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Author: 徐相妘
Hsiang-Yun Hsu
Thesis Title: 台灣上市公司股權結構對現金股利政策之影響-納入企業生命週期觀點
The Impact of Ownership Structure on Cash Dividend Policy in Taiwan Listed Company-Considering the Perspective of Business Life Cycle
Advisor: 陳俊男
Chun-Nan Chen
Committee: 謝劍平
Joseph C.P. Shieh
陳嬿如
Yenn-Ru Chen
林軒竹
Hsuan-Chu Lin
陳俊男
Chun-Nan Chen
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2022
Graduation Academic Year: 110
Language: 中文
Pages: 56
Keywords (in Chinese): 股權結構股利政策企業生命週期
Keywords (in other languages): Ownership structure, Dividend policy, Business life cycle
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  • 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.

    摘要 i ABSTRACT ii 誌謝 iii 目錄 iv 表目錄 v 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 2 第二章 文獻探討 4 第一節 股利相關理論及文獻 4 第二節 代理理論與股權結構相關文獻 6 第三節 代理成本與股利政策相關文獻 7 第四節 股權結構與股利政策相關文獻 9 第五節 其他影響股利政策之因素 15 第六節 企業生命週期 16 第三章 研究方法與設計 18 第一節 變數衡量與定義 18 第二節 研究假說 23 第三節 實證模型 25 第四節 研究期間、資料來源與選樣標準 30 第四章 實證結果與分析 31 第一節 敘述性統計分析 31 第二節 變數相關性檢定 33 第三節 模型選取 35 第四節 實證結果 37 第五章 結論與建議 42 第一節 結論 42 第二節 建議 43 參考文獻 44

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