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研究生:賴坤助
研究生(外文):Kun-Chu Lai
論文名稱:機構投資人與股利政策關連性之研究
論文名稱(外文):The Study of Relationship between Institutional Investors and Dividend Policy
指導教授:詹家昌詹家昌引用關係李秀英李秀英引用關係
指導教授(外文):Chia-Chang ChanHsiu-Ying Li
學位類別:碩士
校院名稱:東海大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2007
畢業學年度:95
語文別:中文
論文頁數:70
中文關鍵詞:機構投資人股利政策庫藏股股利顧客效果
外文關鍵詞:Institutional investorsDividend policyTreasury stocksDividend clientele effects
相關次數:
  • 被引用被引用:3
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Modigliani and Miller(1961)所提出的股利顧客效果,指出公司會利用高股利的政策來吸引投資人,以提高公司本身的價值。而機構投資人以大量的資金進入市場,企圖得到他們期望的合理報酬,因此股利政策與機構投資人之間存在相當密切且微妙的關係。本文的目的是在探討股利增加的關鍵因素對台灣的上市公司是否有所謂股利顧客效果的現象,以及公司購回自家股票(購回庫藏股)是否會對機構投資人持股比率造成影響。本文以t檢定、logistic迴歸與多元迴歸等方法進行實證。研究結果顯示,外資與投信對於其所投資公司之股利增加以及對於股利的態度有著不同的特性。外資與投信所投資的公司之股利各自易受基本面與市場面的影響而增加。兩者皆偏好有支付股利的公司,但股利多寡之偏好在投信則不明顯的。最後,本研究發現,公司購回庫藏股的增減亦會影響投信對於所投資公司的持股比率,但在外資的情況則不明顯。
Modigliani and Miller(1961)argued that Dividend Clientele Effects, indicate the companies would exploit high dividend to attract the investors and enhance their value. Besides, institutional investors invest many capitals into the market and attempt to gain the reasonable return they want. Therefore, there is a close and subtle relationship between dividend and institutional investors. The purpose of this paper is to find the key drives when dividend increasing, Dividend Clientele Effects for Taiwan listed companies, and the influence between buying treasury stocks and institutional investors holding percentage. This paper verifies the hypothesis by t-test, logistic and multiple regression. The result indicates dividends of companies invested by Foreign Investment Institution and Investment Trust are influenced by fundamentals and market movements respectively. And both prefer the companies with dividend, but it is not significant that Investment Trust prefer high dividend. Finally, the companies buy back treasury stocks up or down would influence Investment Trust holding percentage, but it is not significant for Foreign Investment Institution.
目錄
謝辭 I
中文摘要 II
英文摘要 III
目錄 IV
圖目次 V
表目次 V
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 研究架構 6
第二章 文獻探討 9
第一節 股利政策 9
第二節 機構投資人 16
第三節 股利政策與機構投資人 19
第四節 股票購回 21
第五節 小結 25
第三章 研究設計 26
第一節 研究期間、資料來源與樣本選取標準 26
第二節 研究假說 27
第三節 實證模型 29
第四章 實證結果 36
第一節 敘述統計與單變量測試結果 36
第二節 多變量分析結果 40
第五章 結論與建議 53
第一節 結論 53
第二節 研究限制 54
第三節 研究建議 54
參考文獻 55
附錄一 外資與其他類指報酬之迴歸 59
附錄二 投信與其他類指報酬之迴歸 65


圖目次
圖一 主要機構投資人歷年持股比率表 3
圖二 研究流程圖 8
表目次
表一 外資開放過程 3
表二 上市公司各年度股利變動情形 36
表三 外資與投信所投資公司中有無支付股利公司與持股比率之t test 37
表四 外資與投信所投資公司中有支付股利公司與持股比率之t test 38
表五 基本面與市場面相關變數之敘述統計 39
表六 購回庫藏股對機構投資人持股比率相關變數之敘述統計 40
表七 股利增加與公司基本面和市場面—外資 42
表八 股利增加與公司基本面和市場面—投信 43
表九 股利對於機構投資人持股比率之影響 45
表十 機構投資人持股比率對公司股利政策的影響 47
表十一 Repurchase對於機構投資人持股的影響 49
表十二 Repurchase變動對於機構投資人持股比率的影響 50
表十三 機構投資人持股比率的變動對於Repurchase變動的影響 52
參考文獻
毛治文,1999,內部關係人持股比例及其變動與上市公司購回庫藏股之關連性研究,中國文化大學會計研究所未出版碩士論文。
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林玉成,2001,上市公司庫藏股宣告資訊內涵及及操作策略之分析,國立高雄第一科技大學財務管理研究所未出版碩士論文。
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陳彥豪,2001,外資與投信法人持股比率變化對股價報酬率影響之研究以 上市電子股為例,國立中山大學財務管理學系研究所碩士論文。
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