ETF 高配息率會讓績效變差嗎?

NCUIR > School of Management at National Central University > Executive Master of Finance Management > Electronic Thesis & Dissertation > Item 987654321/97847

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Title:	ETF 高配息率會讓績效變差嗎?
Authors:	潘建志;Pan, Chien-Chih
Keywords:	ETF;配息率;穩定配息;投資績效;ETF;dividend rate;stable dividend;investment performance
Date:	2025-06-12
Issue Date:	2025-10-17 11:59:50 (UTC+8)
Publisher:	國立中央大學
Abstract:	近年來，隨著台灣市場ETF商品的蓬勃發展，ETF已成為國內投資人資產配置的重要選擇，特別是具有穩定現金配息的ETF廣受青睞，顯示台灣投資人對穩定配息能力的金融工具有高度偏好；因此，本研究以台灣股市的配息型ETF為研究標的，探討ETF高配息率是否會影響其績效？本研究首先將ETF前一期的配息率排序，分成五個等分組，再利用平均值、中位數、最大值、最小值與標準差展示ETF當期含息報酬率的集中與散佈特性，探討其配息策略，接著以近5年（2020年至2024年）、近10年（2015年至2024年）、近15年（2010年至2024年）及近20年（2005年至2024年）等不同期間的資料進行實證分析，研究結果顯示，ETF前一期的配息率與當期含息的報酬率之間存在顯著的正向關聯，其中高配息率的ETF因吸引追求穩定配息的投資者，其報酬率顯著提高，意味著投資人將較高的歷史配息率視為營運良好或現金流穩健的訊號，進而對未來報酬抱持更樂觀的預期。;In recent years, with the vigorous development of ETF products in the Taiwan market, ETFs have become an important choice for domestic investors′ asset allocation. In particular, ETFs with stable cash dividends are widely favored, indicating that Taiwanese investors have a high preference for financial instruments with stable dividend capabilities. Therefore, this study takes the dividend-paying ETFs in the Taiwan stock market as the research target to explore whether the high dividend rate of ETFs will affect their performance? This study first sorted the dividend rate of the previous period of ETFs and divided them into five equal groups. Then, the mean, median, maximum, minimum and standard deviation were used to show the concentration and dispersion characteristics of the current interest-bearing rate of return of ETFs, and their dividend distribution strategies were explored. Then, the data of different periods such as the past 5 years (2020 to 2024), the past 10 years (2015 to 2024), the past 15 years (2010 to 2024) and the past 20 years (2005 to 2024) were used for empirical analysis. The results showed that there was a significant positive correlation between the dividend rate of the previous period of ETFs and the current interest-bearing rate of return. Among them, ETFs with high dividend rates attracted investors who pursued stable dividends, and their returns increased significantly, which means that investors regard higher historical dividend rates as a signal of good operations or stable cash flow, and thus hold more optimistic expectations for future returns.
Appears in Collections:	[Executive Master of Finance Management] Electronic Thesis & Dissertation

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