臺灣博碩士論文加值系統

本文宗旨在於探討股利與股票回購替代關係隨時間改變趨勢，並以檢視發放 股利與執行股票回購公司比例在 1991 至 2022 年之間變化作為佐證。本文實證研究發現 1991-2000 期間內股利與股票回購之間存在顯著替代效果，在 2001-2010 期 間兩者替代關係並不顯著，然而在 2011-2022 期間替代關係又重回顯著結果。而透過整體樣本公司成熟度與營運現金流在樣本期間的變化，可以發現結果與發放股利與執行股票回購公司比例隨時間改變趨勢一致。另外不同公司 特徵因子強弱也會影響股利與股票回購之間替代關係，市值較大與成熟型公司相較於市值較小與成長型公司而言，其替代效果明顯較為顯著。

The purpose of this article is to explore the changing trends in the substitute relationship between dividends and stock repurchases over time, and to examine the variation in the proportion of companies issuing dividends and executing stock repurchases between 1991 and 2022 as evidence. The empirical study in this article reveals that there is a significant substitution effect between dividends and stock repurchases during the period from 1991 to 2000. In the period from 2001 to 2010, the substitution relationship between the two is not significant. However, in the period from 2011 to 2022, the substitution relationship becomes significant again. By examining the changes in the overall sample companies' maturity and operating cash flows over time, consistent results can be observed with the changing trends in the proportion of companies issuing dividends and executing stock repurchases. Furthermore, the strength of different company characteristic factors also affects the substitute relationship between dividends and stock repurchases. Compared to smaller and growth-oriented companies, larger and mature companies exhibit a more significant substitution effect.

口試委員會審定書 #
誌謝 i
中文摘要 ii
英文摘要 iii
第一章 緒論 1
第二章 文獻回顧與研究假說 4
第一節 股利與股票回購替代關係探討 4
第二節 影響股利與股票回購決策之公司因子 5
第三節 公司特徵與替代效果 6
第三章 研究資料與方法 7
第一節 資料來源與篩選 7
第二節 實證模型與變數定義 7
第四章 實證結果與分析 9
第一節 替代效果時間序列變化 9
第二節 影響股利與股利回購決策之因子與時間序列變化 10
第三節 不同特徵公司替代效果探討與時間序列趨勢 11
第五章 結論與建議 12
參考文獻 15
附錄 17

Allen, F., A. Bernardo, and I. Welch. (2000). A Theory of Dividends Based on Tax Clienteles. Journal of Finance, 55(6), 2499-2536.
Baker, M., and J. Wurgler. (2005). A Catering Theory of Dividends. The Journal of Finance, 59(3), 1125-1165.
Bonaime, A. A., and K. M. Kahle. (2022). Share Repurchases. Handbook of corporate finance, forthcoming.
DeAngelo, H., L. DeAngelo, and D. J. Skinner. (2000). Special dividends and the evolution of dividend signaling. Journal of Financial Economics, 57(3), 309-354.
DeAngelo, H., L. DeAngelo, and R. M. Stulz. (2006). Dividend policy and the earned/contributed capital mix: A test of the life-cycle theory. Journal of Financial Economics, 81(2), 227-254.
Dittmar, A. K., and R. F. Dittmar. (2002). Stock Repurchase Waves: An Explanation of the Trends in Aggregate Corporate Payout Policy.
Fama, E. F., and K. R. French. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3-43.
Floyd, E., N. Li, and D. J. Skinner. (2015). Payout policy through the financial crisis: The growth of repurchases and the resilience of dividends. Journal of Financial Economics, 118(2), 299-316.
Grullon, G., and R. Michaely. (2000). Dividends, Share Repurchases, and the Substitution Hypothesis. Journal of Finance, 57(4), 1649-1684.
Gup, B. E., and D. Nam. (2005). Stock buybacks, Corporate performance, and EVA. Journal of Applied Corporate Finance, 14(1), 99-110.
Kulchania, M. (2013). Catering driven substitution in corporate payouts. Journal of Corporate Finance, 21, 180-195.
Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review, 46(2), 97-113.
Miller, M. H., and F. Modigliani. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411-443.
Skinner, D. J. (2008). The evolving relation between earnings, dividends, and stock repurchases. Journal of Financial Economics, 87(3), 582-609