This study examines the unique patterns of dividend polices, including cash-only, stock-only, and dual dividends, the presence of dividend catering situations, and the factors driving the dividend decisions of Taiwanese firms. After the late 1990s, the proportion of firms paying dual dividends or cash-only dividends has risen gradually while the percentage of firms paying stock-only dividends has fallen sharply. Dividend premiums are related to not only the dividend decision, but also dividend changes and the magnitude of dividend changes. When one type of dividend premium (i.e. cash dividend) is high, managers are more likely to issue the same type of dividend and less likely to issue the other type of dividend (i.e. stock dividend). Firms are more likely to increase cash dividends when cash dividend premiums are high and raise the magnitudes of cash and stock dividends when cash and stock dividend premiums are high, respectively. Catering persists even after controlling for the effect of a firm¡¦s characteristics, risk, external policy, and macroeconomic situations. Other important determinants of the decision to pay or change dividends are also identified herein. This study offers a comprehensive understanding of all types of dividend payout practices in the Taiwan stock market.

有關於現金股利的發放，在國外多數的研究都發現整體市場現金股利發放的比率都是呈現下滑的趨勢，但在台灣，自1997年之後現金股利發放比率卻呈現大幅上升，為了研究究竟何種原因造成了這樣的情形，本篇文章首先就公司特性的部分進行研究與分析，以瞭解究竟是否近來整體市場的公司特性出現明顯改變，造就出現金股利發放比率的大幅上升。研究結果顯示，未發現金股利公司的平均獲利能力與成長性在1997年之後都呈現急速下降並跌破零成為負值的情形存在，分析此種原因應該是有能力發放現金股利的公司無論規模大小、獲利能力高低抑或成長性強弱都選擇進行現金股利的發放，反觀不發現金股利公司都只剩下無成長性且公司獲利狀況不佳以致於無力發行現金股利的公司。為進一步探究為何有能力發行現金股利的公司通通都開始進行現金股利的發放，我們在此選用Baker and Wurgler(2004)所提出的討好理論(catering theory)作為我們現金股利發放比率產生顯著提升的主要關鍵，經過實證研究結果發現討好理論的確對於台灣股票市場產生影響，另外我們也探討出影響投資人對於現金股利的需求強弱可能與兩稅合一的實行、政治風險的大小以及股票市場周轉率的大小有著密切的關連性。