企業生命週期轉變對股利變化的影響

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：30

、訪客IP：52.14.22.250

姓名

張嘉文(Chia-Wen Chang) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

企業生命週期轉變對股利變化的影響

相關論文

★ 半導體產業購併對股東財富效果之影響-以聯發科公司為例	★ 區塊鏈技術應用於金融科技公司企業資金電子調撥系統實作與驗證
★ 金融科技浪潮下銀行分行經營績效之探討－以個案銀行為例	★ 收購案後，主併公司與目標公司財務顧問之間開始合作原因之探討
★ 併購交易完成後，主併公司與目標公司財務顧問延續合作之因素探討	★ 產品組成變動與公司投資決策
★ CEO年齡與選擇併購目標公司之偏好	★ 外部董事產業經驗對於併購的影響
★ 目標公司執行長年齡與併購決策	★ 經理人文化認同形成對風險承擔行為之影響 -以S&P500指數上市公司為例
★ 併購如何創造綜效──以台灣與韓國為例	★ CEO文化認同與債務期限選擇
★ 台灣上市櫃公司撰寫CSR報告書與公司價值之相關性探討	★ 經理人文化認同與公司CSR政策執行之關聯性-以S&P500指數上市公司為例
★ COVID-19疫情對全球航空產業營運之影響–以中華航空為例	★ 迎向數位金融之國內實體銀行轉型策略探討-以國泰世華銀行為例

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

本研究在於探討企業生命週期對公司股利政策所造成的影響。過去研究對於企業生命週期的衡量上已發展出多種方法，然而多數方法與公司規模、年齡等具有較高的連結，使得衡量的生命週期多為單調演進的過程。本文以 Dickinson(2011)發展出的現金流量代理變數作為衡量企業生命週期的指標，其將企業生命週期明確的區分為五個階段，並以此掌握企業生命週期可能反轉的特性。透過現金流量代理變數對生命週期的界定，我們除了對企業生命週期做靜態的分析外，更能夠掌握生命週期在轉變時對股利變化影響之動態研究，其中對於企業生命週期反轉與股利政策的探討更是本文的創新之處。本文發現公司在成熟期階段較傾向發放股利，此結果與使用其他生命週期指標之股利政策研究一致。本文進一步延伸生命週期與股利政策研究至股利變化分析。實證結果顯示，由成長期進入成熟期的公司，股利會有顯著的成長。當公司由成熟期階段反轉至成長期時，股利的成長則顯著趨緩。整體來說，本文利用更能捕捉公司發展之進程生命週期指標，對不同股利政策做分析，發現進一步支持企業生命週期與股利政策的實證結果。

摘要(英)

This paper focuses on the relationship between firm life cycle and dividend policy. Prior studies developed different approaches to try to capture firm life cycle, but most of these methods manifested a monotone relation between life cycle and age. Utilizing cash flow patterns, Dickinson (2011) developed a firm life cycle proxy splits firm life cycle into five stages and more importantly, captures potential reversals in firm life cycle evolution. Therefore, I analyze not only the static relations between firm life cycle and dividend policy but also the dynamic relations, especially the effect of dividend changes when a firm reverses its life cycle into growth stage from mature. First I demonstrate that mature firms are more likely to pay dividend which is consistent with previous studies using other life cycle proxies. I further extend the existing literature to the analyses of dividend changes. The empirical results suggest that when growth firms grow to mature stage, dividend would significantly increase. When mature firms revert to growth stage, the dividend increases slow down. In sum, the findings provide further support to the life cycle theory of the corporate dividend policy by examining various dividend policies in detail with the help from the life cycle proxy capturing realistic progress of the firm.

