the period of 2000-2002. And the empirical results in Taiwan support the expropriation hypothesis which argues that dividends signal the severity of the conflict between controlling and small shareholder. That is firms with weak corporate governance are associated with fewer cash dividend paying. However, the expropriation phenomenon is not such obvious gauged by deviations from control rights to cash flow rights. But if we replace deviations from control rights to cash flow rights with deviations from the percentage of board seats controlling shareholders occupy to cash flow rights, the expropriation by not paying dividends to shareholders becomes significant. This variable is proven to be more representative of conflicting interests between minority and majority shareholders in our regressions and proves controlling shareholders will exert their power in the board of directors to affect corporate dividend policy.

I. INTRODUCTION 1
II. LITERATURE REVIEW 3
II.1. Dividend Policy 3
II.2. Corporate Governance 4
II.3. CG & Dividend Policy 6
III. THE HYPOTHESES 10
Hypothesis 1: Dividends as an Outcome of Protection of Shareholders 10
Hypothesis 2: Dividends as a Vehicle to Reducing Conflicting Interests between Minority and Majority Shareholders 10
IV. METHODOLOGY 11
IV.1. The Sample 11
IV.2. The Empirical Model 11
IV.2.1. Dependent variable 11
IV.2.2. Corporate Governance Variables 13
IV.2.3. Control Variables 15
V. EMPIRICAL RESULTS 17
V.1. Descriptive Statistics 17
V.2. Simple Statistics 20
V.3. Regressions 22
V.3.1. Dividend Yield 22
V.3.2. Dividend Payout Ratio 24
V.3.3. Cash Dividends to Total Dividends Ratio 26
V.3.4. Stock Dividends and Total Dividends 28
VI. CONCLUSIONS 32
REFERENCES 33

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