The cash dividend payout ratio in Taiwan had declined slowly in past years, but it suddenly became higher and higher since 1998. The phenomenon gave me the motivation to try to find the reason why the trend of cash dividend payout ratio changed the direction. I first test the relationship between the characters of firms and their cash dividend payout ratios. The results declared that the market-to-book ratio, earning ability and firm size significantly influences the cash dividend payout ratio. Then I tried to test the catering theory to recognize if the change of cash dividend payout ratio trend can attribute to managers¡¦ desire to cater the demand of investors and found catering theory seems capable in explaining the phenomenon. But Hoberg and Prabhala (2007) indicated that if we take the risks into account, the catering theory can not sufficiently explain the change of the trend of cash dividend payout ratio. So I took Tax Integration and the risks which calculated by the methods of Fama and French (2003) into account to prove their perspectives. At last, the results revealed that the influence of catering were not very strong if we consider the risks of firms, but the influence of risks and Tax Integration has significantly great influences.

Based on the trend of dividend payout ratio from 1986 to 2004 in Taiwan, it appears the companies have experienced two different stages of cash dividend policies. Before 1997, the cash dividend payout ratio declines slowly. But starting 1998, the payout ratio raises substantially, and the sum of cash dividend appears the same trend. Investigate the companies that pay cash dividend out, discover that they concentrate on those make a earning, and focus on those have high profit year by year. The sample is selected from listed companies in Taiwan Stock Market from 1988 to 2004 , not including financial and utility companies. This thesis uses binary logistic regression to test the relationship between company¡¦s characteristics and paying cash dividend, and survey whether this characteristics are the reason to make the cash dividend payout ratio raises quickly. The result of this research found that there is positive relationship between the payout of cash dividend, the company size, profitable ability, and free cash flow ratio. Moreover, there is negative relationship between the payout of cash dividend, growing opportunity, and liability ratio. But among the two variables measuring the growing opportunity, the asset growing ratio has a better interpretation in the earlier stage; and the market-to-book ratio does in the later stage. On the base period of 1988 to 1997, use binary logistic regression and portfolios to set up a model to fit the cash dividend policies. The overall empirical evidence implies the company¡¦s characteristic don¡¦t change the companies¡¦ tendency of paying cash dividend. In other words, the phenomenon of cash dividend payout ratio raising actually is caused by the increasing fundamental tendency of the sample companies paying cash dividend.

This paper provides an empirical analysis of the stock price behaviour of firms listed on the Johannesburg Securities Exchange (JSE) around corporate events relating to final cash dividend change announcements over the period 2004 to 2009. Declared for the financial year-end, final cash dividend announcements either represent an increase, a reduction or no change relative to the previous year’s announcement. In this paper we analyse the stock price behaviour of firms that announced dividend reductions before and during the Global Financial Crisis of 2007 (GFC 2007). The pre-crisis analysis focuses on dividend reduction effects on share price during normal economic times and crisis analysis focuses on effects during economic downturn. We refer to the pre and during crises effects as firm-specific and systemic effects respectively. Studies about the general effect of dividend announcements on shareholder value are well documented; however our study is motivated by the fact that there has not been an abundance of forthcoming research in South Africa pertaining to how share prices have reacted to dividend reductions before and during the GFC 2007. We employ an event study methodology in the context of this emerging market to assess the share price behaviour to dividend reductions. Integral to an event study methodology in the corporate context, is the analysis of abnormal performance around the event date. Abnormal performance is measured by employing three widely used quantitative approaches namely, the market-adjusted, market model and the buy-and-hold abnormal return approaches. Based on daily closing share price information collected from iNet Bridge database, abnormal performance is calculated from 2004 to 2009 while controlling for the contemporaneous effect of earnings announcements (earnings data collected from Bloomberg database) occurring within 10 trading days of dividend announcement. The analysis shows that the market reaction is not statistically significant on the announcement day and that more negative returns occur during the pre-crisis period. Volatility of abnormal returns is higher during the pre-crisis period. The research does not support the Irrelevance Theory but seems to support the signalling hypothesis.

