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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/31613

    Title: 股利政策評估及其動態調整-以結構性轉變模型為例
    Other Titles: An evaluation of the dynamics of dividend policy: a multiple structural change approach.
    Authors: 王筠晴;Wang, Yung-qing
    Contributors: 淡江大學財務金融學系碩士班
    黃河泉;Huang, Ho-chuan
    Date: 2005
    Issue Date: 2010-01-11 01:03:05 (UTC+8)
    Abstract: 本研究首先以逐步迴歸方法篩選出解釋股利的重要變數,研究資料係取自Robert J. Shiller個人網站,為美國股票交易市場中公開上市公司1871-2003年之股利和盈餘年實質資料,共計132筆,以Eviews及GAUSS軟體操作而得出實證結果。


    Employing three alternative measures of ability to pay, we find support for the Lintner hypothesis that firms pursue a long-run target payout ratio and also that current earnings better explain long-run dividends than cash flows or stock prices. The evidence further indicates that corporations adjust dividends with a ratchet effect, raising them more readily than they lower them.

    More specifically, when dividends are below target levels, firms move toward equilibrium by increasing them, but when dividends are above target levels, firms approach equilibrium by restricting dividend increases as earnings rise.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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