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研究生:張津祐
研究生(外文):Chang, Chin-Yu
論文名稱:影響美國跨國企業及本土企業股利發放因素的探討
論文名稱(外文):Determinants of Dividend Payments for US Multinational and Domestic Firms
指導教授:張元晨張元晨引用關係
指導教授(外文):Chang, Yuan-Chen
口試委員:劉文謙蔡湘萍黃柏凱
口試委員(外文):Liu, Wen-ChienTsai, Hsiang-PingHuang, Po-Kai
口試日期:2020-06-22
學位類別:碩士
校院名稱:國立政治大學
系所名稱:財務管理學系
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:2020
畢業學年度:108
語文別:中文
論文頁數:46
中文關鍵詞:跨國公司股利發放率國際風險稅改
外文關鍵詞:Multinational FirmsDividend Payout RatioInternational RiskTax cuts
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本文以1996~2017年間美國上市公司為樣本,研究跨國企業及本土企業現金股利發放率(Dividend Payout Ratio)的差異,並探討跨國公司的特性是否影響公司股利發放以及2003~2004年布希政府稅改政策對公司股利發放的影響。
實證結果發現,美國跨國公司的現金股利發放率顯著低於本土公司,同時公司規模、獲利能力、現金流量、負債比率及產業多樣性是造成兩者股利發放差異之主要因素。2003年企業減稅使美國本土企業增加股利發放,跨國企業則較受惠於2004年租稅減免提高股利發放及股票回購,然而,長期而言企業傾向維持相同股利水準,顯示稅率調整對於企業發放股利的影響為短期的現象。
Using public companies in the US from 1996 to 2017, this thesis examines whether there is any difference in dividend payout ratio between multinational firms(MNCs) and domestic firms(DCs). I investigate what are determinants of dividend payments of these firms. The effects of Bush tax cuts in 2003 and 2004 are also explored.
The empirical results show that MNCs have significant lower dividend payments than DCs in America, I also find that firm characteristics variables such as size, profitability, cash flow, long term debt and industrial diversification affect companies’ dividend payouts. While DCs take good advantage of tax cuts in 2003; MNCs benefits more from tax cuts in 2004. However, dividend tax cut had only a short term impact of US corporation’s payout policy.
第一章 緒論 6
第一節 研究背景及動機 6
第二節 研究架構 7
第二章 文獻回顧及假設建立 8
第一節 文獻回顧 8
第二節 假設建立 10
第三章 研究方法 11
第一節 樣本及資料來源 11
第二節 模型設計 16
第四章 實證結果 20
第一節 樣本敘述統計及t檢定 20
第二節 影響跨國企業與本土企業股利政策差異之因素 22
第三節 布希稅改對美國跨國企業股利發放的影響 33
第五章 研究結論、研究限制及後續建議 41
第一節 研究結論 41
第二節 研究限制及後續建議 43
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