臺灣博碩士論文加值系統

本研究主要以台灣上市與上櫃公司為主要研究對象，探討股利政策是否會影響公司之成長性。公司股利政策選擇發放高額的現金股利藉以迎合投資人喜好，或是將其盈餘保留轉而投注改良現有生產技術及創新研發，為企業尋求源源不絕的活水，實為各企業管理階層的智慧領導與醒悟。本文的研究期間為2000-2020年，樣本公司共1,249家，樣本數為23,414筆，以金融海嘯前後區分不同之市場環境下，研究股利政策與公司成長機會的關係。實證結果顯示，當公司發放較高現金股利給投資人時，因支出大部分盈餘而減少公司運用資金於新產品或改良現有製程降低成本，使得公司在未來提高了成長機會減緩及失去競爭力優勢之可能性。股利政策方面似乎企業在金融海嘯後更傾向發放現金股利，其股利發放在金融海嘯前後差異為23.19%，遠高於投入研發成本差異4.03%。再者，公司成長變數表現上卻大大的不如海嘯前的成長數據，但就企業獲利來看並無顯著降低，顯示企業將大部份盈餘運用在發放現金給股東為主，在投資研發上平均數據趨於放緩與停滯。這對企業而言,短期的營收與獲利可能還不致有太大影響，但以長遠的企業創新與永續成長實為一項隱憂。

This study mainly explores whether company dividend policies affect their growth with Taiwan’s list companies as subjects. Regarding dividend policies, while some corporates choose to pay large cash dividends to cater to investor preferences, others may reserve and invest their corporate surpluses in the improvement of the existing production technique as well as in innovation research and development to seek endless resources for enterprises. This decision between the two choices is actually the wise leadership and consciousness of management teams of enterprises. During the experiment period of this study from 2000 to 2020, a total of 1,249 companies are selected as samples, and 23,414 pieces of data are collected. According to the empirical results, under different conditions of the market economy, which are before and after the financial crisis, the relationship between dividend policies and corporate growth is detailed as follows. Because companies spend most surpluses to pay large cash dividends to investors and thus reduce investments in new products, or reducing existing processes costs, it is highly possible that their future growth opportunities will diminish and they will lose their competitive advantages. In terms of dividend policies, it seems that enterprises are more likely to pay cash dividends after the financial crisis. The difference in dividend payment before and after the financial crisis is 23.19% which is higher than that of research and development costs of 4.03%. The corporate growth variables are significantly lower than the growth data before the crisis, but there is no significant decrease in corporate profits, indicating that enterprises pay most profits to shareholders in cash according to their dividend policies and reduce or terminate their investment in research and development. For enterprises, this may have insignificant effects on their short-term profits but is actually a concern for their long-term innovation and sustainable growth.

摘 要 i
ABSTRACT ii
誌謝 iii
目錄 iv
表目錄 v
圖目錄 vi
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究架構與流程 2
第貳章 文獻探討 4
第一節 成長機會 4
第二節 股利政策 5
第三節 相關研究文獻 8
第叁章 研究方法 11
第一節 研究架構 11
第二節 迴歸模式建構 12
第三節 樣本選取與資料來源 13
第四節 變數定義 15
第肆章 實證結果 17
第一節 敘述性統計 17
第二節 相關分析 19
第三節 迴歸分析 22
第伍章 結論與建議 35
第一節 研究結論 35
第二節 管理意涵 37
第三節 研究限制 37
第四節 研究建議 37
參考文獻 38
中文部分 38
英文部分 39

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