股利與盈餘品質之非線性關係:以臺灣上市櫃公司為例

Abstract

本研究以2013至2024年間之臺灣上市櫃公司為樣本，探討盈餘品質與股利支付狀態、支付規模之間的關聯性，並發現股利支付公司比起未支付股利之公司有著較高的盈餘品質，然而股利相對支付規模越極端，這樣的關聯性也就越弱，同時本研究以過往相關實證結果不一致之情形為契機，進一步探討盈餘品質與股利規模之間是否存在非線性關係，而本研究之實證結果顯示兩者之間存在倒U型關係，平均而言，股利規模存在一最適水準，在該水準下增加或減少股利支付都將降低盈餘品質。

This study focuses on the relationship between earnings quality and both dividend-paying status and the size of dividend payments, using data from listed companies in Taiwan from 2013 to 2024. The results show that dividend-paying firms generally exhibit higher earnings quality. However, this positive association weakens as the size of dividend payments becomes more extreme. Motivated by inconsistent findings in prior empirical studies, this study further investigates whether a nonlinear relationship exists between earnings quality and the size of dividend payments. The empirical results confirm the presence of an inverted U-shaped relationship, suggesting that, on average, there is an optimal level of dividend payments—either increasing or decreasing dividends beyond this level is associated with lower earnings quality.