上市公司股利政策不僅關係到公司股東和管理者、債務人、外部中小投資者之間的利益問題，同時對公司未來的發展也會有一定的影響。自Miller and Modigliani在“完美資本市場”的假設上提出了“股利無關論”之後，很多學者通過放寬假設條件，對股利政策的實證和理論研究加以豐富。
本研究選擇在亞洲乃至世界佔有舉足輕重的地位的臺灣電子產業作為研究重心，同時借鑒國內外已有的研究成果，結合電子產業本身特點，從公司內部因素、股權集中度、公司治理結構、企業生命週期等方面對臺灣電子產業股利政策進行了全面的探討，同時以現金股利支付率作為股利政策的代理變數。
研究發現，臺灣電子產業上市公司的現金股利支付率與企業生命週期之間的關係基本符合股利政策的生命週期理論。同時得出，自由現金流量、ROA、監察人持股比例、經理人持股比例、金融機構持股比例、政府機構持股比例、法人持股比例、負債比率、公司股價、大股東持股比例會影響公司股利政策的制定。
最後本研究針對企業生命週期與其他因素分別對上市公司、投資者與市場監管機構提出了相關建議。

Listed companies dividend policy is not only related to the benefits between the shareholders and managers,shareholders and debtors, but also related to the interests between the large shareholders and the external automatic investors. And meanwhile, it may also have a certain impact on the company’s future developments. Miner and Modigliani’s theory which is said that the company’s valuation is irrelevance of dividend policy but is just related to the incomes of investments is based on series assumptions of the perfect capital markets. From then on, many scholars start to pay attention to the dividend policy by relaxing the assumptions MM concerned, and constantly do the empirical researches to rich the theories of dividend policy.
This study chooses the Taiwan electronics industry as the research core, because it occupies a pivotal position in Asia and the word. And this article draw lessons for existing research results both in China and abroad, and combined with the characteristics of the electronics industry itself. This article also makes a comprehensive discussion on the dividend policy of Taiwan’s electronics company from the aspects of internal factors, ownership concentration, corporate governance structure, business life cycle. The cash dividend payout ratio is used as a proxy variable for the dividend policy.
The relationship between the cash dividend payout ratio and the enterprise life cycle of listed companies in Taiwan's electronics industry is basically in line with the life cycle theory of dividend policy. Free cash flow, ROA, the proportion of managers holdings, the proportion of supervisors holdings, the proportion of holdings of financial institutions, the proportion of government agencies, the proportion of legle person, debt ratio, the company's share price, the proportion of major shareholders will affect the company's dividend policy.
Finally, this study will give some advice to listed company, investor and market regulator, and focus on business life cycle and other factors.

(一)中文部分
1.李常青，彭峰.現金股利研究的新視角：基於企業生命週期理論[J].財經理論與實踐，2009(9)：67-73.
2.宋福鐵，屈文洲.基於企業生命週期理論的現金股利分配實證研究[J].中國工業經濟，2010(2)：140-149.
3.呂長江，王克敏.上市公司股利政策的實證分析[J],經濟研究，1999(12)：31-39.
4.武曉玲，狄躍強.我國上市公司現金股利政策研究[J]，山西財經大學學報，2009(8)：71-76.
5.易顏新，柯大鋼，王平心.股利分配動因與股利決策[J]，經濟管理，2008(4)：45-54．
6.原紅旗，中國上市公司股利政策分析[J]，財經研究，2001(3)：33-41.
7.徐臘平，企業股利分配具有生命週期特徵嗎？——基於中國上市公司的實證[J]，南方經濟，2009(6)：51-59.
8.翁洪波，吳世農.機構投資者：公司治理與上市公司股利政策[J].中國會計評論，2007(3)：367-380．.
9.陳洪濤，黃國良.中國上市公司股利支付水準實證研究[J]，中國礦業大學學報，2006(1)：135-140.
10.張雪麗，薑茂生.上市公司現金股利政策的選擇：來自中國證券市場的實證證據[J]，財經問題研究，2006(4)：52-59.
11.楊淑娥，王勇，白革萍.我國股利分配政策影響因素的實證分析[J]，會計研究，2000(2)：31-34.
12.楊漢明，壽命週期、股利支付與企業價值[J]，管理世界，2008(4)：181-182.
13.趙春光，張雪麗，葉龍.股利政策選擇動因：來自我國證券市場的實證證據[J]，財經研究，2001(2)：48-53.
14.劉淑蓮，胡燕鴻.中國上市公司現金分紅實證分析[J]，會計研究，2003(4)：29-35.
