股利之財務決定性因素研究：以美國上市產險公司為例

Abstract

本研究探討產險公司股利之財務決定性因素，以美國上市產險公司作為研究對象，分析公司財務指標，包含獲利能力、公司規模、流動性、槓桿程度、營收成長率、落後一期股利，對於股利發放的影響。本研究採用Compustat財務資料庫，研究期間為2010年至2021年，共12年的樣本追蹤資料 (Panel Data)。實證結果發現，在公司固定效果(Firm-fixed Effect)模型中，獲利能力、公司規模、流動性、落後一期股利對美國上市產險公司所發放的股利額度具有顯著正向影響，惟槓桿比率、營收成長率對股利並無顯著影響。

This study examined the financial determinants of insurance company dividends. The research objects were American listed property insurance companies in Compustat, and the research period was from 2010 to 2021, and the sample panel data covered 12 years. The study analyzed a range of financial index including profitability, size, liquidity, leverage, revenue growth and lag one-year dividends. The regression model analysis under firm-fixed effect showed that profitability, size, liquidity and lag one-year dividends have a significant positive effect on dividends. However, leverage and revenue growth have no significant relationship with dividends.