本篇研究以台灣上市公司作為樣本，利用代理理論與股利理論的觀點探討企業股權結構的組成與現金股利支付率之間的關係，並另外加入企業生命週期的虛擬變數，藉以瞭解在不同生命週期階段股權結構對股利政策影響之差異性。本篇研究以內部人持股比例、股權集中度、機構投資人持股比例衡量公司的股權結構，以Dickinsom(2011)提出的現金流量法來劃分企業生命週期階段，並使用Hausman等檢定後選用固定效果模型做實證分析。
實證研究結果顯示，當內部人持股比例越高時，公司的現金股利支付率越高；公司股權越集中時，公司傾向發放較低的股利支付率，因為股權越集中時代理成本越低；當機構投資人持股比例越高時，公司的現金股利支付率越高。納入企業生命週期的觀點來探討後，實證結果發現當公司處在衰退期時，其股權結構對公司股利政策的影響會較強烈。

This study adopts Taiwan non-financial listed companies as the research samples and examines the relationship between companies' ownership structure and cash dividend payout ratio. Moreover, this research also takes the business life cycle into consideration in order to examine the impact of the ownership structures on the dividend policy in different life cycle stages. This study adopts the proportion of insider ownership, ownership concentration, and the proportion of institutional ownership to measure the companies' ownership structure, using the cash flow method from Dickinsom (2011) to divide the stages of the business life cycle.
The empirical results show that the higher the proportion of insider ownership, the higher the cash dividend payout ratio. When the companies' ownership structures are more concentrated, the companies prefer to pay the lower dividend. Because the agency cost was lower when the ownership structure was more concentrated. The higher the proportion of institutional ownership, the higher the cash dividend payout ratio. After considering the business life cycle, the result shows that compared to the growth stage, when the company was in the decline stage, the ownership structure would have a stronger impact on the dividend policy.

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