本研究主要針對台灣上市公司做研究，探討權益資金是否會影響公司股利政
策，權益資金即為特定公司在其資本形成的營運流程中，其會產生增資與減資的
活動，本文的實驗期間為2015-2018年，研究樣本共有626間公司，樣本數達2357
筆，由實證結果中可以發現，在權益資金與股利政策的關係上，若公司的現金增
資率越高時，因為缺乏以利息費用降低代理問題的機會，管理者為了不使自己手
上的自由現金流量減少，公司會傾向降低現金股利之給予，而若公司之盈餘轉增
資率與公積轉增資率逐漸提高時，公司傾向降低現金股利之發放， 但僅於股利發
放率時才顯著。最後當公司減資率越高時，股東已取得現金流入，公司傾向少發
現金股利。

This study is mainly aimed at Taiwan listed companies to study whether equity
funds will affect the company's dividend policy. Equity funds are the activities of
increasing and reducing capital in the process of corporate capital formation. The
research period of this paper is 2015-2018, and the research samples total 626. Among
the companies, the number of samples reached 2,357. From the empirical results, it can
be found that in the relationship between equity funds and dividend policy, if the
company’s cash increase rate is higher, because of the lack of opportunities to reduce
agency problems with interest expenses, managers Without reducing the free cash flow
on their hands, companies will tend to find less gold dividends. If the company's surplus
to capital increase rate and the higher the reserve rate, the company tends to find less
dividends, but only when the dividend rate is significant. Finally, when the company's
capital reduction rate is higher, shareholders have obtained cash inflows, and the
company tends to find fewer gold dividends.

摘 要.................................................................................................................................. i
ABSTRACT ..................................................................................................................... ii
致謝.................................................................................................................................iii
目錄................................................................................................................................. iv
表目錄.............................................................................................................................. v
圖目錄............................................................................................................................. vi
第一章 緒論.............................................................................................................. 1
第一節 研究背景與動機.................................................................................. 1
第二節 研究目的.............................................................................................. 3
第三節 研究流程.............................................................................................. 3
第二章 文獻探討...................................................................................................... 5
第一節 股利政策.............................................................................................. 9
第二節 權益資金和其與股利政策之關係...................................................... 9
第三章 研究方法......................................................................................................... 15
第一節 研究假說............................................................................................ 15
第二節 研究樣本............................................................................................ 17
第三節 變數定義............................................................................................ 19
第四節 理論模型............................................................................................ 24
第四章 實證結果.................................................................................................... 25
第一節 敘述性統計........................................................................................ 25
第二節 相關分析............................................................................................ 27
第三節 迴歸分析............................................................................................ 29
第五章 結論與建議..................................................................................................... 33
第一節 結論.................................................................................................... 33
第二節 建議.................................................................................................... 34
參考文獻........................................................................................................................ 35
中文部分................................................................................................................. 35
英文部分................................................................................................................ 36

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