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Author: 俞典
Dian Yu
Thesis Title: 不同企業生命週期下台灣電子產業上市公司股利政策影響因素研究
The Determinants of Dividend Policy of Listed Companies in Taiwan Electronic Industry under Different Business Life Cycles
Advisor: 陳俊男
Chun-Nan Chen
Committee: 陳俊男
Chun-Nan Chen
謝劍平
Joseph C.P. Shieh
王澤世
Tse-Shih Wang
林軒竹
Hsuan-Chu Lin
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2017
Graduation Academic Year: 105
Language: 中文
Pages: 48
Keywords (in Chinese): 股利政策股利支付率企業生命週期
Keywords (in other languages): Dividend Policy, Dividend Payout Rate, Business Life Cycle
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  • 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.

    摘 要 ABSTRACT 致 謝 目 錄 圖目錄 表目錄 第壹章 緒論 第一節 研究動機與背景 第二節 研究目的與貢獻 第三節 研究流程 第貳章 文獻探討 第一節 生命週期相關理論 一、企業生命週期理論的發展 二、企業生命週期的劃分方法 三、股利政策的生命週期理論 第二節 股利政策相關理論 一、早期的股利理論 二、現代股利理論 第三節 股利政策的其他影響因素 第參章 研究方法 第一節 樣本選擇與數據來源 第二節 研究變量與研究假設 一、被解釋變數 二、解釋變數 三、控制變數 第三節 研究模型的架構 第肆章 實證結果分析 第一節 敘述性統計 第二節 相關性檢定 第三節 模型檢定與分析 一、VIF檢定 二、WHITE檢驗 三、Newey-West修正 四、OLS迴歸結果分析 第四節 敏感度分析 第伍章 結論與建議 第一節 研究結論 一、從生命週期角度的建議 二、其他相關建議: 第二節 研究限制與建議 一、研究的局限性 二、後續建議 參考文獻 (一) 中文部分 (二) 英文部分 (三) 網路資料

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    (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

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