現金股利與股票股利之選擇

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：28

、訪客IP：18.221.83.60

姓名

徐雅妮(Ya-Ni Hsu) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

現金股利與股票股利之選擇
(The Choice between Cash Dividends and Stock Dividends)

相關論文

★ 上市公司財務主管異動宣告對股價報酬與企業經營績效之影響	★ 國內綜合證券商轉投資海外子公司內部控制實務探討
★ IPO承銷新制對市場波動性、效率性及流動性之影響	★ 探討影響本益比之各項變數－IC設計產業之實證研究
★ 避險基金交易策略在台灣市場獲利性之研究	★ 財富管理業務與顧客行為之研究－以本國銀行業為例
★ 購併活動與資訊揭露—以公開收購為例	★ 臺灣證券期貨市場後台作業整合模式之研究
★ 道瓊指數、日經225指數、美國及日本10年期公債利率與日圓匯率之相互關係	★ 銀行投資公債業務之探討分析
★ 所得稅法新制對債券流通市場之影響	★ 私募基金入主國內銀行之認購價格實證研究-以凱雷入主大眾銀行為例
★ 虛擬銀行之可行性分析－以HSBC為例	★ 台灣中小企業融資、客群經營模式與經營策略問題之探討-以C銀行為例
★ 美元兌新台幣匯率與台灣股市關聯性之理論探討與實證分析	★ 動態投資組合保險策略之應用— 以紐約證券交易所發行之ETFs為實證

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]

至系統瀏覽論文 ( 永不開放)

摘要(中)

美國公司盈餘分配以發放股利的方式有現金股利和股票股利二種，每種分配方法在學術上都有其深入的探討，但鮮少文獻將二種股利發放方式之選擇作一綜合性討論。此外，我們並不了解什麼因子驅動現金股利與股票股利之選擇及投資人從公司管理者之股利選擇中可以獲得什麼資訊。因此，本文中我們分析了在美國市場上NYSE、AMEX、NASDAQ上市上櫃公司，其現金股利與股票股利發放之關係。我們先從CRSP資料庫中找出現金股利及股票股利宣告日之分類碼，將這些宣告日年化以整合COMPUSTAT資料庫中的公司財務資料。樣本期間從1984到2003年。本文發現公司規模、投資機會和獲利性在解釋現金股利和股票股利之相對支付方式有顯著的解釋能力。在公司特徵分析和多項式邏輯模型所求之結果一致。公司特徵分析中提出了現金股利發放公司及股票股利發放公司的差異，現金股利支付公司的規模較大且有較多的保留盈餘、營運現金流量，並有較高的歷史股利發放率。反觀股票股利，股票股利支付公司有較多的資本支出及未來的投資機會。在本文最後，我們用多項式邏輯模型來預測可能的支付方式（現金股利與股票股利之選擇性），結果和公司特徵分析一致，並支持了在財務彈性上，股票股利仍為公司股利政策考量上不容忽視的支付選擇方式，尤其是高投資機會的公司。

摘要(英)

Corporations use cash dividends and stock dividends as the methods to distribute earnings to shareholders. While each method has received considerable attention in the academic literature, fewer studies examine the choice between cash dividends and stock dividends. In particular, we do not know what factors drive the choice between cash dividends and stock dividends and what, if any, information investors infer from this managerial choice. In this paper we analyze the relationship between the cash dividends and stock dividends on the NYSE, AMEX and NASDAQ. We start with a complete listing of announcements of dividends distribution code supplied by CRSP database. From those announcements, we annualize the dividends to integrate with financial variables supplied by COMPUSTAT database. The sample period contains two decades through 1984 to 2003. This study shows that firm size, investment opportunities and profitability have significant power in explaining relative payouts of cash dividends versus stock dividends. The univariate results tell a similar story to the multivariate results. The univariate comparisons suggest that cash dividend paying firms and stock dividend paying firms are noticeably different. Cash dividend paying firms have more retained earnings and operating cash flows with large firm size and historically high payout ratios. Unlike cash dividends, firms with paying stock dividends have higher capital expenditures and Tobin’s q which means firms have investment opportunities in the future. Finally, we use multinomial logit model to predict payout policy. Our multivariate analysis is consistent with the univariate comparisons discussed earlier and generally support the hypothesis that the financial flexibility inherent in the stock dividends distribution is also a consideration in the choice of payout methods, especially for higher capital expenditure firms.

