臺灣博碩士論文加值系統

本研究不同以往之研究（國內）都以股價報酬來實證自由現金流量假說及訊號發射理論，本研究以公司內部表現之角度來探討以上兩種理論，除此之外，本研究使用與以往不同之分組方法將公司區分為易遭遇自由現金流量問題的公司與不易遭遇自由現金流量問題的公司，藉此實證自由現金流量之正確性。本研究主要實證結果發現現易遭遇自由現金流量問題的公司在宣告現金股利增加之後，其營運表現會下降，而資本支出會下降或不變；在宣告現金股利減少之後，其營運表現也會下降，資本支出會上升或不變。另外，實證結果也發現所有公司在宣告現金股利增加之後，其現金餘額會下降（相對於Year0）；宣告現金股利減少之後，其現金餘額會呈現先上升後下降的情況。由以上結果得知自由現金流量假說較能夠適用於解釋台灣之現金股利行為，而訊號發射理論相對上解釋能力較低。除此之外，因為自由現金流量假說並沒有提到是何種股權機制強迫管理者增加發放現金股利，所以本研究嘗試尋找出是何種股權機制以彌補自由現金流量假說理論上之不足。本研究實證結果發現在台灣，強迫管理者增加發放現金股利之股權機制是國外機構投資人。

摘要
第一章 緒論
第一節 研究動機與目
第二節 研究架構與流程
第二章 文獻探討
第一節 自由現金流量假說
第二節 訊號發射理論
第三節 機構投資人與現金股利
第三章 研究方法
第一節 研究假說與變數定義
第二節 研究設計
第三節 資料來源、研究期間與樣本選取
第四章 實證結果與分析
第一節 樣本敘述統計量
第二節 實證結果
第五章 結論與建議
第一節 結論
第二節 研究限制與建議
參考文獻
表目錄
表1.1現金股利增加之樣本公司
表1.2現金股利減少之樣本公司
表1.3現金股利減少與現金股利增加之差異
表 2資產報酬率（Full Sample
表 3資產報酬率（Sub-Sample）
表 4銷貨報酬（Full Sample）
表 5銷貨報酬率（Sub-Sample）
表 6資產之現金流量報酬（Full Sample）
表 7資產之現金流量報酬（Sub-Sample)
表 8表8. 資本支出比率（Full Sample）
表 9資本支出（Sub-Sample）
表 10現金餘額比率（Full Sample）
表 11機構投資人與現金股利之迴歸式

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