臺灣博碩士論文加值系統

發放現金股利與現金減資都是企業經理人的資本決策手段，兩者最大差異在於現金減資並 不需要被課稅;從實際數據觀察到我國近年執行現金減資的比例呈現增加趨勢，且國內學者之 研究亦顯示我國投資人視現金減資為正向訊號。BakerandWurgler 從行為財務的角度提出迎合 理論，該理論描述經理人受到投資人影響而出現迎合投資人偏好的行為;國內學者研究支持我 國發放現金股利之行為存在迎合行為，不過卻較少研究檢測現金減資是否存在迎合效應;因此 本研究以 2002 年至 2019 年台灣上市櫃公司為研究樣本結合迎合理論探討三個問題:(1)現金 減資是否存在迎合行為?(2)難以評價之公司，經理人是否出現迎合行為?(3)股東個人所 得稅負是否為經理人決定是否執行現金減資的重要因素。本研究發現:(1)現金減資不存在迎 合行為;庫藏股減資存在迎合行為;(2)難以評價之公司經理人未出現迎合行為;(3)股東 所得稅負擔非經理人決定是否執行現金減資與庫藏股減資的重要因素。

Cash dividends and capital reductions are important capital decisions for corporate managers. Capital reductions is not tax-related, but cash dividends are taxed. According to the research by domestic scholars, investors regard capital reduction as a positive signal. This study selected data from 2002 to 2019 from the Taiwan Economic Journal as a sample to examine three questions related to the theory of catering: (1) Is there a catering behavior of capital reduction? (2) Is the catering behavior stronger for companies that are difficult to evaluate? (3) Is the personal income tax of shareholders an important factor of capital reductions. This study found that: (1) There is no catering behavior for both capital reductions and treasury stock reductions; (2) There is no catering behavior for managers of difficult-to-value companies; (3) The shareholders' income tax burden is not an important factor for managers to decide whether to implement capital reduction and treasury stock reduction.

目錄
表 次
第一章、緒論
第二章、文獻回顧與假說建立
第一節、公司減資
第二節、現金減資相關理論與文獻
第三節、迎合理論
第四節、建立假說:減資的迎合現象
第三章、研究設計
第一節、實證資料
第二節、變數說明
第三節、實證模型
第四章、實證結果與分析
第一節、敘述統計量
第二節、LOGISTIC迴歸分析
第五章、結論
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