關鍵字(中)

★ 股利政策
★ 多項邏輯迴歸
★ 現金股利
★ 股票股利

關鍵字(英)

★ dividend policy
★ cash dividends
★ multinomial logit model
★ stock dividends

論文目次

1. Introduction 1
2. Literature review of stock dividends 5
2.1 Signaling hypothesis 9
2.2 Trading range hypothesis 10
2.3 Liquidity hypothesis 11
2.4 Tax timing hypothesis 11
2.5 Cash substitution hypothesis 12
2.6 Retained earnings hypothesis 13
2.7 Investment opportunities hypothesis 15
2.8 Free cash flow hypothesis 16
3. Data selection 18
3.1 Sample descriptions by year 19
3.2 Sample descriptions by industry 19
4. Firm-level analysis of payouts 20
4.1 Values of cash dividends and stock dividends 20
4.2 Hypothesis development 21
4.3 Variables construction 26
5 Empirical results 28
5.1 Univariate differences 28
5.2 Dividend change 28
5.3 The choice between cash dividends and stock dividends 29
5.4 Multivariate differences 32
5.4.1 Logistic regression model 32
5.4.2 Multinomial logit model 34
6. Conclusions 40
Tables and Figures 42
Reference 57
Appendix 60

參考文獻

Ajay Dravid R., 1987, A note on the behavior of stock returns around ex-dates of stock distributions. Journal of Finance, Vol. 42 Issue 1(1987),163-168.
Baker, G.P., 1993, Growth, corporate policies, and the investment opportunity set. Journal of Accounting and Economics, Vol. 16(1993), 161-165.
Baker H. Kent and Aaron L. Phillips, 1993, Why companies issue stock dividends? Financial practice and education, Fall (1993), 29-37.
Baker H. Kent, Aaron L. Phillips, and Gray E. Powell, 1995, The stock distribution puzzle: A synthesis of the literature on stock splits and stock dividends. Financial Practice and Education, Spring/Summer (1995), 24-37.
Baker H. Kent, Gray E. Powell, 2000, Determinants of corporate dividend policy: a survey of NYSE firms. Journal of Applied Finance 2000, 29-40.
Baker H. Kent, Gray E. Powell, E. Theodore Veit, 2002, Revisiting the dividend puzzle, Do all of the pieces now fit? Review of Financial Economics Vol. 11(2002), 241-261.
Banker Rajiv E., Somnath Das, Srikant M. Datar, 1993, Complementarities of prior accounting information: The case of stock dividend announcements. Accounting Review Vol. 68 No.1 (1993), 28-47.
Bartov, E., I. Krinsky and J.Lee, 1998, Evidence on how companies choose between dividends and open-market stock repurchases. Journal of Applied Corporate Finance, Vol. 11(1998), 89-96.
Benartzi Shlomo, Roni Michaely and Richard Thaler, 1997, Do changes in dividends signal the future or the past? Journal of Finance Vol.52 No.3 (1997), 1007-1034.
Bhattacharya Sudipto, 1979, An exploration of nondissipative dividend-signaling structures. Journal of Financial & Quantitative Analysis, Vol. 14 Issue 4(1979).
Chang, R. P., and S. G. Rhee, 1990, The impact of personal taxes on corporate dividend policy and capital structure decisions. Financial management, Vol. 19(1990), 21-31.
Charles T. Horngren, 1957, Stock dividends and the entity theory. Accounting Review Vol.32 No.3 (1957), 379-385.
Chen, S.S., Ho, K. W., Lee C. F. and Yeo, G. H. H., 2000, Investment opportunities free cash flow and market reaction to international joint venture. Journal of Banking and Finance Vol. 24(2000), 1747-1756.
Chen chein-yu, 2004, A study of relationship between cash dividends and stock dividends: The enquiry of dividend theory. Tamkang University, R.O.C.
Copeland S. Anderson, 1987, An analysis of trading strategies for closed-end equity funds. Quarterly Journal of Business & Economics, Vol. 26 Issue 1(1987), 3-19.
