本研究探討股票股利宣告是否具有資訊內容，及股票股利宣告之盈餘信號假說。研究樣本包含民國70年至86年底在臺灣證券交易所上市的所有公司。本研究發現，股票股利增加之公司，其累積異常報酬顯著高於股票股利減少或不變的公司，故支持股票股利宣告具資訊內容。股票股利增加的公司，其未預期每股盈餘變動率不一定會高於股票股利減少或不變的公司，因此不支持股票股利變動宣告之盈餘信號假說。

This study provides empirical evidence about the information contents and the earnings signaling hypothesis of the announcements of stock dividend changes. The sample covers all firms listed on the Taiwan Stock Exchange for the period 1981-1997. The firms that increase stock dividends have better price performance than the decreasing firms or the nonchanging firms. Therefore, the announcements of stock dividend changes have information contents. The firms that increase stock dividends do not always have higher unexpected change-ratios of earnings per share than the decreasing firms or the nonchanging firms. Therefore, this study does not support the earnings signaling hypothesis of the announcements of stock dividend changes.