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研究生:段欣芳
研究生(外文):Shin-Fang Duan
論文名稱:公司法放寬資本公積可發放現金股利對股市的影響
論文名稱(外文):The Impact of Removing Restriction of Capital Surplusfor Distributing Cash Dividend on Stock Returns
指導教授:林世銘林世銘引用關係
口試委員:陳國泰黃美祝
口試日期:2013-06-13
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
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:2013
畢業學年度:101
語文別:中文
論文頁數:50
中文關鍵詞:資本公積現金股利公司法事件研究
外文關鍵詞:capital surpluscash dividendCompany Actevent study
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過去公司法基於保護債權人權益的立場,限縮資本公積之用途,使台灣企業在面臨景氣波動時無法運用企業積累之資本。經濟部鑒於部分公司已於過去年度累積大量資本公積,允許企業適度彈性運用將有利企業維持穩定現金股利,因此決議修正公司法第241條。該條修正案於民國100年12月14日三讀通過並於隔日發布於新聞媒體。本研究選定消息曝光日12月15日作為事件日,針對公司法放寬發放現金股利條件進行事件研究,探討該事件是否因條件放寬而對於上市櫃公司之股價產生有利之影響。同時並以多元迴歸模型,研究事件期間所產生的累積異常報酬,與上市、上櫃公司企業特性的關聯性。
研究結果發現公司法第241條修正案通過之際,上市、上櫃公司股價產生正的累積異常報酬,顯示市場對該條修正案之通過持正向態度。針對多元迴歸之結果,本研究發現資本公積佔市值比、資產報酬率以及現金流量佔市值比均與累積異常報酬呈現正相關;內部人持股比與累積異常報酬呈現負相關,與本研究之假說預期相同,顯示上述因素確實影響市場投資決策。企業之成長性以及外資持股率則與假說預期方向不符。本研究認為成長性之解釋變數亦同時反映企業之獲利能力,而外資持股率則受到外界因素干擾。現金股利標準差與累積異常報酬並無顯著相關,無法支持公司法第241條修正對實施穩定現金股利政策之企業有所助益之假說。


The Company Act used to prohibit the capital surplus from distributing cash dividends in order to protect creditor’s right. However, the restriction limits the flexibility of corporate dividend policy. Since many companies have accumulated substantial capital surplus in the past years, removing the restriction enables companies to make use of capital surplus more efficiently. Therefore, the Ministry of Economic Affairs proposed the amendment of the Article 241 of the Company Act. On December 14, 2011, the amendment passed its third reading in the Legislature Yuan and the news was spread in the next day. This thesis applies event study to examine the stock market reactions to the amendment of the Article 241 and chooses December 15, 2011 as the event day. This thesis also uses regression model to test the relation between cumulative abnormal returns (CAR) and corporate characteristics.
The finding shows that when the amendment passed through, the stock market had positive cumulative abnormal returns, revealing capital market had positive attitude toward the event. The regression analysis shows that CAR was positively related with APIC-to-market-value ratio, ROA, cash flow-to-market-value ratio and negatively related with insider investment ratio. The result above supports hypotheses proposed in the thesis and indicates these factors actually influence the stock market. Market-to-book ratio and foreign investment ratio were found in contrast with the hypotheses expectations. There are two reasons for such results. One is market-to-book ratio explained not only the growth potential but also the profit ability of the company. The other is the foreign investment ratio was affected by the environment. Standard deviation of cash dividends had no significant relationship with CAR, and can’t support the hypothesis﹕companies with stable cash dividends can benefit from the pass of amendment.


