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研究生:鄭琬穎
研究生(外文):Wan-Ying Cheng
論文名稱:公司是否管理盈餘迎合投資人對股利的需求?
論文名稱(外文):Do Firms Manage Earnings to Cater Investor Demand for Dividend?
指導教授:池祥萱池祥萱引用關係
指導教授(外文):Hsiang-Hsuan Chih
學位類別:碩士
校院名稱:國立東華大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
論文頁數:59
中文關鍵詞:盈餘管理股利門檻迎合
外文關鍵詞:Earnings managementdividend thresholdcatering
相關次數:
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  • 下載下載:28
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本文主要探討公司管理盈餘是否會迎合投資人對股利的需求,Daniel et al.(2008) 提出公司會提升盈餘來達到股利門檻的論點,Li and Lie (2006) 則提出管理當局作股利決策時會迎合投資人的股利需求選擇增發、減發股利,若股利溢酬較高則管理當局增發股利的可能性較高;若股利溢酬較低則管理當局減發股利的可能性較高。本篇文章以預期股利為股利門檻和股利溢酬替代迎合變數,探討管理當局是否會迎合投資人對股利的需求從事盈餘管理來達到股利門檻,並驗證管理當局管理盈餘迎合投資人的短期市場反應。本篇研究發現當公司管理前盈餘為達到預期股利門檻且投資人偏好股利的情況下,會使管理當局從事盈餘管理。
This paper examines whether managers manage earnings to cater investors’demand for dividends. Daniel et al. (2008) report empirical evidence that firms manage earnings pwards to meet dividend thresholds. Li and Lie (2006) find that managers consider investor demand for dividend when they make dividend policy. As a result, managers cater to investor demand for dividends by paying dividends when
investors place a premium on dividend-paying stocks, and vice versa. This paper discuss if firms cater investor demand for dividend by managing earnings upward to meet the threshold and examine the market response to dividend policy.
第一章 前言 1
第一節 研究動機 1
第二節 研究流程 4
第二章 文獻探討 5
第一節 影響股利政策的因素 5
第二節 盈餘管理 8
第三章 樣本及研究方法 11
第一節 資料來源及樣本選取 11
第二節 研究方法 12
第四章 實證結果與分析 15
第一節 基礎敘述性統計分析 15
第二節 盈餘是否達到股利門檻與股利溢酬對盈餘管理的影響 18
第三節 股利宣告的短期異常報酬與盈餘管理的關聯 19
第五章 結論 21
參考文獻 23
附錄:公司是否管理盈餘迎合投資人的股利需求? 51
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