研究生: |
黃耀立 Charles Yao Huang |
---|---|
論文名稱: |
政府政策對企業股利政策之衝擊 The Impact of the Government's Policy on Corporate Dividend Policy |
指導教授: |
張琬喻
Woan-Yuh Jang |
口試委員: |
劉代洋
Day-Yang Liu 遲淑華 Shu-Hwa Chih 張琬喻 Woan-Yuh Jang 繆維中 Daniel Wei-Chung Miao |
學位類別: |
碩士 Master |
系所名稱: |
管理學院 - 財務金融研究所 Graduate Institute of Finance |
論文出版年: | 2022 |
畢業學年度: | 110 |
語文別: | 中文 |
論文頁數: | 64 |
中文關鍵詞: | 「平衡股利政策」 、股票股利 、現金股利 、總股利 、倍差法 |
外文關鍵詞: | ”Balanced Dividend Policy”, stock dividend, cash dividend, total dividend, difference-in-differences |
相關次數: | 點閱:569 下載:18 |
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本篇論文主要是研究在2000年執行的「平衡股利政策」的因果效應。我們利用台灣股市所有上市公司在1995-2005年間的追蹤資料為分析對象,並以連續型的倍差法來估計並檢驗不同假說。實證結果顯示,在「平衡股利政策」執行之後,平均而言,公司會減少股票股利的發放金額,但卻以增加現金股利的發放金額來作為替代。但整體而言,總股利 (股票股利加上現金股利) 的發放金額還是下降。此外,我們也發現,在「平衡股利政策」實施後,公司發放股票股利的傾向或意願會下降,而發放現金股利的傾向或意願會增加。最後,在經過一連串的的穩健性測試後,上述結果依然保持一致。
This thesis examines the causal effects of ”Balanced Dividend Policy”, introduced in 2000. We employ a large panel data of all listed companies in Taiwan Stock Exchange over the 1995-2005 period and rely upon the continuous difference-in-differences method to estimate regressions and test alternative hypotheses. On average, after the execution of ”Balanced Dividend Policy”, companies tend to reduce stock dividend payout but raise cash dividend payout as a compensation. Besides, the total dividend (stock dividend plus cash dividend) payout of companies decline overall. Furthermore, we also find that, after the execution of ”Balanced Dividend Policy”, the companies’ tendency of paying stock dividend is lower and the tendency of paying cash dividend become higher. Finally, after a series of robustness check, we confirm that our main findings continue to hold.
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