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題名：股利迎合、投資和未來獲利之關係
作者：林思賢 引用關係
作者(外文)：LIN, SZU-HSIEN
校院名稱：國立中正大學
系所名稱：企業管理研究所
指導教授：劉亞秋
胥愛琦
學位類別：博士
出版日期：2011
主題關鍵詞：現金股利；股票股利；股利迎合；投資；未來的獲利能力；平衡股利假說；Cash Dividends；Stock Dividends；Dividend Catering；Investments；Future Profitability；Balanced Dividend Hypothesis
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本研究主要探討股利迎合，後續的投資和未來的獲利能力。而“自由現金流”假說意味著高現金股利支出將減少代理成本，而“未分配盈餘”假說意味著高股票股利顯示樂觀訊息。這項研究一開始遵循學者Li and Lie (2006)的方法來建立一個包括股票股利因素的股利迎合模型，其中包括股票股利。此外，本研究驗證投資人對現金股利需求的壓力促使企業支付股息，然後驗證股票股利和和隨後的投資以及長期的獲利能力之間的關係。實證結果顯示，企業在決定現金配息的變化時，會考慮以股利迎合投資者需求。同時，股票股利並不影響以後的固定資產投資，但會影響總資產的增加；此外，股票股利通常伴隨著公司未來長期的獲利。值得注意的是，這項研究提出了新的“平衡股利假說”，並以實證顯示管理者在權衡目前的價格和公司長期的未來價值，除了現金股利外，是否還會考慮股票股利。
This study examines the association between dividend catering and subsequent investment and future profitability. The ‘free cash flow’ hypothesis implies that high cash dividend payouts will reduce agency costs, while ‘retained earnings’ hypothesis implies that high stock dividends will signal optimism. This study first follows Li and Lie’s (2006) approach to build a catering model that includes stock dividends. In addition, this study verify whether demand pressure induce firms to pay dividends, and then examine the relation between stock dividends and subsequent investment and long profitability. The empirical results show that firms do take dividend catering into account when making decisions of dividend changes. Meanwhile, stock dividends do not affect subsequent investments in fixed assets, but do affect the increase of total assets. Additionally, stock dividends are found to be followed by long term profitability. Notably, this study proposes a new ‘balanced dividend hypothesis’ and demonstrates whether managers also take stock dividends into account when considering the current price and long term future value of their firms.

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