台灣銀行業股利發放與財務健康狀況之研究

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姓名

謝瑞亭(Jui-Ting Hsieh) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

台灣銀行業股利發放與財務健康狀況之研究
(Dividends and the Financial Health of Taiwanese Banks)

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至系統瀏覽論文 (2028-7-1以後開放)

摘要(中)

根據股利訊號理論，公司會透過股利發放向外界傳遞公司內部資訊。本文探討台灣的銀行發放股利和銀行未來財務健康狀況之間的關係。實證結果發現，提高股利發放率或單純提高股利對銀行下一年的財務健康有顯著的正相關。這種顯著正相關只會出現在經濟狀況平穩時，在金融危機時期的實證結果並不顯著。此外，上述的股利發放與財務健康之間的正相關程度並不會因為資本比率高低而不同。當用逾期放款率作為財務健康的代理變數時，政府持有銀行的股利發放對財務健康的影響程度會比私人持有的銀行更明顯。當用 z-score 作為財務健康的代理變數時，政府持有銀行與私人持有銀行之間的股利發放影響程度就沒有程度上的不同。

摘要(英)

According to dividend signal theory, companies transmit internal information to the outside world through the distribution of dividends. This article explores the association between dividend payouts and the future financial health of Taiwanese banks. The empirical results show that increasing the dividend payout rate the dividend itself has a significant positive association with the bank’s financial health in the next year. This significant positive correlation occurs only when economic conditions are stable, as the empirical results during financial crises are not significant. Furthermore, the strength of the positive relation between dividend payouts and financial health described above does not vary with capital ratios. When the nonperforming loan ratio is used as a proxy for financial health, the extent of the impact of government-owned banks’ dividends on financial health is more pronounced than that of privately-owned banks. When the z-score is used as a proxy for financial health, there is no difference in the extent of the effect of dividend payments between government-owned and privately-owned banks.

關鍵字(中)

★ 股利政策
★ 銀行
★ 財務健康

關鍵字(英)

★ dividend
★ bank
★ financial health

論文目次

Chinese Abstract i
Abstract ii
Contents iii
Table Contents iv
1. Introduction 1
2. Literature Review and Hypothesis Development 5
3. Data and Variable Definitions 8
3.1 Data and sample 8
3.2 Variable definitions 8
4. Empirical Results 10
4.1 Summary statistics 10
4.2 Earnings signal test 11
4.3 Financial health signal test 12
4.4 Robustness tests 18
5. Conclusion 19
References 20

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指導教授

何柏欣

審核日期

2022-6-23

推文