本研究之目的，在檢視台灣上市上櫃公司於舉債後進行現金股利增發宣告後的市場反應、營運績效、資本支出及內部人持股比率的變化，並分析其是否符合訊號假說或自由現金流量假說。依據市場反應及營運績效、資本支出、內部人持股比率一至三年的變動狀況，本研究發現舉債後進行股利增發宣告會造成負向的市場反應且後續營運績效、資本支出、內部人持股比率均有顯著下降的趨勢。此結果符合自由現金流量假說的預期。最後本研究更進一步探討營運績效、內部人持股比率、低成長機會高自由現金流量對宣告效果的影響，其結果發現三者均對宣告效果有正向的影響。 The purpose of this paper is to explore the effect on stock price, operating performance, capital expenditures and managerial ownership from the announcement of cash dividends increases after debt issues, and to analyze it whether conforms to the signal hypothesis or the free cash flow hypothesis. Based on stock price and operating performance, capital expenditures and managerial ownership one to three years change, this paper find it has negative announcement effect and operating performance, capital expenditures and managerial ownership experience a significant reduction. The result conforms to free cash flow hypothesis. Finally, this paper also discusses the influence on announcement effect from operating performance, managerial ownership and cash with low MBE, the results find they all have positively related to announcement effect.
