股利政策對公司績效之影響:以台灣上市公司為例

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姓名

林昱承(Yu-Cheng Lin) 查詢紙本館藏

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產業經濟研究所

論文名稱

股利政策對公司績效之影響:以台灣上市公司為例

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至系統瀏覽論文 (2027-7-27以後開放)

摘要(中)

本研究以股利相關理論為基礎，探討股利政策與公司績效之關聯性。以2000年至2020年台灣上市公司為研究樣本，除了股利政策外，同時將股權結構與資本結構變數納入考量，並加入其與股利政策之交乘項以檢驗其中介效果。
實證結果發現，現金股利的發放、現金股利支付率以及控制股東持股比率皆對公司績效有顯著的正面影響；槓桿比率、控制權與所有權之偏離程度對公司績效則有顯著的負面影響。印證代理理論以及訊號發射理論中，股利政策具有抑制代理問題及訊號傳遞之效用的說法，證實股利政策和股權結構與資本結構相互影響，進而提升公司績效。

摘要(英)

On the basis of the dividend theory, this paper investigates the relationship between dividend policy and firm performance. For a panel of listed companies in Taiwan over the 2000-2020 period, we take into account not only ownership structure and capital structure but also the interaction terms between these variables and dividend policy.
We find that issuing cash dividends, cash dividends payout ratio and control rights of controlling shareholders have significantly positive impacts on firm performance；leverage ratio and the divergence between the control rights and the ownership rights of controlling shareholders have significantly negative impacts on firm performance. Empirical results indicate dividend policy would be a signaling effect in signal theory, and reduce the agency problem in agency theory. There is significantly positive interaction effect between ownership structure, capital structure and dividend policy on firm performance.

關鍵字(中)

★ 公司績效
★ 股利政策
★ 代理理論
★ 訊號理論

關鍵字(英)

★ firm performance
★ dividend policy
★ agency theory
★ signal theory

論文目次

目錄
摘要 i
ABSTRACT ii
目錄 iv
表目錄 vi
第一章緒論 1
1-1 研究背景與動機 1
1-2 研究目的 4
第二章文獻回顧 5
2-1 股利政策相關理論與文獻 5
2-1-1 股利無關論(The Dividend Irrelevance Theory) 5
2-1-2 一鳥在手理論(The Bird-in-the-Hand Fallacy) 5
2-1-3 訊號發射理論(Signaling Theory) 6
2-1-4 代理理論(Agency Theory) 7
2-2 公司特徵與股利政策相關文獻 8
2-3 代理問題、公司治理與股利政策相關文獻 10
2-4 公司市場價值與股利政策相關文獻 10
2-5 公司績效與股利政策相關文獻 11
第三章資料來源與模型設定 13
3-1 資料來源 13
3-2 研究假說 15
3-3 變數說明 16
3-3-1 應變數 16
3-3-2 解釋變數 16
3-4 模型設定 19
第四章實證結果 22
4-1 Pooled OLS實證結果 22
4-2 廠商固定效果模型(Firm fixed effects model)實證結果 28
第五章結論與研究限制 32
5-1 結論 32
5-2 研究限制與建議 33
參考文獻 34
中文部分 34
英文部分 34

參考文獻

中文部分
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高惠松與蔡純真(2014)，「資本結構、股利政策對公司價值之影響：訊號理論觀點」，《會計與公司治理》，9(1)，29-61。
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指導教授

鄒孟文(Meng-Wen Tsou)

審核日期

2022-7-28

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