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研究生:柯莉莉
研究生(外文):Li-Li Ke
論文名稱:成長機會與公司融資決策及股利政策關聯性之研究
論文名稱(外文):The association between growth opportunities and corporate financing dividend policies
指導教授:陳安琳陳安琳引用關係
指導教授(外文):Chen, Anlin
學位類別:碩士
校院名稱:國立中山大學
系所名稱:企業管理學系研究所
學門:商業及管理學門
學類:企業管理學類
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:69
中文關鍵詞:成長機會股利政策融資決策
外文關鍵詞:dividend policygrowth opportunityfinancing policy
相關次數:
  • 被引用被引用:22
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論文摘要:
從過去財務、會計文獻發現成長機會是解釋公司未何有不同的股利、融資決策很重要的變數之一,但是成長機會其實是無法明確衡量的,從實證研究中也發現所使用的變數不同也往往獲得相異的結果,本研究目的在了解成長機會和實際成長的關係,釐清不同的成長機會代理變數的適用性,及檢驗成長機會和公司融資、股利決策的關係符合契約假說、稅賦假說或訊息假說,及公司成長機會是否也受融資決策、股利決策的影響。
本研究的樣本是以民國80年至89年台灣上市公司為研究對象,首先利用相關和迴歸分析,檢視成長機會代理變數和實際成長的關係,其次將股利政策應變數區分為股利支付率、現金股利收益率、股票股利收益率及股利收益率;將融資政策區分為總負債比率、短期負債比率、長期負債比率,利用不同成長機會代理變數作為虛擬變數,將公司區分為高成長群和低成長群,看公司成長機會和融資及股利政策的關係;最後,利用聯立方程式檢驗三個內生變數之間的關係。
實證結果發現:
1.成長機會和實際成長有正向的關係,但若以公司的投資成長作為實際成長的變數,則此關係反向,價格基礎的變數有高估股價之虞。
2.成長機會越多的公司有較低的負債比率,符合契約假說及累進稅率假說。
3.成長機會越多的公司有較高的短期負債比率。
4.若以股利支付率作為股利政策的應變數則無法發現公司成長機會和股利政策的關係。
5.成長機會越多的公司會發放較低的現金股利,符合現金流量限制假說和契約假說。
6.成長機會和企業股票股利的發放沒有明顯的關係。
7.在聯立模型下,發現過高的負債比率及現金股利收益率都會對公司成長機會造成限制。
Abstract:
From previous studies we found that growth opportunity is an important factor help explaining the cross-sectional differences of firms’ dividend and financing policies. However, growth opportunities are unobservable and not measurable, scholars used different proxies to catch the idea. Prior empirical studies used market-to book, earning-price ratio, Tobin’s Q, R&D intensity, capital expenditure (deflated by book value of assets), PPE, previous sales growth as proxies for growth opportunities, but had inconsistent results. The purposes of this thesis are: first, to find out the relationship between growth opportunities and realized growth, and to determine which proxy is most suitable; second, to find the empirical evidences of the relation between growth opportunities and financing policies, growth opportunities and dividend policies support contract theories, tax-based theories or signaling theories; and finally, to find out if firm’s growth opportunities are affected by its financing and dividend policies.
We examine all nonfinancial firms listed on the Taiwan Stock Exchange from 1991 to2000. We use the correlation and regression to determine the relation between growth opportunities and realized growth, then distinguish total debt ratio, short-term debt ratio, long-term debt ratio from financing policies, and dividend payout ratio, cash-dividend yield, stock dividend yield, and dividend yield from dividend policies. We use different growth opportunity proxy to separate whole sample into two subsamples, and growth as a dummy variable. We use regression to find the relation between growth and financing policies, dividend policies. Finally, we use simultaneous equation to determine the relationship among growth opportunities, financing policies and dividend policies to see if they are interdependent.
Our empirical result shows that growth opportunities and realized growth have positive relations. But growth opportunities are not positively correlated with realized investment growth. Price-based proxies are often overestimate future equity market value growth. Growth firms have higher debt ratios and long-term debt ratios. The result supports contracting theory and progressive tax rate theory. Growth firms have higher short-term debt ratios, too. We can’t find the significant relation between growth opportunities and dividend pay—out ratios. Growth firms have lower cash dividend yield, and the result supports cash-flow constraint and contracting theories. There is no clear relation between stock dividend yield and growth opportunities. Through simultaneous equation, over financing and too much cash-dividend restrict firms’ growth opportunities.
目錄
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
第三節 研究架構---------------------------------------------------------3
第二章理論基礎與文獻探----------------------------------------------------4
第一節 成長機會的意涵-------------------------------------------------4
第二節 成長機會的相關研究-------------------------------------------7
第三節 成長機會和公司融資政策的關係---------------------------10
第四節 成長機會和公司股利決策的關係---------------------------12
第五節 探討成長機會與公司股利、融資決策關係的相關假說13
第三章研究方法----------------------------------------------------------------19
第一節 聯立模型的介紹-------------------------------------------------19
第二節 樣本資料來源----------------------------------------------------23
第三節 實證模型的建立-------------------------------------------------24
第四節 研究假說----------------------------------------------------------26
第五節 變數定義----------------------------------------------------------28
第四章實證結果----------------------------------------------------------------36
第一節 成長機會代理變數的估計-------------------------------------36
第二節 成長機會和融資、股利決策的關係-------------------------42
第三節 聯立模型分析----------------------------------------------------55
第五章研究結論與建議-------------------------------------------------------66
第一節 研究結論----------------------------------------------------------66
第二節 研究限制----------------------------------------------------------68
第三節 研究建議----------------------------------------------------------69
參考文獻------------------------------------------------------------------------------70
中文部分------------------------------------------------------------------------70
英文部分------------------------------------------------------------------------71
表目錄
表4-1樣本的年度和產業分佈-----------------------------------------36
表4-2樣本的敘述統計-----------------------------------------------36
表4-3成長機會代理變數和已實現的成長變數的Pearson相關係數矩陣---------38
表4-4已實現的成長變數之間的Pearson相關係數矩陣------------------------------39
表4-5成長機會代理變數對公司已實現成長率回歸-----------------------------------40
表4-6成長機會對股利發放率回歸結果--------------------------------------------------45
表4-7成長機會對股利收益率回歸結果--------------------------------------------------46
表4-8成長機會對現金股利收益率回歸結果--------------------------------------------47
表4-9成長機會對股票股利收益率回歸結果--------------------------------------------48
表4-10成長機會對總負債比率回歸結果-------------------------------------------------51
表4-11成長機會對長期負債比率回歸結果----------------------------------------------52
表4-12成長機會對短期負債比率回歸結果----------------------------------------------53
表4-13回歸變數相關係數表----------------------------------------------------------------56
表4-14三階段最小平方法聯立方程式----------------------------------------------------63
圖目錄
圖3-1研究流程--------------------------------------------------------------------------------25
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