Aktiepristeorier påstår att priset justeras proportionerligt med förlorad rätt till utdelning vid köppå ex-dagen. Tidigare studier har gett bevis på prisanomalier i USA, Japan och Oman. Genom attestimera en teoretisk aktiekursrörelse och jämföra den med den faktiska aktiekursrörelsen drar vislutsatsen att prisanomalier förekommit på Stockholmsbörsen under vår undersökta tidsperiod.Vårt resultat visar att ex-dagseffekten är relaterad till kontantutdelningar; den är inte entillfällighet och kan inte helt förklaras av egenskaper på specifika marknader. / Stock price theories suggest that prices adjust proportionate to the loss of dividend yields on ex-days.Earlier studies have shown evidence of pricing anomalies in USA, Japan and Oman. By estimating atheoretical stock return and comparing it to the actual returns over a time period close to the ex-dayswe can conclude that pricing anomalies have occurred in Stockholm Stock Exchange during ourmeasured period. Our findings show that the ex-day effect is related to cash dividends; it is notcoincidental and cannot be fully explained by attributes of particular markets.

為瞭解上市公司股利政策改變，由股票股利變更為發放現金股利政策之初次宣告效果，本研究以蒐集台灣證券交易所掛牌上市之公司，於2001年1月至2005年12月間，股利政策有變動且首次宣告發放現金股利之資訊電子類股公司，且宣告日前至少有150個交易日資料之公司，共計71個研究樣本。利用事件研究法之市場模式為計算模型，並以一般化之自我相關異質條件變異數模式，分析檢定事件宣告所造成之異常報酬。 本研究以事件研究法，將董事會宣告發放現金股利宣告為事件日（t=0），t=-150~t=-31共120天為估計期，t=-30~t=30共61日為事件期，利用樣本公司之日股價資料，分析異常報酬率。分析方式除針對事件期各日之平均異常報酬率分析外，另開立五個事件窗口，探討各窗口之累積異常報酬率是否顯著，藉以分析事件影響效果。另股利政策改為發放現金股利宣告時，針對當年度與前一年度之股利發放變化程度不同及事件宣告年度市場多、空頭景氣等因素，將樣本分類並分析檢定，在不同條件下之異常報酬率是有否仍顯著。經實證分析，獲得以下結論： 一、公司改變股利政策，由股票股利變更為現金股利的首次宣告事件，對投資人而言，具有公司對未來投資機會認知的資訊內涵。 二、公司改變股利政策由股票股利變更為發放現金股利之首次宣告，投資人對此政策反應抱持正面看法，股價會有兩波上漲趨勢，第二波會有顯著異於零之正異常報酬率。 三、公司改變股利政策，由股票股利變更為現金股利之首次宣告，當年度總發放股利與前一年度比較，股利發放變動大小會影響宣告時市場投資人之投資意願，投資人會隨減少發放股利量而延緩對此政策之正面買進股票反應，事件日後10日內股價會有一波正異常報酬反應。

