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研究生:龐承緯
研究生(外文):Cheng-Wei Pang
論文名稱:企業股利政策與生命週期關聯性研究
論文名稱(外文):The relationship between business dividend policy and life cycle
指導教授:許月瑜許月瑜引用關係
指導教授(外文):Yueh-Yu Hsu
學位類別:碩士
校院名稱:靜宜大學
系所名稱:會計學系研究所
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:2010
畢業學年度:98
語文別:中文
論文頁數:77
中文關鍵詞:股利政策企業生命週期
外文關鍵詞:Dividend PolicyBusiness Life Cycle
相關次數:
  • 被引用被引用:3
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股利是企業要傳遞企業經營績效的工具,股利分配的多寡,不只影響股東投資的意願,更有可能進一步影響全體股東的信心。因此當企業位在不同生命週期,是否會因為不同的因素而影響企業的股利政策,實為可進一步探討的問題。
本研究針對民國八十九年至民國九十八年止,台灣上市企業為樣本母體,共選取226家上市企業,共計2260樣本數,進行相關的研究。分別利用獨立樣本t檢定、線性迴歸分析法以及羅吉斯迴歸分析法,分別驗證:1.處於不同企業生命週期階段之現金股利發放水準是否會有顯著差異。2.公司特徵因素以及盈餘管理等變數是否會對現金股利發放水準產生影響。3.處於不同生命週期階段之企業是否受到公司特徵因素影響企業發放現金股利之意願。
本研究實證結果,結論為企業的股利支付率,在不同的生命週期的確會有顯著的不同。而不同的因素(例如,公司特徵因素、盈餘管理、多空頭等變數)在不同的生命週期之下,對於股利支付的水準以及意願也確會造成影響。
Dividend is the tool for enterprise to deliver business performance, the amount of dividend distribution, will not only affect the shareholder and more likely to further affect the confidence of all shareholders. So when companies located in different life cycle, different factors will affect the company''s dividend policy, could be further explored.
In this study, from 2000 to 2009, Taiwan''s listed companies were used as the sample matrix. A total of 226 listed companies, and a total of 2260 samples, were selected to conduct relevant research. Independent sample t test, linear regression analysis and logistic regression analysis, were wanted to test and verify respectively: 1. At different stages of business life cycle whether the standard of the cash dividend will be significant. 2. Corporate identity factors and whether the earnings management variables will affect the level of cash dividend. 3. At different stages of the business life cycle is influenced by the corporate identity business cash dividend will. 3. At different stages of the business life cycle is influenced by the corporate identity business cash dividend will.
The empirical results, showed for the company''s dividend payout ratio, at different life cycle will produce a significant difference. The different factors (For example, the firm characteristics factors, earnings management, bull and bear markets first-class variables) Under different life cycle the standard and willing for the dividend payment will also have difference
摘要 I
目錄 III
表目錄 V
圖目錄 VI
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究架構 4
第二章 文獻探討 6
第一節 股利政策相關文獻 6
第二節 生命週期相關文獻 10
第三節 公司特徵因素相關文獻 16
第四節 盈餘管理與其它因素相關文獻 19
第三章 研究方法 21
第一節 研究假說 21
第二節 資料來源與樣本選取 27
第三節 研究設計 28
第四節 假說檢定方法 38
第四章 實證結果與分析 39
第一節 樣本與敘述性統計分析 39
第三節 穩健性測試 59
第五章 結論與建議 67
第一節 結論 67
第二節 研究限制與建議 68
參考文獻 69
中文部分 69
英文部分 72
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