台灣電子業投資決策與股利政策之探討

Abstract

本文旨在研究台灣電子科技產業投資策略與股利政策的關係。衡量股利政策與投資策略總計 13 個變數皆取自台灣經濟新報 830 家上市櫃電子公司，樣本期間採用自 1990 年至 2015 年。資料經過極端值調整與缺漏值處理，且控制產業與年限因子，採用橫斷面模型，以此衡量台灣電子產業投資策略是否影響股利政策。模型結果顯示，公司投資策略與代理問題變數不會影響股利發放，然而獲利能力、債務比率、公司成長、前期股利發放及公司規模皆顯著影響股利發放。

The decision of dividend payout policy is one of the most debated issues of the half-century. A considerable amount of this research regarding the determinants had been conducted. The purpose of the study is to examine the relations between investment policy and dividend policy of Taiwan electronic enterprises. The data contains 830 listed electronic companies from 1990 to 2015. The study follows the quantitative method based on the dividend irrelevance theory. A panel data regression was conducted. Our findings indicate that the investment policy and agency conflict indicators are not relevant to the dividend behavior of Taiwan high-tech company but profitability, size, debt ratio, company growth and previous dividend payout are statistically significant to dividend payout ratio.