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研究生:余良元
研究生(外文):Laing Yuan Yu
論文名稱:資訊不對稱與股利決策之關聯性研究
論文名稱(外文):Information Asymmetry and Dividend Decision
指導教授:詹家昌詹家昌引用關係王全煜
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:43
中文關鍵詞:資訊不對稱股利決策市場因素行為財務學
外文關鍵詞:Information AsymmetryDividend DecisionMarket MovementsProspect Theory
相關次數:
  • 被引用被引用:6
  • 點閱點閱:478
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本文主旨在於探討資訊不對稱是否為企業制定股利決策的考量因素之一。過去的研究顯示,在資訊不對稱的情況下,股利的發放具有資訊內涵,但資訊不對稱高的企業是否較有誘因去發放現金股利,卻鮮少有人探討。本文實證結果顯示,資訊不對稱程度較高的企業,管理者會利用現金股利的發放來降低資訊不對稱的程度。本文亦發現,基於補償心態,資訊不對稱較高的企業將愈注重市場因素,當其股價表現不佳時,管理當局會傾向發放現金股利補償投資者。投資人在利多市場下可承受風險較小,因此,在多頭市場中,補償的行為更加明顯,符合展望理論的反射效果。最後,資訊不對稱較高的公司,當公司於前景看好時,經理人基於提升投資者的信心,較會透過現金股利,傳遞資訊給資本市場,即現金股利增加與否與未來盈餘增加幅度呈顯著正相關。
This paper investigates the relation between information asymmetry and dividend decision. I test if information asymmetry is the main determinant of dividend decision. In the past, there were many papers to support the dividend-signaling model, but few papers to explain that does the corporation of high degree of information asymmetry declare more cash dividends to reduce the asymmetry level. I find the evidence to support that information asymmetry is the main determinant of dividend decisions. I also find a negative relation between the probability of cash dividend declares and the performance of the firm’s share. When the firm’s share performed badly, the manager will declare cash dividend to make up for investors. The corporation with high degree of information asymmetry will pay more attention to the stock’s performance. In addition, the investors have the risk aversion reaction in bull market. Hence, this recompensed behavior will be emphasized in bull market. This phenomenon is in accord with the reflection effect of prospect theory. Finally, when the managers anticipate the corporation’s future well, they will signal this good news to the investor by increasing cash dividend. I find a positive relation between dividend increases and the future profitability in the group of high level of information asymmetry.
目錄
謝 詞 I
中文摘要 II
英文摘要 III
圖目次 IV
表目次 V
目錄 VI

第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構 5
第貳章 文獻探討 7
第一節 股利理論的相關研究 7
第二節 資訊不對稱的相關研究 10
第三節 資訊不對稱與股利政策 12
第參章 研究設計 14
第一節 研究假說 14
第二節 研究方法與變數衡量 17
第三節 資料來源與樣本選取標準 21
第肆章 實證結果與分析 22
第一節 敍述統計分析 22
第二節 實証結果分析 28
第伍章 結論 38
參考文獻 40
參考文獻
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許光華、陳文華、黃嘉慧,2004,台灣股票市場過度自信假說之實證,證券市場發展季刊,第16期:115-152。
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