Damodaran Aswath, 2001, Corporate Finance: theory and Practice. Wiley international edition, 2nd edition.
DeAngelo Harry, Linda DeAngelo and Douglas J. Skinner, 1992, Dividends and losses. Journal of Finance, Vol. 47 Issue 5(1992), 1837-1863.
DeAngelo Harry, Linda DeAngelo, Douglas J. Skinner, 2000, Special dividends and the evolution of dividend signaling. Journal of Financial Economics Vol. 57(2000), 309-354.
DeAngelo Harry, Linda DeAngelo, Rene M. Stulz, 2004, Dividend policy, agency costs ,and earned equity. Working paper, 2004.
DeMaris Alfred, 1995, A tutorial in logistic regression. Journal of Marriage and the Family Vol. 57(1995), 956-968.
Denis David J., Diane K. Denis and Atulya Sarin, 1994, The information content of dividends changes: Cash flow signaling, overinvestment, and dividend clienteles. Journal of Financial and Quantitative Vol.29 No.4 (1994), 567-587.
Easterbrook Frank H., 1984, Two agency-cost explanations of dividends. American Economic Review, Vol. 74 Issue 4(1984), 650-669.
Eisemann Peter C. and Edward A. Moses, 1978, Stock dividends: Management’s view. Financial Analysts Journal, July-August(1978), 77-84.
Elgers Pieter T., Murray Dennis, 1985, Financial characteristics related to management’s stock spilt and stock dividend decisions. Journal of Business Finance & Accounting, Winter Vol. 12 Issue 4 (1985), 543-551
Fama Eugene F. and Kenneth R. French, 2001, Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics Vol.60 (2001), 3-43.
Farrar Donald E. and Selwyn, Lee L., 1967, Taxes, corporate financial policy and return to investors. National Tax Journal, Vol. 20 Issue 4(1967).
Frankfurter George M. and Bob G. Wood Jr., 2002, Dividends policy theories and their empirical tests. International Review of Financial Analysis Vol.11 (2002), 111-138.
Foster III Taylor W. and Vickrey Don., 1978, The information content of stock dividend announcements. Accounting Review, Vol. 53 Issue 2(1978), 360-370.
Ghosh Chinmoy and J. Randall Woolridge, 1988, An analysis of shareholder reaction to dividend cuts and omissions. Journal of Financial Research Vol.XI No.4 (1988), 281-294.
Grinblatt Mark S., Masulis Ronald W. and Titman Sheridan, 1984, The valuation effects of stock splits and stock dividends. Journal of Financial Economics Vol.13 No.4(1984), 461-490.
Guay Wayne, Jarrad Harford, 2000, The cash-flow permanence and information content of dividend increases versus repurchases. Journal of Financial Economics Vol. 57(2000), 385-415.
Horowitz Josef L. and N.E. Savin, 2001, Binary response models: logits, probits and semiparametrics. Journal of Economic Perspectives Vol. 15 (2001), 43-56.
Huang yu-wen , 2004, Investment opportunities, free cash flow and market reaction to announcement of stock dividends. National Central University, R.O.C.
Jagannathan Murali, Clifford P. Stephens, Michael S. Weisbach , 2000, Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics Vol. 57(2000), 355-384.
James Woolridge Randall, 1983, Stock dividends as signals. Journal of Financial Research, Vol.6 issue 1(1983), 1-12.
James Woolridge Randall, 1983, Ex-date stock price adjustment to stock dividends: A Note. Journal of Finance, Vol. 38 Issue 1(1983), 247-255.
James Ang S., David W. Blackwell, and William I. Megginson, 1991, The effects of taxes on the relative valuation of dividends and capital gains: Evidenced from dual-class British investment trusts. Journal of Finance, Vol. 46 Issue 1(1991), 383-399.
