臺灣博碩士論文加值系統

本文研究以1995至2012年非金融、燃料、能源產業之台灣上市、上櫃、下市、下櫃公司為樣本，瞭解股利的發放是否傳達公司未來經營績效，在探討應計品質低的公司，其股利變動加強傳達未來經營績效的訊息。

以總流動應計項目、以前一年、當年、後一年營運現金，銷售淨額變化量，固定資產之變數，求得應計品質，以單變量比較和迴歸分析方法，探討股利變動傳達未來經營績效的訊息，以及應計品質低的公司，其股利變動加強傳達未來經營績效的訊息。綜合以上，本研究結果發現股利變動傳達未來異常經營績效。以及當公司治理不佳、應計品質低的公司，其股利正變動加強傳達未來經營績效的訊息，然而應計品質低，其股利負變動的公司並沒有傳達未來異常經營績效。

In this study, TEJ Database from 1995 to 2012 non-financial, fuel and energy industry, GTSM, TWSE, GTSM-Delisted, TWSE -Delisted as samples. This study takes both univariate control-firm approach and regression approach, to understand whether a firm’s dividend change conveys information about its future operating performance, and a firm’s accrual quality will make a difference with regard to the strength of information conveyance of dividend changes to the future operation performance.
The total current accruals, a year ago, current, after a year of cash flow, the amount of change in net sales, fixed assets variables, calculated accrual quality. Based on the above, the results of the study found that abnormal changes in dividend convey future operating performance. As well as poor corporate governance, low accrual quality with a positive change in the dividend to strengthen convey the message of the future operating performance, but low accrual quality with a negative change in the dividend does not strengthen convey a negative future abnormal operating performance.

目錄 .................................................................................................................. ii
表目錄 ................................................................................................................ iv
第一章 緒論 .......................................................................................................... 1
第一節 研究背景與動機 ............................................................................................. 1
第二節 研究目的 .................................................................................................. 2
第二章 文獻探討 ...................................................................................................... 5
第一節 股利訊息和未來經營績效的關係 .................................................................................... 5
第二節 應計品質與盈餘的關係 ........................................................................................... 8
第三章 研究設計 ..................................................................................................... 11
第一節 資料來源與樣本選取 ............................................................................................ 11
第二節 股利變動傳達未來經營績效的訊息之實證方法 ........................................................................ 11
第三節 應計品質低的公司，其股利變動加強傳達未來經營績效的訊息之實證方法 ................................................... 15
第四章 實證結果與分析 ............................................................................................... 24
第一節 樣本敘述統計 ................................................................................................. 24
第二節 實證結果分析 ................................................................................................. 29
第五章 結論 ........................................................................................................ 35
參考文獻 ............................................................................................................. 37
附錄 ................................................................................................................ 40

Allen, F., Michaely, R., 2003. Payout policy. In: Constaides, G., Harris, M., Stulz, R. (Eds) North Holland Handbook of the Economics of Finance. Elsevier Finanve, Amsterdam.

Aharony, J., Swary, I., 1980. Quarterly dividend and earnings announcement and stockholders’ returns: an empirical analysis. Journal of Finance 35,1-12.

Asquith, P., Mullins Jr., D.W., 1983. The impact of initiating dividend payments on shareholder wealth. Journal of Business 56, 77-96.

Brav, A., John R. Graham, Campbell R. Harvey, Roni Michaely. 2005. Payout policy in the 21st century. Journal of Financial Economics, 77, 483-527.

Balachandran, B., Krishnamurti, C., Theobald, M.,Vidanapathirana, B., 2012.
Dividend Reductions, the Timing of Dividend Payments and Information Content.Journal of Corporate Finance 18, 1232-1247.

Bhattacharya, S., 1979. Impact information dividend policy and the bird in the hand fallacy. Bell J. Econ. 10, 259-270.

Benartzi , S., Michaely, R., Thaler, R., 1997. Do changes in dividends signal the future ot the past? Journal of Finance 52, 1007-1034.

Dechow, P. M. 1994. Accounting earnings and cash flows as measure of firm performance: The role of accounting accruals. Journal of Accounting and Economics 18 (July): 3-42.

DeAngelo, H., DeAngelo, L., Skinner, D.J., 1996. Reversal of fortune: dividend signaling and the disappearance of sustained earnings growth. Journal of Financial Economics 40, 341-371.

DeAngelo, H., DeAngelo, L., Skinner, D.J. 2008. Coporate payout policy. Foundation and Trends in Finance, Vol 3, Nos 2-3, pp 98-287.

Franco Modigliani and Merton H. Miller. 1958. The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48, 261-97.

Francis, J., LaFond, R., Olssona, P., Schipperc, K. Themarket pricing of accruals quality. Journal of Accounting and Economics 39 (2005) 295–327

Healy, P. M., and J. M. Wahlen. 1999. A review of the earnings management literature and its implication for standard setting. Accounting Horizon 13 (December): 365-383.

Grullon, G., Michaely, R., Swaminathan, B., 2002 Are dividend changes a sign of firm maturity? Journal of Business 75, 387-424.

Grullon, G., Michaely, R., Benartzi, S., Thaler, R.,2005. Dividend changes do not signal changes in future profitability. J. Bus

John, K., and Williams, J., 1985. Dividend, dilution, and taxes: a signal equilibrium. Journal of Finance 40, 1053-1070.

Jones, J. J. 1991. Earnings management during import relief investigation. Journal of Accounting Research 29 (2): 193-228.

Lie, E. 2005. Operating performance following dividend decrease and omissions. Journal of Corporate Finance 12 (2005) 27-53.

McNichols, M.F.,2002. The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors: Discussion. The Accounting Review 77, 61-69.

Mikhail, M.B., Walther, B.R.,Willis, R.H., 2003. Reactions to Dividend Changes Conditional on Earnings Quality. Journal of Accounting, Auditing & Finance 18, 121-151.

Michael B. Mikhail., Beverly R. Walther., and Richard H. Willis. Reaction to Dividend Changes Conditional on Earnings Quality. Journal of Accounting, Auditing & Finance January 2003 18: 121-152.
Miller, M. H., Rock, K., 1985. Dividend policy under asymmetric informantion. J. Finance 40,1031-1051.

Miller, M., and F. Modigliani. 1961 “Dividend Policy, Growth, and the Valuation of Share.” The Journal of Business 34;411-433.

Nissim, D., Ziv, A., 2001. Dividend changes and future profitability. Journal of Finance 56, 2111-2133.

Skinner, D.J., Soltes, E., 2011. What do dividends tell us about earnings qulity? Rev. Account. Stud. 16, 1-28.

Yoon, P., and L. Starks. 1995. “Signaling, Investment Opportunities, and Dividend Announcement.” The Review of financial Studies 8:995-1018.