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研究生:詹忠衛
研究生(外文):Chung-wei Chan
論文名稱:公司品質與股利及融資政策之關係
論文名稱(外文):The Relation among Firm Quality, Dividend, and Financing Policy
指導教授:簡金成簡金成引用關係陳俊男陳俊男引用關係
指導教授(外文):Chin-Chen ChienChun-Nan Chen
學位類別:碩士
校院名稱:國立成功大學
系所名稱:財務金融研究所
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:2002
畢業學年度:90
語文別:中文
論文頁數:63
中文關鍵詞:融資政策訊息假說股利政策
外文關鍵詞:Financing policySignaling hypothesisDividend policy
相關次數:
  • 被引用被引用:26
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  本文探討在資訊不對稱的狀態下,公司如何應用股利及融資政策作為訊息向市場傳遞公司品質。分析結果顯示:(1)負債水準為公司傳遞其品質之必要但非充份條件; (2)對於負債有自主性之公司,股利政策為區別公司品質之充分條件;以及(3)對於負債有自主性之公司,在品質達到一定水準後,隨著負債之邊際成本遞增,會輔以股利政策作為傳達公司品質之訊息。實證結果顯示,基於財務危機公司非自願性提高負債水準之性質,投資人無法單純從融資決策分辨公司品質。因此,非財務危機公司較財務危機公司有較低負債與較高的現金股利。對於負債有自主性之公司而言,在無法純粹就融資決策區分公司品質之下,高品質公司將藉由股利政策作為訊息,故股利政策成為區別公司品質之充分條件。在負債達到一定水準後,由於邊際訊息效果遞減,品質較高之公司會輔以高現金股利,以釋放其內部訊息。
This paper investigates how dividend and debt can be employed to signal firm’s quality. Our analyses indicate that: (1) financing strategy is a necessary but not sufficient condition for signaling purposes; (2) dividend policy is a sufficient condition for firms that haven’t been forced to raise debt to signal their quality; and (3) firms would employ dividend as a supplemental signaling device when the marginal signaling effect of debt starts to decline. Empirical results indicate that firm’s quality cannot be distinguished by debt only because firms with financial distress have been forced to raise their debts involuntarily. Firms that are not faced with financial distress would take the action of reducing debts and paying dividends, both activities cannot be imitated by financial distressing firms. Non-financial distressing firms would employ dividend as a complemental signaling device once the level of debt reaches certain point and the marginal information effect of debt starts to decline.
目 錄

第一章 諸論 1
 第一節 研究背景與動機 1
 第二節 研究目的與貢獻 4
 第三節 研究流程與論文架構 5
 第四節 研究限制 6

第二章 相關理論與文獻探討 7
 第一節 資本結構理論 7
 第二節 股利政策理論 11
 第三節 訊息假說(Information Hypotheses)理論 15
 第四節 訊息假說之後續相關研究 17

第三章 可檢驗假說與研究方法 25
 第一節 可檢驗假說 25
 第二節 樣本設計與描述 34

第四章 實證檢定與結果分析 38
 第一節 公司品質與財務決策實證結果 38
 第二節 品質達一定水準公司財務決策實證結果 40
 第三節 迴歸分析 43

第五章 結論 46

附錄一  47

附錄二  52

參考文獻 57

表 目 錄

 表3-1 財務危機公司彙總 35
 表3-1 財務危機公司彙總(續) 36
 表3-2 財務危機公司與非財務危機公司之統計資料 37
 表3-3 非財務危機公司統計資料 37
 表4-1 公司品質與每股負債及每股現金股利之關係 40
 表4-2 高品質與低品質公司財務決策之實證結果 42
 表4-3 高品質與低品質公司財務決策之實證結果(續) 43
 表4-4 公司品質與每股負債及現金股利之迴歸分析結果 44
 表4-5 自變數每股負債與每股現金股利之聯合檢定結果 44
 表4-6 虛擬變數之迴歸分析結果 45 


圖 目 錄

 圖1-1 研究架構流程圖 5
 圖4-1 公司品質與負債及股利政策之關係 41
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