本研究旨在探討董事會相關變數、外部法人持股率與企業生命週期對現金股
利政策的影響。研究採用面板資料進行迴歸模型的實證分析，並且使用Newey
west方法來修正迴歸結果。以現金股利支付率為應變數，並將董事會規模、董事
會持股比例、董事質押比例、外部法人持股比例及企業生命週期階段作為主要的
自變數，其中企業生命週期階段使用Dickinson在2011年提出的現金流量法，將生
命週期劃分為初創期、成長期、成熟期、動盪期及衰退期。此外，研究亦納入多
項控制變數，以確保模型的解釋力。
研究結果顯示：一、董事會規模、董事會持股比例及外部法人持股比例與現
金股利支付率之間均呈現顯著正相關關係。二、董事質押比例則與現金股利支付
率呈現顯著負相關。三、初創期、成長期、動盪期及衰退期與成熟期的現金股利
支付率呈現顯著不同，而且研究結果顯示出初創期、成長期、動盪期及衰退期的
公司其股利支付率會低於公司處於成熟期時的現金股利支付率。

This study aims to examine the effects of board-related variables, external institutional ownership ratio, and the corporate life cycle on cash dividend policies. The research employs panel data for empirical analysis using a regression model and applies the Newey-West method to adjust the regression results. The cash dividend payout ratio is used as the dependent variable, while the primary independent variables include board size, board ownership ratio, director pledge ratio, external institutional ownership ratio, and the stage of the corporate life cycle. The stages of the corporate life cycle are determined using the cash flow method proposed by Dickinson in 2011, categorizing the life cycle into the startup phase, growth phase, maturity phase, turbulent phase, and decline phase. Additionally, the study incorporates multiple control variables to ensure the robustness of the model's explanatory power.
The research findings indicate that: (1) board size, board ownership ratio, and external institutional ownership ratio are all significantly positively correlated with the cash dividend payout ratio; (2) director pledge ratio is significantly negatively correlated with the cash dividend payout ratio; and (3) the cash dividend payout ratios of companies in the startup, growth, turbulent, and decline phases differ significantly from those in the maturity phase. Specifically, companies in the startup, growth, turbulent, and decline phases exhibit lower dividend payout ratios compared to those in the maturity phase.

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