15.劉孟暉，沈中華，餘怒濤.我國上市公司股利分配行為特徵研究：來自深圳股票市場的證據[J]，經濟問題，2008(1)：103-106.
16.劉孟暉，沈中華，餘怒濤.現金股利支付水準與大股東侵佔度的關係研究[J]，財會月刊，2009(2)：24-27.
17.薛祖雲，劉萬麗.中國上市公司送轉股行為動因的實證研究[J]，廈門大學學報，2009(5)：114-121.
18.謝軍，現金股利、股權結構和組織特徵：一個Logistic分析[J]，商業經濟與管理，2007(0)：62-67.
19.韓勇，幹勝道，張伊.機構投資者異質性的上市公司股利政策研究[J]，統計研究，2013(5)：71-75.
(二)英文部分
1.Adizes, 1989, I. Corporate Lifecycles: How and why Corporations Grow and Die and What to Do About It[M]. NJ: Prentice Hall.
2.Amidu Mohammed, 2007, How does dividend policy affect performance of the firm on Ghana stock exchange? Investment Management and Financial Innovations Innovations, Vol.4, 2, 103-111.
3.Anthony, J. and Ramesh, K., 1992, Association between Accounting Performance Measures and Stock Prices[J]. Journal of Accounting and Economics, Vol.15, 203-227.
4.Anthony, J., Falk, H. and Yehuda, N., 2006, Corporate Life Cycle and the Relative Value-Relevance of Cash Flow versus Accrual Financial Information. Working paper, 3 July.
5.Bajaj, Mukesh and Anand M.Vijh., 1990,Dividend Clienteles and the Information content of Dividend changes, Journal of Financial Economics, Vol.26, 193-219.
6.Baker. M. and Wurgler.J., 2004, A Catering Theory of Dividend. Journal of Finance Vol.59, 1125-1165.
7.Baker H. Kent and Smith David M., 2006, In Search of a residual dividend policy, Review of financial Economics, Vol.15, l-18.
8.Bar-Yosef S.and Venezia I., 1991, Earnings information and the determination of dividend policy, Journal of Economics and Business, Vol.43, 197-214.
9.Bhattacharya S., 1979, Imperfect Information, Divident Policy and The Bird In the Hand Fallacy, Bell Journal of Economics and Management Science, Vol.10, 259-270.
10.Bhattacharyya N., 2007, Dividend policy: a review, Managerial Finance, Vo1.33 No.1, 4-13.
11.Brennan M., 1970, Taxes, Market Valuation and corporate financial policy, National Tax Journal, Vol.23, 417-427.
12.Bulan, Laami, Narayanan Subramanian, and Lloyd Tanlu, 2007, On the Timing of Dividend Initiations. Financial Management Vol.36, 4, 31-65.
13.Chetty Raj and Saez Emmanuel, 2006, The Effects of the 2003 Dividend Tax Cut on Corporate Behavior: Interpreting the Evidence, The American Economic Review, Vol. 96, 2, 124-129.
14.Crutchley, Claire E. and Hansen Rober S., 1989, A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends, Financial Management, Vol.18, 36-46.
15.Crutchley C., Jensen.M., Jahera J., and Raymond J., 1999, Agency problems and the simultaneity of financial decision making: The role of institutional ownership, International Review of Financial Analysis, Vol.8, 177-197.
16.DeAngelo, H., DeAngelo, L., Stulz, R. M., 2006, Dividend Policy and the earned/contributed capital mix: a test of the life cycle theory[J]. Journal of Financial Eeonomies. Vol.8, 227-254.
17.Denis D. and Osobov I., 2008, Why do firms pay dividends? International evidence on the determinants of dividend policy, Journal of Financial Economics, Vol.89, 63-82.
18.Denis D. J., Osobov, I.2008, Why do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy[J]. Journal of Financial Economies. Vol.9, 62-82
19.Easterbrook, F.H. 1984, Two Agency-cost Explanations of Dividends. American Economic Review, Vol.74, 4, 650-659.
20.Elgers P.T. and Murry D., 1985, Financial characteristics related to managements’stock split and stock dividend decisions,Journal of Business Finance & Accounting, Vol.12, 543-551.
21.Elton E.J. and Gruber M.J., 1970, Marginal Stockholder Tax Rates and the Clientele Effect, Review of Economics and statistics, Vol.52, 1, 68-74.
22.Fama, Eugene G., and Kenneth R. French. 2001. “Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?” Journal of Financial Economics Vol.60, 1, 3-43.
