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研究生:余朋遠
研究生(外文):Peng-Yuan Yu
論文名稱:企業支付政策的選擇:文獻回顧與展望
論文名稱(外文):The Choice of Firm’s Payout Policy:A Literature Review
指導教授:江明憲江明憲引用關係
指導教授(外文):Min-Hsien Chiang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際企業研究所碩博士班
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:2008
畢業學年度:96
語文別:中文
論文頁數:65
中文關鍵詞:現金股利庫藏股支付政策
外文關鍵詞:cash dividendshare repurchasepayout policy
相關次數:
  • 被引用被引用:8
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本篇文章為回顧有關企業支付政策(payout policy)的理論與實證研究;本文主要內容專注在企業分配現金給予股東的現金股利(cash dividend)與庫藏股買回(share repurchase)這兩種支付政策的介紹、台灣法律規範與沿革的簡述,並透過各自的理論文獻與發展,包括代理理論、訊號理論、迎合理論與其他相關理論等,讓讀者對於企業的支付政策以及經理人在二者之間做選擇的因素有全盤的瞭解;並透過整理臺灣與國外的相關實證研究,提出未來研究的建議與方向。
This study reviews the theory and empirical studies of payout policy. We focus on the cash dividend, share repurchase, and the norms and history of laws in Taiwan. The main purpose of this study is introducing the developments of literature and theories,including agency theory, signal theory, catering theory, and so on, to readers to know that which factors will affect company’s payout policy and managers’ decisions in choosing
cash dividend or share repurchase. At last, we will give some recommendations for the directions of future research by collating the domestic and foreign literature.
第一章 序論 1
第二章 支付政策的介紹 3
第一節 股利(Dividend) 3
第二節 庫藏股(Share Repurchase) 7
第三章 股利的相關理論 12
第一節 股利的行為模式 12
第二節 顧客效果理論(The Clientele Effect Theory) 12
第三節 股利訊號發射假說(Dividend Signaling Hypothesis) 26
第四節 代理理論(Agency Theory) 33
第五節 迎合理論(Catering Theory) 35
第四章 庫藏股的相關理論 37
第一節 訊號假說(Signaling Hypothesis) 37
第二節 自由現金流量假說(Free-Cash Flow Hypothesis) 39
第三節 最適槓桿比率(Optimal Leverage Ratio Hypothesis) 40
第四節 管理激勵假說(Management Incentive Hypothesis) 40
第五節 防禦併購假說(Takeover Deterrence Hypothesis) 41
第六節 台灣的庫藏股相關研究 41
第五章 現金股利和庫藏股的比較 44
第一節 企業管理當局的觀點 44
第二節 影響經理人選擇的因素 45
第六章 結論與未來展望 48
參考文獻 49
【中文部份】

王中全(民97年),「迎合理論對台灣上市櫃公司股利發放政策影響之研究」,中山大學企業管理學系研究所碩士論文。
李存修(民80年),「股票股利及現金增資之除權與股價行為:理論與實證」,台大管理論叢,1-40頁。
李存修(民83年),「股票股利除權交易日之稅後超額報酬與比價心理假說之實證」,台大管理論叢, 41-60頁。
吳文琦(民97年),「現金股利宣告資訊效果-訊號假說、過度投資假說、顧客效果假說三者互動模式之研究」,元智大學管理研究所碩士論文。
吳明政、王南喻(民95年) ,「從獲取交換價值觀點檢視台灣上市公司庫藏股之購回效應」,台灣金融財務季刊,第七卷第三期,35-51頁。
林卓民、王凱立、吳宗保(民94年),「台灣上市公司購回庫藏股目的決定因素-多元名義分對數模型之應用」,臺灣管理學刊,第五卷第二期,339-360頁。
林宜勉、潘昭儀(民87年),「股利宣告內涵與Tobin’s Q理論」,管理學報,第十五卷第四期,587-621頁。
林宜勉、游淑禎(民92年),「股利訊號與未來盈餘之關聯性研究」,台灣管理學刊,第三卷第二期,41-63頁。
林世銘、陳明進、李存修(民90年),「兩稅合一前後上市公司除權及除息日股價行為之探討」,管理學報,第十八卷第三期,477-501頁。
林世銘、陳國泰、張鼎聲(民92年),「兩稅合一後除權除息之租稅規避行為」,當代會計,第四卷第二期,119-142頁。
齊德彰、吳書慧、蔡宗儒(民96年) ,「臺灣上市公司庫藏股票買回宣告效果與買回目的之研究」,文大商管學報,第十二卷第一期,109-137頁。
黃士青(民86年),「除息日與除權日之股價行為與套利機會研究」,台灣大學會計研究所碩士論文。
黃琬娟(民85年),「現金股利變動宣告和股價關聯性之研究」,中央大學企業管理研究所碩士論文。
鄭立暘(民85年),「現金股利之資訊內容、Tobin’s Q、與股利率之關係」,中正大學企業財務金融研究所碩士論文。
鄭桂蕙(民94年) ,「庫藏股買回對股利發放之影響」,會計評論,第四十一期,77-101頁。
鄭桂蕙、林宛瑩、許崇源(民95年),「董監事持股高低對庫藏股買回誘因之影響」,東吳經濟商學學報,第五十四期,1-26頁。
劉永欽、洪榮華(民96年) ,「企業生命週期與實施庫藏股動機」,企業管理學報,第七十五期,101-139頁。

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