臺灣博碩士論文加值系統

本文利用西元1983~2002年在美國三大市場（AMEX, NYSE 和 NASDAQ）上市的公司為樣本，主要探討同產業內現金股利發放比率對公司上市後是否開始發放現金股利，及上市後多久開始發放現金股利的影響程度，實證結果發現公司上市後若產業內現金股利發放比率高，則此公司也傾向會開始發放現金股利，且上市後直到開始發放現金股利的年數較短，此結果在控制許多過去文獻證實會影響股利政策的變數後，也非常顯著。此外，本文結果亦指出規模大、獲利良好、投資機會少、低負債比率、產業內較不競爭的公司較有可能在上市後開始發放現金股利；市場利率低亦會促使公司開始發放現金股利；股票再買回政策和現金股利發放政策是呈現互補的關係。總結來說，本研究證實同產業內現金股利發放比率對於公司上市後是否要開始發放現金股利而言，是一項重要考量因素。

This study examines the role of cash dividends payer ratio within industry in determining the cash dividends initiation policy of IPO issuing firms and the duration of firms initiating cash dividends since IPO. We use the firms that undertake an IPO in AMEX, NYSE and NASDAQ during 1983~2002. We find that firms would be likely to initiate cash dividends when the cash dividends payer ratio within industry is high. If cash dividends payer ratio within industry is high, firms would have short duration to initiate cash dividends since IPO. These results hold after controlling for other variables that could affect cash dividends initiation policy. Firms would less likely to initiate cash dividends in competitive industry, low market interest rate and high leverage. Firms with large size, few investment opportunities and high profitability would be likely to initiate cash dividends after IPO. We also find that stock repurchase and cash dividends initiation are complement to each other. The evidence suggests the notion that cash dividends payer ratio intra-industry is an important consideration for IPO issuing firms to do cash dividends initiation decision.

Contents
I. Introduction 1
II. Literature Review and Hypothesis Development 4
A. Industry cash dividends payer ratio 4
B. Industry competition 6
C. Excess stock returns 7
D. Market interest rate 8
E. Size 8
F. Investment opportunity 9
G. Firm profitability 10
H. Excess cash flow 10
I. Stock repurchase activity 11
J. Leverage 13
K. Tax Reform Act 1986 13
III. Data Description and Methodology 15
A. Sample Description 15
B. Variable Measurement 17
C. Methodology 18
IV. Empirical Results 21
A. Summary statistics of variables 21
B. Analysis of subgroups based on the 「Payratio」 21
C. Estimation of logistic models 22
D. Estimation of duration models 25
V. Conclusion 27
VI. Reference 28

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