23.Farrar. D. and Selwyn L., 1967, Corporate Financial Policy and Return to Investors, National Tax Journal, Vol.12, 444-454.
24.Gardner, J.W., 1965, How to Prevent Organizational Dry Rot[M]. Harper’s Magazine, October.
25.Gort, M. and Klepper, S., 1982, Time Paths in the Diffusion of Product Innovation[J]. Economic Journal, Vol.92, 630-653.
26.Gordon, Myron J. 1959, Dividends, Earnings and Stock Prices. Review of Economics and Statistics. Vol.41, 2, 99-105.
27.Greiner, L.E. 1972 Evolution and Revolution as Organizations Grow[J]．Harvard Business Renew., Vol.7-8, 37-46.
28.Grullon, Gustavo, Roni Michaely, and Bhaskaran Swaminathan. 2002. “Are Dividend Changes a Sign of Firm Maturity?” Journal of Business Vol.75, 3, 387-424.
29.Haire, M.,1959 Biological Models and Empirical Histories in the Growth of Organizations[D]. New York: John Wiley, 1-5.
30.Heinkel and Robert Lee., 1978, Essays on Financial Markets with Asymmetric Information, Microfiche, University of California, Berkley.
31.Quinn, R. E. and K. S. Cameron. 1983, Organizational Life Cycles and Shifting Criteria of Effectiveness: Some Preliminary Evidence. Management Science, Vol.29, 1, 33-51.
32.Lakonishok J. and Lev B., 1987, Stock splits and stock dividends: Who, why and when, Jounal of Finance, Vol.42, 913-932.
33.Lintner J., 1956, Distribution of Incomes of Corporations among dividends, Retained Earnings, and Taxes, American Economic Review, Vol.46, 2, 97-113.
34.Litzenberger, Robert H., and Krishna Ramaswamy, 1979, The Effect of Personal Taxes and Dividends on Capital Assets Prices, Journal of Financial Economics, Vol.5, 63-196.
35.Masulis R.W. and Trueman B., 1988, Corperate Investment and Dividend Decisions under differential personal Taxation, Journal of Financial and Quantitative Analysis, Vol.23, 369-385.
36.Maureen McNichols and Ajay Dravid, 1990, Stock Dividends, Stock Splits, and Signaling, Journal of Finance, vol.45, 3, 857-79.
37.Miller M. H. and Modigliani F., 1961, Dividend Policy, Growth and the valuation of shares, Journal of Business, Vol. 34,4, 441-443.
38.Miller M. H. and Scholes M.S., 1978, Dividents and taxes, Journal of Financial Ecomomics, Vol.6, 333-364.
39.Miller, Merton H. and Kevin Rock, 1985, Dividend Policy under Asymmetric Information, Journal of Finance, Vol.40, 4, 411-433.
40.Mueller, Dennis C. 1972, A Life Cycle Theory of the Firm[J]. Journal of Industrial Economics,199-219.
41.Redding Lee S., 1997, Firm Size and Dividend Payouts, Journal of Financial Intermediation, Vo1.6, 224-248.
42.Rozeff M., 1982, Growth, beta, and agency costs as determinants of dividend payout ratios, Journal of Financial Research, Vol.5, 249-259.
43.Sanjay Deshmukh, 1997, A Test of Competing Explanations of Dividend Policy, Boston College Dissertations and Theses, Vol., 9-10.
44.Sanjay Deshmukh, 2005, The effect of Asymmetric Information on Dividend policy, Quarterly Journal of Business and Economics, Vol.44，1/2，ABI/Inform Global．
45.Smith C. and Watts R., 1992, The investment opportunity set and corporate financing, dividend, and compensation policies, Journal of Financial Economics, Vol.32, 3, 263-292.
46.Stewart C. Myers and Nicholas S. Majluf, 1984, Journal of Financial Economics, Vol. 13, 2, 187-221.
47.Dickinson V, 2011, Cash Flow Patterns as a Proxy for Firm Life Cycle[J]. The Accounting Review, Vol.6, 1969-1994.

(三)網路資料
1.工業技術研究院，市場產業情報，2014，台灣電子產業回顧與展望，https://www.itri.org.tw/chi/Content/NewsLetter/contents.aspx?&SiteID=1&MmmID=5000&MSID=621302513530161363&PageID=1
2.瞿宛文，2012，電子業之後台灣有什麼？，天下雜誌196期，http://www.cw.com.tw/article/article.action?id=5035377