臺灣博碩士論文加值系統

本研究主要探討台灣上市櫃公司的股利政策，是否會因為高階經理人特質而造成股利政策決定的差異，選擇台灣上市櫃的公司做為研究對象，資料樣本期間為2010年到2014年，進行追蹤資料迴歸分析。本研究以高階經理人之專業學歷背景、學歷與年資作為高階經理人特質之代理變數，並以公司是否發放股利與股利殖利率為股利政策之代理變數。實證結果發現當高階經理人平均年資越高，越傾向股利發放。高階經理人中具財務會計專業背景的人數愈多卻傾向降低股利殖利率。此外，實證結果也發現公司規模與公司的獲利能力都正向影響股利的發放與股利殖利率。

This study investigates whether top managers’ characteristics affect corporate dividend policies. The sample firms include publicly listed firms in Taiwan Stock Exchange and Taipei Exchange from 2010 to 2014. We use three variables as proxies of top managers’ characteristics, including whether the top managers’ professional background is related to accounting and finance, whether the top managers get a master or PhD degree, and their seniority in the top management position. Also we use dummy of whether the firms pay dividends and dividend yields as proxies of corporate dividend policies. The empirical results indicate that the higher the top managers’ seniority, the more likely the firms pay the dividends. However, top managers with accounting or financial professional background tend to have low dividend yield. This paper also finds that firm size and profitability have positive impacts on corporate dividend policies.

目錄

封面內頁
簽名頁
中文摘要.............................iii
英文摘要.............................iv
致謝.................................v
目錄.................................vi
圖目錄...............................viii
表目錄...............................ix

第一章　緒論...........................1
第一節　研究背景與動機...................1
第二節　研究目的........................3
第三節　研究流程........................3
第二章　文獻探討........................5
第一節　高階經理人特質...................5
第二節　股利政策........................7
第三節　高階經理人對股利政策之影響........10
第三章　研究方法.......................13
第一節　樣本取樣與資料來源...............13
第二節　變數定義與衡量..................13
第三節　實證模型.......................14
第四章　實證分析.......................18
第一節　敘述性統.......................18
第二節　相關係數分析....................20
第三節　迴歸結果分析....................22
第五章　結論...........................26
參考文獻..............................28

圖目錄

圖1研究流程............................5

表目錄

表3-1變數資料彙整表.....................16
表4-1各變數之敘述性統計量................19
表4-2相關係數分析.......................21
表4-3迴歸分析..........................23

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方琪(2011)，企業績效與企業的股利政策，現代商業，2011(26)，22-24。
李皓(2000)，內部人、股市多空及兩稅合一對我格上市公司股利政策影響之探討，國立中正大學財務金融研究所碩士論文。
范有偉(2011)，股利政策應考量的因素與股東偏好，經濟日報，A20，稅務法務專欄。
洪鶴祐（2014），董事長及高階經理人專業背景與股利政策之研究，逢甲大學會計學系碩士論文。

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