Jensen, Michael C., 1986, Agency costs of free cash flow, corporate finance and takeovers. American Economics Review, Vol. 76(1986), 323-329.
Jensen, Michael C. and Meckling William H., 1975, Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, Vol. 3 Issue 4(1976), 305-360.
Kenneth Eades M., Hess Patrick J. and Kim E. Han., 1978, On interpreting security returns during the ex-dividend period. Journal of Financial Economics, Vol. 13 Issue 1(1978), 3-34.
Kose John and Williams Joseph, 1985, Dividends, Dilution, and Taxes: A signaling equilibrium. Journal of Finance, Vol. 40 Issue 4(1985), 1053-1070.
Lakonishok Josef and Baruch, Lev, 1987, Stock splits and stock dividends: Why, who, and when. Journal of Finance Vol. XLII No.4 (1987), 913-932.
Lang, L. H. P., Stulz, R.M. and Walkling, R. A., 1991, A test of the free cash flow hypothesis: the case of bidder returns. Journal of Financial Economics Vol.29(1991), 315-335.
Lehn, K., Poulsen, A., 1989, Free cash flow and stockholder gains in going private transactions. Journal of Finance Vol.44(1989), 771-787.
Lintner John, 1956, Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review Vol.46 No.2 (1956), 97-113.
Long Michael S., Illeen B. Malitz and Stephan E. Sefcik, 1994, An empirical examination of dividend policy following debt issues. Journal of Financial and Quantitative Analysis Vol.29 No.1 (1994), 131-144.
McFadden D.L. and Diamond P.A., 1974, Some uses of the expenditure function in public finance. Journal of Public Economics, Vol. 3 Issue 1(1974), 3-20.
Matherly Walter J., 1923, The why of stock dividends. The University Journal of Businiess Vol.2 No.1 (1923), 72-80.
Miller Merton and Rock Kevin, 1985, Dividend policy under asymmetric information. Journal of Finance, Vol. 40 Issue 4(1985), 1031-1051.
Myers, S. C., and N. S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics Vol. 13(1984), 187-221.
Nichols William D., Brown Stewart L., 1981, Assimilating earnings and split information is the capital market becoming more efficient? Journal of Financial Economics, Vol. 9 Issue 3 (1981), 309-315.
Nohel Tom, Vefa tarhan, 1998, Share repurchases and firm performance: new evidence on the agency costs of free cash flow. Journal of Financial Economics Vol. 49(1998), 187-222.
Phillips Aaron L., H. Kent Baker and Richard B. Edelman, 1997, The Market Reaction to discontinuing regular stock dividends. Financial Review Vol.32 No.3 (1997), 801-820.
Porterfield James T. S., 1959, Dividends, dilution and delusion. Harvard Business Review (1959), 56-61.
Pyung Sig Yoon, Laura T. Starks, 1995, Signaling, investment opportunities, and dividend announcements. Review of Financial Studies Vol. 8 No.4 (1995), 995-1018.
Rozeff Michael S., 1982, Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research Vol.V No.3 (1982), 249-259.
Turnovsky Stephen J., 1967, The allocation of corporate profits between dividends and retained earnings. Review of Economics and Statistics Vol.49 No.4 (1967), 583-589.
Wang C. Edward, 2004, The determinants of preference for issuing stock dividends and its impact on long-term stock performance: The evidence from Taiwanese firms. Journal of Risk Management Vol.6 No.3 (2004), 307-344.
Wu, C., Kwok, C.C.Y., 2002, Why do US firms choose global equity offerings? Financial Management, Summer (2002), 47-65.

指導教授

周冠男、陳聖賢
(Robin K. Chou、Sheng-Syan Chen)

審核日期

2005-7-4

推文