股利政策决定因素再探讨概论.pdfVIP

股利政策決定因素再探討 Determinants of Dividend Policy Revisited 黎明淵 林俞廷 1 國立暨南國際大學財務金融系 民國九十三年十二月二日 摘要 2003 年台積電的董事會決議中，決定自台積電上市以來，首次發放現金股利，以避免因股本過 度膨脹所衍生的每股盈餘稀釋問題。此外，一般認為高科技產業因其產業特性，多傾向發放股票股 利，傳統產業則多傾向發放現金股利。本研究依據上述兩個事件觀察，驗證股本膨脹率是否會影響 公司的股利政策，並分析高科技產業及傳統產業的股利政策決定因素之差異性。本文實證結果指出， 第一、股本膨脹率與只發放現金股利呈不顯著正相關，而與只發放股票股利呈顯著正相關。可能原 因為，台積電因考量股本膨脹等因素而決定自上市以來，首次發放現金股利，惟僅是某一特例。第 二、產業別的虛擬變數與只發放股票股利呈顯著正相關，表示高科技產業傾向只發放股票股利，傳 統產業傾向發放現金股利。第三、歷史股利、經營績效、前期股利及負債比率同是影響傳統產業與 高科技產業的因素。但公司規模與成長機會會影響傳統產業的股利發放，但對高科技產業的影響並 不顯著。 Abstract In 2003, TSMC, one of the most famous electronic companies in Taiwan, announced to provide cash dividend to solve the problem of EPS decreasing from the stock dividend payment policy. Indeed, this is the first time for TSMC to use cash dividend instead of stock dividend. Moreover, in general, high-tech (non high-tech) companies prefer to pay stock (cash) dividend because of their own characters. Following the above observations, this paper addresses and examines the following two interesting issues of dividend policy. First, we use the increasing rate of common outstanding stock to serve as one of new determinants of dividend policy. Second, we analyze and compare the differences on the dividend policy determinants between high-tech and non high-tech companies. Our empirical results are consistent with the following notions. First, the increasing rate of common outstanding stock is positively correlated with the payment of stock dividend. Second, high-tech (non high-tech) companies favor the stock (cash) dividend policy. Third, historical dividend poli