中文摘要:

本篇論文探討台灣證券交易所上市公司的股利政策與生命週期假說的相關性。論文的樣本共包含了6,031個有支付股利的樣本公司，而樣本期間則是從1992~2007年，共16個年度。結論指出，有支付股利的公司(包含純現金股利、純股票股利及兩者皆發放)相較於不支付股利的公司，有較高的獲利能力、資產成長率及帳面市值比。再者，迴歸分析的結論說明，公司所支付的股利政策符合生命週期假說。公司若是處在成長階段，且有高成長潛能及低的獲利性時，會傾向發放股票股利代替現金股利；反之，若公司是處在成熟階段，且有高獲利性及低成長性時，則會傾向以現金股利代替股票股利，發放給股東。

最後，論文亦測試有關迎合假說對公司支付股利的情形。公司的管理者在支付股利時，會迎合投資者的股利需求。在公司屬於成長階段時，發放股票股利的公司相較發放現金股利的公司擁有較高的帳面市值比，投資人會較偏好股票股利。反之，公司在成熟階段時，相較於發放股票股利的公司，投資人較偏好兩者皆發放或現金股利的公司。

關鍵字：股利政策,現金股利,股票股利,生命週期假說

Abtract:

This dissertation examines the dividend policy for firms listed on the Taiwan Stock Exchange and test the life cycle hypothesis. The sample involves 6,031 observations of dividend payments over the 16-year period 1992-2007. Consistent with the prediction of the life cycle hypothesis, the results indicate that dividend payers (cash dividends, stock dividends, or mixed) are associated with higher profitability, higher asset growth rate, and higher market-to-book ratio than non-payers (none dividends). Moreover, these results are consistent with the life cycle hypothesis of dividend payment in that younger firms with higher growth potential but lower profitability tend to distribute more stock dividends than cash dividends. When firms become more mature as characterized by lower growth potential but higher profitability tend to distribute more cash dividends as opposed to stock dividends.

Finally, the results are also consistent with the prediction of the catering theory in that managers choose dividend policy to cater to the demand of investors. During the earlier part of the sample period, stock dividend payers are characterized by higher market-to-book ratio than that for cash dividend payers. In contrast, firms shift from stock dividends to other types of dividends such as mixed dividends and cash dividends during the latter part of the sample period.

KEYWORDS: dividend policy, cash dividend, stock dividend, life cycle hypothesis

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