第一章 緒論...............................................1
第一節 研究背景............................................1
第二節 研究動機及目的.......................................3
第三節 研究架構............................................4
第二章 文獻探討............................................6
第一節 修正公司法第241條之介紹...............................6
第二節 租稅、法令變動對資本市場影響之相關研究...................11
第三節 現金股利相關文獻探討.................................13
第三章 研究方法...........................................18
第一節 事件日之選擇........................................18
第二節 實證假說...........................................22
第三節 實證模型...........................................27
第四節 樣本篩選與資料來源...................................34
第四章 實證結果...........................................36
第一節 敘述統計分析........................................36
第二節 平均異常報酬率與平均累積異常報酬率之分析.................38
第三節 迴歸結果分析........................................40
第五章 研究結論與建議......................................45
第一節 研究結論...........................................45
第二節 研究限制及建議......................................47
參考文獻...................................................48


一、中文部分
1.立法院公報第99卷第42期。
2.巫鑫,民國94年,資本公積之累積與運用,勤業財稅諮詢顧問公司。
3.汪瑞芝、陳明進、林世銘,民國94年,土地增值稅減半政策之事件研究,證券市場發展,第17卷第1期,第79-104頁。
4.沈中華、李建然,民國89年,事件研究法---財務與會計實證研究必備,華泰文化。
5.吳芝穎,民國95年,最低稅負制對股票市場之影響,國立臺灣大學會計學研究所,碩士論文。
6.李俊逸,民國99年,公司資本公積分派現金股利之法律問題硏究,東吳大學法律學系法律專業碩士班,碩士論文。
7.林世銘、陳明進、蔡天俊,民國89年,土地增值稅政策對股市之影響,當代會計,第1卷第1期,第1-18頁。
8.林世銘、陳明進、李存修,民國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18卷第3期,第477-501頁。
9.周家卉,民國96年,台灣上市公司現金股利政策之決定因素探討,國立臺灣大學財務金融研究所,碩士論文。
10.余朋遠,民國97年,企業支付政策的選擇:文獻回顧與展望,國立成功大學國際企業研究所,碩士論文
11.張幸婉,民國84年,[首次停發現金股利]及[首次發放現金股利]對臺灣上市公司風險面的影響之實證研究,國立臺灣大學財務金融研究所,碩士論文

二、英文部分
1.Baker, M., and J. Wurgler. 2004. A Catering Theory of Dividends. Journal of Finance. 59(3): 1125-1165.
2.Chang, R. P., and S. G. Rhee. 1990. The Impact of Personal Taxes on Corporate Dividend Policy and Capital Structure Decisions. Financial Management (Financial Management Association). 19(2): 21-31.
3.Denis, D. J., and I. Osobov. 2008. Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy. Journal of Financial Economics. 89: 62-82.
4.DeAngelo, H., L. DeAngelo, and D. J. Skinner. 2008. Corporate Payout Policy.
Foundations and Trends in Finance. 3 (2-3): 95-287.
5.Fama, E. F., L. Fisher, M. C. Jensen, and R. Roll. 1969. The Adjustment of Stock Prices to New Information. International Economic Review. 10: 1-21.
6.Fama, E. F. 1976. Foundations of Finance. New York: Basic Books.
7.Fama, E. F., and K. R. French. 2001. Disappearing Dividends: Change in Firm Characteristics or Lower Propensity to Pay? Journal of Financial Economics. 60: 3-43.
8.Grullon, G., R. Michaely, and B. Swaminathan. 2002. Dividend, Share Repurchase, and Substitution Hypothesis. Journal of Finance. 57: 1649-1684.
9.Jensen, M. C., and W. H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics. 3(4): 305-360.
10.Jensen, M. 1986. Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review. 76: 323-329.
11.Kang, S., W. Sul, and S. Kim. 2010. Impact of Foreign Institutional Investors on Dividend Policy in Korea: A Stock Market Perspective. Journal of Financial Management & Analysis. 23(1): 10-26.
12.Linter, J. 1956. Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes. American Economic Review. 46: 97-113.
13.Merton, H. M., and F. Modigliani. 1961. Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business. 34(4): 411-433.
14.Pettit, R. R. 1972. Dividend Announcements, Security Performance, and Capital Market Efficiency. Journal of Finance 27(5): 993-1007.
15.Peterson, P. P. 1989. Event study: A Review of Issues and Methodology. Quarter Journal of Business and Economics. 28: 36-66.
16.Rozeff, M. S. 1982. Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. Journal of Financial Research. 5(3): 249-259.
17.William, J. B. 1938. The Theory of Investment Value. Harvard University Press, Cambridge.


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