股利發放率可作為融資限制之衡量指標嗎？__臺灣人文及社會科學引文索引資料庫

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題名：	股利發放率可作為融資限制之衡量指標嗎？
書刊名：	證券市場發展季刊
作者：	詹家昌／張永和／許惠雯
作者(外文)：	Chan, Chia-chung／Chang, Yung-ho／Hsu, Hui-wen
出版日期：	2016
卷期：	28:2=110
頁次：	頁37-70
主題關鍵詞：	股利政策；融資限制；市場流動性；Dividend policy；Financing constraints；Market liquidity
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:1 共同引用:0 點閱:16

Fazzari, et. al.(1988)一文發現當公司面臨融資限制時，將發放較少股利以保留較多內部資金支應未來投資所需，故使用股利發放率作為融資限制程度的衡量標準。本文欲延伸市場流動性與股利發放間的抵換關係，重新檢視在考慮市場流動性下，股利發放率是否能有效地區分融資限制程度。實證結果發現高流動性的樣本中，由於股利主要反映公司的融資狀態，因此股利發放較能有效呈現融資限制程度；然而，在低市場流動性的樣本中，由於公司會藉由現金股利發放來彌補投資人在權益市場中所承受的流動風險，此時股利不全然反應公司之融資限制程度。

以文找文

Fazzari, et al.(1988) gauge the magnitude of financing constraints by dividend payout ratios, arguing that more internal capital will be preserved for corporate investment when financing constrains bind. Extending the tradeoff between share liquidity and dividend payouts, this research further examines whether the magnitude of financial constrains is significantly correlated to dividend policy conditional on the degree of market liquidity. Results indicate that dividend policy effectively explain the magnitude of financing constrains and share liquidity when stock markets are highly liquid. Given an illiquid stock market condition, conversely, the evidence shows that dividend policy does not effectively clarify the magnitude of financing constrains since firms will compensate the shareholders with illiquidity premium by richer dividend payouts.

以文找文

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研究報告
1.	Igna, D.、de Paula, A.、Pinheiro, M.(2010)。Liquidity and Dividend Policy。
2.	Lewellen, J.、Lewellen, K.(2006)。Internal Equity, Taxes, and Capital Structure。Darmouth College。
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圖書
1.	Gertler, M.、Hubbard, R. G.(1988)。Financial Factors in Business Fluctuations。Kansas City：Federal Reserve Bank。

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