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研究生:金珍玲
研究生(外文):Chin,Chen-Ling
論文名稱:股利保護員工股票選擇權與公司支付政策之研究
論文名稱(外文):Dividend-protected employee stock options and payout policy
指導教授:高惠娟高惠娟引用關係
指導教授(外文):Kao,Erin H.
口試委員:鄭光甫陳錦全
口試委員(外文):Cheng, KuangFuChen,Kam C.
口試日期:2011-05-20
學位類別:碩士
校院名稱:嶺東科技大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:41
中文關鍵詞:員工股票選擇權支付政策Tobit迴歸模型
外文關鍵詞:Employee stock optionsPayout policyTobit model
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本研究將探討股利保護員工股票選擇權對支付政策之關係。使用Tobit迴歸模型估計2001到2010年,1723家台灣上市、上櫃公司。研究指出員工股票選擇權對支付政策呈現正向關係,顯示經理人持有員工股票選擇權傾向發放現金股利刺激股價上漲,同時也使用股票購回降低盈餘稀釋的問題與減少流通在外股份。當公司握有過多的自由現金流量,可能會導致資金運用無效率,因而損害到公司價值。因此,當公司認為目前沒有良好的投資機會,便會利用支付政策降低自由現金流量與釋出正面訊息。
This paper we examine how dividend-protected employee stock options affect payout policy. Using Tobit model estimators a sample of 1723 Taiwanese firm from 2001 to2010. This study finds a positive relationship between employee stock options and payout policy, imply that manager hold employee stock options prefer distribute cash dividend to boot the stock price. Manager also use stock repurchases to avoid dilution of EPS and reduce outstanding share. If company holds too much free cash flow, managers will not investment good plan, causing firm value decrease. Therefore, when the firm does not have the good opportunities for investment, and they might use payout policy as a positive signal to distribute excess free cash flow.
目 錄
中文摘要………………………………………………………………………….… i
英文摘要………………………………………………………………………….… ii
謝誌……………………………………………………………………………….… iii
目錄………………………………………………………………………………..…iv
表目錄……………………………………… ……………………………………...…v
圖目錄…………………………………………………………………………….…...v
第一章、緒論 1
第一節、研究背景 1
第二節、研究動機與目的 2
第三節、研究架構 4
第二章、文獻探討與研究假說 6
第一節、員工認股權 6
第二節、支付政策 7
第三節、研究假說 11
第三章、研究方法 18
第一節、Tobit模型 18
第二節、變數說明 20
第三節、資料來源 23
第四章、實證結果 24
第一節、敘述性統計 24
第二節、Tobit迴歸實證分析 24
第五章、結 論 26
參考文獻 ………28


表目錄
表1:統計敘述表…….........…………………….…………………………….…33
表2:股票購回的次數分配表……........…………………………………….…..35
表3:股票購回的家數分配表.………….…………………………………….....35
表4:股票購回的上市、上櫃電子類股與非電子類股的家數…………….…..36
表5:發行員工認股權的家數與次數......……………………………………….37
表6:發行高階經理人員工認股權的家數與次數……………...………….……38
表7:Tobit迴歸之股票購回…………………………………………….………..39
表8:Tobit迴歸之現金股利.……………………………………………………..40
表9:Tobit迴歸之支付政策…………………………………….………………..41
表10:Tobit迴歸之淨支付政策………………………………………….……....42

圖目錄
圖1:研究架構圖…………………………………….…………….……………....5
圖2:現金股利、股票購回與支付政策的中位數圖.…………….……………..34


中文文獻
王祝三(2004)。我國上市公司偏好發放股票股利程度之決定因素及其對長期股價之影響。風險管理學報,第六卷,第三期: 307-352。
方以唐(2006)。股票股利消失?台灣上市公司股利政策之探討,國立東華大學國際經濟研究所。碩士論文。
汪瑞芝(2008)。庫藏股買回對公司績效之影響。中華管理評論,第十一卷一期,Vol. 11, No. 1。
徐佩甄(2004)。所有權、投資者保護和股利政策。國立政治大學財務管理研究所未出版之碩士論文。
曾偉倫(2007)。企業實施員工股票選擇權制度與公司治理機制之關聯性研究。國立政治大學會計研究所之碩士論文。
黃翊竹(2004)。公司特性、現金股利與現金流量投資報酬率關係之研究。國立中正大學企業管理研究所碩士論文。
鄭桂蕙(2005)。庫藏股買回對股利發放之影響。會計評論,41期:頁77-101。
英文文獻
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