臺灣博碩士論文加值系統

企業股利政策的研究一直都是文獻上受關注的議題，不過缺乏一致性的共識，眾多文獻研究企業股利支付的結果，卻鮮少同時針對影響企業發放模式的決定性因素與不同模式帶來的影響差異進行討論。公司會依照自身財務情況制定股利政策選擇較佳的支付模式，本文旨在探討內生化考量之下的股利發放模式對企業績效有何影響。本研究以2005年至2011年台灣上市公司為研究對象，將企業股利發放模式分為：不發股利、全部以現金模式發放、全部以股票模式發放、現金與股票各半的發放模式，現金多於股票的發放模式，以及股票多於現金的發放模式等六種股利決策進行分析，在納入影響股利發放決策之決定性因素後，利用最大概似法估計多項式差異模型進行企業表現的成效比較。研究結果顯示公司的獲利能力，負債比率，盈餘，資產成長率顯著的影響公司股利發放，符合股利訊號理論及代理理論。整體而言，採行現金股利多於股票股利的發放模式之企業表現最佳；在缺乏投資機會下，企業選擇現金股利的股利決策模式其績效表現較好，顯示比起只單純支付股票股利的模式，投資者對於支付現金股利的企業更具信心；然而對具投資機會的企業，選擇雙元股利的支付模式比其他模式更能提高公司績效，表示投資人可以為了最大利益而承受風險，顯見股利發放決策對企業績效表現具決定性影響。

The important of corporate dividend decision has been debate in recent decades. Lots of research had focus on dividend payout ratio and ignored the pattern of dividend payments. Company will according financial situations determine their dividend payment pattern whether can really improve company performance. Thus, the purpose of this paper attempts to explore what kind of dividend pattern is useful enhance firm’s performance. The sample include firms listed on Taiwan Stock Exchange during the period of 2005 to 2011 are classified into six parts and find out the determinants of dividend payments decision. This study used a maximum likelihood estimation of the treatment effect model that avoid endogenous problem. The result indicated the profitability, leverage, earnings, assets growth rate significant affect dividend payout policy which supports dividend signaling theory and agency theory. In full model, the cash dividend more than stock dividend pattern is most significant to raise firm performance. In difference investment opportunity situations, the choice of cash dividend is useful raising firm performance in absence of investment opportunity. Showing pay some cash dividend is better than stock dividend more than cash dividend helps investors restore the company to confidence. Moreover, choose dual dividend pattern is useful to raise firm performance more than other situations with investment opportunities. Indicate the investor can afford risk to pursue maximum benefits.

Chapter1 Introduction 1
1.1 Research background 1
1.2 Research motive and purpose 3
1.3 Overview 4
Chapter2 Literature Review 5
2.1 Dividend theory 5
2.2 Determinants of dividend 8
2.3 Firm performance 16
Chapter3 Research Methodology 21
3.1 Data and variables 21
3.2 Methodology 23
Chapter4 Empirical Results 25
4.1 The descriptive statistics 25
4.2 The empirical result of dividend pattern 29
Chapter5 Conclusion and Discussion 41
5.1 Conclusion 41
5.2 Limitations and recommendations 43
References 44
Appendix 50

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