關鍵字(中)

★ 企業生命週期
★ 股利政策

關鍵字(英)

論文目次

摘要............................................................................................................................................. i
Abstract...................................................................................................................................... ii
目錄........................................................................................................................................... iii
表目錄....................................................................................................................................... iv
圖目錄....................................................................................................................................... iv
第一章、緒論.............................................................................................................................1
第二章、文獻回顧.....................................................................................................................4
第三章、假說建立.....................................................................................................................8
第四章、樣本與研究方法.......................................................................................................10
第五章、實證結果與分析.......................................................................................................17
第六章、結論...........................................................................................................................29
參考文獻...................................................................................................................................31
附錄、變數義.......................................................................................................................33

參考文獻

Al-Yahyaee, Khamis H., Toan M. Pham, and Terry S. Walter. "Dividend Smoothing When Firms Distribute Most of Their Earnings as Dividends." Journal of Banking & Finance 35, no. 3
(2011): 606 - 612.
Amihud, Yakov, and Kefei Li. "The Declining Information Content of Dividend Announcements and the Effects of Institutional Holdings." Journal of Financial and Quantitative Analysis 41, no. 3 (2006): 637 - 660.
Amit, Raphael, and Paul J. H. Schoemaker. "Strategic Assets and Organizational Rent." Strategic Management Journal 14, no. 1 (1993): 33 - 46.
Anthony, Joseph H, and K Ramesh. "Association between Accounting Performance Measures and Stock Prices: A Test of the Life Cycle Hypothesis." Journal of Accounting and Economics 15, no. 2-3 (1992): 203 - 227.
Barclay, M., and C. Smith, Jr. “The capital structure puzzle: The evidence revisited.” Journal of Applied Corporate Finance 17, no. 1 (2005): 8–17.
Benartzi, Shlomo, Roni Michaely, and Richard Thaler. "Do Changes in Dividends Signal the Future or the Past?". Journal of Finance 52, no. 3 (1997): 1007 - 1034.
DeAngelo, Harry, Linda DeAngelo, and René M. Stulz. "Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Life-Cycle Theory." Journal of Financial Economics 81, no. 2 (2006): 227 - 254.
Denis, David J., Diane K. Denis, and Atulya Sarin. "The Information Content of Dividend Changes: Cash Flow Signaling, Overinvestment, and Dividend Clienteles." Journal of Financial and Quantitative Analysis 29, no. 4 (1994): 567 - 587.
Dickinson, Victoria. "Cash Flow Patterns as a Proxy for Firm Life Cycle." The Accounting Review 86, no. 6 (2011): 1969 - 1994.
Fama, Eugene F, and Kenneth R French. "Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?". Journal of Financial Economics 60, no. 1 (2001): 3 - 43.
Freeman, John, Glenn R. Carroll, and Michael T. Hannan. "The Liability of Newness: Age Dependence in Organizational Death Rates." American Sociological Review 48, no. 5 (1983): 692 - 710. 32
Grullon, Gustavo, Roni Michaely, and Bhaskaran Swaminathan. "Are Dividend Changes a Sign of Firm Maturity?". Journal of Business 75, no. 3 (2002): 387 - 424.
Healy, Paul M., and Krishna G. Palepu. "Earnings Information Conveyed by Dividend Initiations and Omissions." Journal of Financial Economics 21, no. 2 (1988): 149 - 175.
Hoberg, Gerard, and Nagpurnanand R. Prabhala. "Disappearing Dividends, Catering, and Risk." Review of Financial Studies 22, no. 1 (2009): 79 - 116.
Jovanovic, Boyan. "Selection and the Evolution of Industry." Econometrica 50, no. 3 (1982): 649 - 670.
Koch, Adam S., and Amy X. Sun. "Dividend Changes and the Persistence of Past Earnings Changes." Journal of Finance 59, no. 5 (2004): 2093 - 2120.
Lev, Baruch, and Paul Zarowin. "The Boundaries of Financial Reporting and How to Extend Them." Journal of Accounting Research 37, no. 2 (1999): 353 - 385.
Lintner, John. "Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes." American Economic Review 46, no. 2 (1956): 97 - 113.
Livnat, Joshua, and Paul Zarowin. "The Incremental Information Content of Cash-Flow Components." Journal of Accounting and Economics 13, no. 1 (1990): 25 - 46.
Nissim, Doron, and Amir Ziv. "Dividend Changes and Future Profitability." Journal of Finance 56, no. 6 (2001): 2111 - 2133.
Spence, M. “Entry, capacity, investment, and oligopolistic pricing.” Bell Journal of Economics 8, no. 2 (1977): 534–544.
Stinchcombe, Arthur L. Social Structure and Organizations. Handbook of Organizations. Emerald Group Publishing Limited, 1965.

指導教授

李韋憲

審核日期

2016-7-20

推文