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研究生:黃丞瑩
研究生(外文):HUANG, CHENG-YING
論文名稱:企業社會責任與股利政策之關聯性: 以不法事件為例
論文名稱(外文):Corporate Social Responsibility and Dividend Policy: Evidence from Illegal Events
指導教授:廖彩伶廖彩伶引用關係
指導教授(外文):LIAO, TSAI-LING
口試委員:廖彩伶呂麒麟劉永欽
口試委員(外文):LIAO, TSAI-LINGLU, CHI-LINLIU, YONG-CHIN
口試日期:2018-05-23
學位類別:碩士
校院名稱:國立虎尾科技大學
系所名稱:企業管理系經營管理碩士班
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:2018
畢業學年度:106
語文別:中文
論文頁數:44
中文關鍵詞:不法事件股利政策成長機會自由現金流量
外文關鍵詞:illegal eventsdividend policygrowth opportunitiesfree cash flow
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以往有關公司的支付政策的文獻指出,公司股利政策往往偏向保守,除非公司有特殊狀況或確信公司盈餘在未來年度能呈現穩定的成長,否則不太會降低或增加公司股利發放(Linter,1956)。然而隨著不法事件的公開,公司的股利支付政策是否會一如既往,還是會為了挽回投資人的信心而調整股利政策,是本研究擬探討之主題。
本研究自台灣經濟新報(TEJ)之企業違法情形資料庫中選取1993年至2016年間共1145筆不法事件之樣本,探討不法事件發生後公司現金及股票股利支付率之變化。實證結果顯示不法事件揭露後,短期內確實引發顯著之負向市場反應;此外,觀察不法事件發生後三年股利支付率的變化發現,現金股利支付率呈現增加的趨勢,股票股利支付率則有減少的情形;但將此與不法事件市場反應連結後,迴歸結果顯示,不法事件伴隨的短期市場反應對公司次一年度之股票股利支付率變動有顯著的正向影響,表示當不法事件所引發之市場反應越不好時,公司越會減少股票股利的發放;此外本研究進一步將樣本依成長機會(股價淨值比)與自由現金流量區分後發現,成長機會較低之樣本公司,其減發股票股利的情況越顯著,反之成長機會較高且自由現金流量比率較低者,其不法事件引發之市場反應越差,反而越會增發股票股利。另加入現金流量比率進行探討,嘗試解釋上述之結果,結果發現成長機會高、自由現金流量低之樣本群,現金流量比率減少程度最嚴重,因此傾向增發股票股利。本研究亦進行延伸測試,減緩內生性等疑慮。

Prior research on corporate payout policy documents that the firms tend to maintain a stable dividend policy and will not decrease or increase their dividends casually, unless they are confronted by unexpected situations or assure their earnings of stable growth in the future (Linter, 1956). However, with the disclosure of illegal events, we wonder whether the firms’ dividend policy remains or whether these firms will adjust their dividend policy to restore investors’ belief.
Based on a sample of 1,145 illegal events from TEJ database between 1993 and 2016, this study examines the changes of the offending firms’ cash and stock dividend payments. The empirical results show that illegal events are associated with significantly negative short-term market reactions, and such reactions are positively related to the changes of stock dividends in the next year, suggesting that when illegal events trigger more negative price reactions, firms are prone to decreasing stock dividend payments. Besides, we also find that firms with lower growth opportunities tend to decrease stock dividends more remarkably, whereas those firms with higher growth opportunities and lower free cash flows tend to increase stock dividends when their illegal events are associated with more negative price reactions. Furthermore, firms with higher growth opportunities and lower free cash flows experience more significant declines in cash flow ratio and thus are prone to increasing stock dividends. These findings are robust to alternative test implementations and controlling for endogeneity concerns.

中文摘要 ………………………………………………………… i
英文摘要 ………………………………………………………… ii
誌謝 ………………………………………………………… iii
目錄 ………………………………………………………… iv
表目錄 ………………………………………………………… v
圖目錄 ………………………………………………………… vi
第一章 緒論……………………………………………………. 1
1.1 研究背景與動機………………………………………… 1
1.2 研究目的……………………………………………. …. 2
1.3 研究流程……………………………………………….. 2
第二章 文獻回顧……………………………………………. …. 4
2.1 不法事件之相關文獻……………………………………. 4
2.2 股利政策之相關文獻……………………………………. 4
2.3 成長機會之相關文獻……………………………………. 5
2.4 自由現金流量之相關文獻……………………………….. 6
第三章 研究方法……………………………………………. … 7
3.1 資料來源與樣本選取…………………………………… 7
3.2 變數衡量………………………………………………. 7
3.2.1 被解釋變數-股利政策………………………………….. 7
3.2.2 主要解釋變數-不法事件市場反應………………………. 7
3.2.3 控制變數………………………………………………. 8
第四章 實證分析與結果……………………………………….. 11
4.1 敘述性統計……………………………………………. 11
4.1.1 樣本特性……………………………………………… 11
4.1.2 敘述性統計量…………………………………………. 11
4.2 單變量與迴歸分析…………………………………….. 12
4.2.1 不法事件短期市場反應………………………………... 12
4.2.2 控制變數對公司不法事件市場反應之影響……………… 12
4.2.3 不法事件後股利支付率之變化…………………………. 12
4.2.4 不法事件之市場反應對後續股利支付率變化之影響……... 12
4.3 以現金流量比率進行探討……………………………… 13
4.4 延伸測試……………………………………………… 14
4.4.1 負向市場反應對次年股票股利支付率變動之影響……….. 14
4.4.2 內生性檢定…………………………………………… 14
第五章 結論…………………………………………………... 35
參考文獻 ……………………………………………………….. 37
英文大綱 40

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