在台灣金融市場歷史，上市公司在除息後，未能在半年內支付現金的案例是：英誌與科風。前者在除息後的第582日才支付現金，後者至今（2014年12月3日）已拖延超過1,143日，尚未支付現金。兩者分別在公司宣告暫緩發放現金後的第36日與第509日，因其他原因被臺灣證券交易所打入全額交割，令參與除息之投資人損失慘重。雖然，法令規定：若上市公司債務違約，即列入全額交割股。但因參與除息之投資人兼具債權人與股東身分，公司對應付股息債務違約，股東未提出求償，使得違約支付股息的公司股票仍然正常交易，致使投資人未能警覺該公司已經對債務違約之事實，而蒙受損失。本研究分析導致公司違約支付股息之因素，且分析全體上市公司（1999年至2012年）的除息日至發放日間隔週期。研究發現：部分公司試圖利用現金增資流入之資金，以支付現金股息，使得淨股利往往小於0，導致投資人同時曝露於利息損失與公司違約支付風險。本研究根據民法、所得稅法施行細則、臺灣證券交易所營業細則與會計準則之相關規定，提出政策面與法令面之改進方向，以降低投資人曝露於公司違約支付股息之風險。

In the history of the Taiwanese financial market, two firms listed in the Taiwan Stock Exchange (TWSE) failed to pay the liabilities of dividends payable within six months after the ex-dividend dates. They are Enlight Corp. and Powercom Corp. Afterwards, it took more than 582 days after the ex-dividend for the investors to receive the cash. Some 1,143 days after its ex-dividend date, one firm, Powercom, is still awaiting payment. The TWSE authority placed their shares under altered trading methods for other reasons on the 36th and 509th day after the suspension announcements from the firms. Although a firm will be punished once it defaults on its liabilities, the creditors (with a concurrent identity of shareholders) of the two corporations did not formally file their claims. Consquently, investors did not recognize the fact that such firms had defaulted on its liabilities and, consequently, suffered further losses. This research identifies the factors that triggered these defaults and specifies the merits of regulations relating to those factors. In addition, this article will analyze the periods between the ex-dividend date and the payment date for all TWSE-listed firms over 1999 ~ 2012. We examine the possible motives of those firms that have extremely long periods between the ex-dividend date and the payment date. We find that these corporations exploit the newly issued shares to finance the cash dividends. When they failed to raise new equities, they tried to borrow from banks, sell assets, or make private placement. We claim that due to the inadequacy of existing regulations and improper measures taken by the authority, investors are exposed to both interest loss and credit risk. This study highlights these phenomena and proposes amendment on the related law and pertinent regulation.