本文的主要目的在探討現金股利率的交易策略在股票股利盛行的市場是否可行。使用台灣上市公司於2003至2007年的資料，形成多種股利率排序的Top30組合。實證結果發現，現金股利率組合的年平均報酬率顯著優於股票股利率、市場指標、及其他的股利率組合。進一步證實，組合的績效以現金股利率組合搭配公司規模的雙訊號組合爲最佳。此結果，不僅在風險調整後未改變，也同時穩健於金融大海嘯的2008年、複數年組合績效的比較、其他股利率的定義、變更成分股的數目、改變組合的權重、或是考量組合的交易成本等項目的驗證。依此，這些結果顯示，現金股利率排序的資訊，在股利支付多樣化的市場已形成一個傳遞未來報酬率的訊號。

This study aims to examine whether trading strategies based on dividend yield are effective in stock-dividend-centric markets. Using the data in the year 2003 to 2007 for the public company in Taiwan, we construct various Top 30 portfolios by ranking the dividend-yield. Empirical results show that portfolios with cash-dividend-yields provide significantly higher yearly average returns than those with stock-dividend-yield, market indexes, or the other types of dividend yields. Our results remain unchanged even after adjusting for market risks. Finally, we also conduct a robustness test along the lines of the financial crisis of 2008, examine the performance of portfolios over multiple years, compare alternative definitions of dividend yield, evaluate portfolios by varying the number of constituent firms, changing portfolio weights, and consider the transaction cost. The results indicate that ranking on the basis of cash-dividend-yield has already conveyed a signal of future return in diverse dividend markets.