臺灣上市(櫃)公司現金股利再次發放後之長期績效

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Title:	臺灣上市(櫃)公司現金股利再次發放後之長期績效
Other Titles:	The long-run performance following cash dividend resumptions in Taiwan 台灣上市櫃公司現金股利再次發放後之長期績效
Authors:	黃士銘;Huang, Shih-Ming
Contributors:	淡江大學財務金融學系碩士在職專班顧廣平
Keywords:	現金股利;長期投資績效;長期營運績效;cash dividend;long-run investment performance;long-run operating performance
Date:	2011
Issue Date:	2011-12-28 17:31:49 (UTC+8)
Abstract:	本文之研究期間為1994年至2006年為止，以154家於這段期間現金股利再次發放的台灣上市(櫃)公司為研究對象，主要探討台灣上市(櫃)公司其現金股利再次發放後之股價長期投資績效與企業長期營運績效表現。長期投資績效分析結果顯示：無論採用何種方法衡量，所獲取之長期平均異常績效大都為正值且具統計顯著性，此似乎意謂著投資人若於公司現金股利再次發放後購買股票並且長期持有，其平均投資報酬優於基準之平均報酬。長期營運績效分析結果顯示：若以自身移動基準為差異比較，在獲利能力方面，樣本公司現金股利再次發放當年度(第0年)，其平均獲利能力顯著下滑，於再次發放之後的年度，其獲利能力並沒有存在顯著之變化。然而現金股利再次發放能使公司經營效率逐年提昇，但其平均財務結構並沒有出現顯著之變化；若以產業中位數基準為差異比較，在獲利能力方面，樣本公司在現金股利再次發放後之長期獲利能力並沒有如同發放前一年顯著優於同業，甚至其股東權益報酬率明顯低於同業，而現金股利再次發放後能夠提高公司資產之使用效率。最後，結果顯示，其平均資本結構並未出現顯著之變化。 This thesis was conducted during 1994 till 2006, based on the 154 Cash Dividend Resumptions announcement samples in Taiwan Stock Exchange Corporation performances. The empirical results show that regardless of which method the average abnormal performance were showed up in the long run, if the investors purchase this company stock and hold for long-terms after Cash Dividend Resumptions, the average returns is better than standard. The Long-run operating performance results show: If the difference between its mobile base for the comparison, in terms of profitability, the sample re-distribution of cash dividend for the year (0 years), a significant decline in the average profitability in the year after the re-release , its profitability is not significant variation exists. However, once again paid cash dividends each year to make the company to enhance operating efficiency, the average financial structure and the change does not appear significant. In terms of industry benchmarks for the difference in the median compared to the profitability, the sample of companies in the payment of cash dividends again after the long-term profitability is not significantly better than the previous year as the payment of the same industry, even the significantly lower return on equity in the same industry, and payment of cash dividends again after the use of corporate assets to improve efficiency. Finally, the results show that the average capital structure did not show significant variation.
Appears in Collections:	[Graduate Institute & Department of Banking and Finance] Thesis

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