台灣發行量加權股價指數在編製時並未調整現金股利的影響，不僅會低估實際的投資報酬率，以其作為標竿指標，在評估共同基金績效時，亦會產生標竿錯誤的問題。因此，本文將現金股利的再投資報酬納入，重新編製加權股價指數。實證結果發現，若自民國75年起調整現金股利之影響，則在民國89年10月31日時，股價指數由5544.18點調整為6419.83點，約增加1.16倍。以新指數重新衡量基金績效的結果，發現績效排名並無大幅度的改變，而且基金績效是否擊敗大盤的情形，受新指標的影響亦不大，此乃因近年來上市公司配息少，而且基金績效非常極端。但基於理論上的正確性，在計算投資報酬率及評估共同基金績效時，仍應以納入現金股利之加權股價指數為基礎，以降低因標竿指標錯誤所造成研究結果的偏誤，否則未來我國股票配息的情況及基金報酬率的特性若改變之後，以過去的方式評估績效將可能造成極大之偏差。 / The Taiwan Stock Exchange Market Weighted Index (TAIEX) is not adjusted for cash dividend. Since the TAIEX is commonly used for calculating the investment return of the Taiwan’s market and as the benchmark index for mutual fund performance evaluation, the investment return in Taiwan is underestimated and there is benchmark error in the evaluation of mutual fund performance. This paper adjusts the TAIEX by incorporating the effect of the reinvestment of cash dividend in the TAIEX. The beginning date of our adjustment is January 4, 1986. Since then until the end of October 2000, the adjusted TAIEX grew to 1.16 times of the unadjusted index. However, The mutual fund performance evaluated based on the adjusted index is insignificantly different from that based on the un-adjusted index. This is because mutual funds have extreme performance. Due to the small cash dividend paid out by the listed firms on the Taiwan Stock Exchange, the adjustment effect is not enough to overturn the evaluation of

2008年1月1日起員工分紅之會計處理，將與IFRS國際財務報告準則接軌，即員工分紅不再是盈餘分配，而是作為當期的費用；此外，公司以股票作為員工獎酬，原則上亦須以公平價值衡量，並以費用認列入帳。預計此一會計處理之變革，將對公司、股東及員工均產生重大衝擊。而公司為減緩這些衝擊，會產生何種因應措施，即為本研究探討之對象。 由於太陽能產業在近兩三年之EPS及股價高漲。因股價為影響股票獎酬的重要因素之一，因此受員工分紅費用化之衝擊較大，故選擇兩家太陽能電池之上櫃公司為分析及訪談研究之對象，係因獎酬制度的變革對其影響較可明顯觀察。 獎酬員工之態樣甚多，經訪談兩家樣本公司後，兩家公司之管理當局均不希望政策的改變對公司的EPS造成太大的影響，然以2006年度為例，在維持員工原獲配股數不變的假設下，設算修法後對兩家公司在獲利方面分別下降了32%及15%，股東所得亦呈等額下降，員工個人綜合所得稅總稅負有可能最高分別增加161,893千元及29,383千元；而在公司分配之帳列盈餘不變的假設下，兩家公司之EPS分別減少1.5元及0.5元，股東所得降幅分別為9％及3％，員工總所得減少輻度分別為97.2%及97.4%。綜上可見在不做任何因應的情形下，其對樣本公司的EPS影響甚鉅，故兩家樣本公司勢必在此間尋求一個均衡點，修正其目前的獎酬措施，即可能會降低股票的分配比例，相對增加現金分紅的比例。 又以2005年度兩家公司員工紅利實際分配之情形分析，兩家公司員工紅利配股中分別有27％及44％，分配給公司重要管理當局，所以在此波獎酬制度的變格中，公司的管理當局也是重要的受衝擊者。另董事會及高階經理人通常是公司擬訂員工獎酬計畫的重要決策者，如公司利益與其個人利益相衝突時，是否會影響其決定員工獎酬制度的獨立性，是值得深入探討的問題。 在考量各獎酬制度之特性後，及分析整理員工分紅費用化及適用39號公報對個案公司之影響，本研究彙總結論如下: 一、公司應設算決定固定的員工分紅比例，以免超過公司章程所訂定的配比，同時可控制此對公司EPS的衝擊。 二、降低分紅配股之比重，增加現金股利之比重。 三、透過發放現金及發行員工認股權憑證或限制性股票方式，取代部分員工分紅配股。 四、在公司股價較低的時候買回庫藏股再轉讓給員工，以減少對原股東權益的稀釋程度。 本研究對實務提出下列建議： 一、法令規定員工分紅費用化後，應依費用性質列於營業成本或營業費用項下，惟該費用之估列時點與實際員工分紅分配時點可能差距一年半載，其費用性質分類如涉及有資本化之問題時，是否有操弄損益的空間？建議法令規定有更明確之規範。 二、公司的管理當局，尤其是董事會及高階經理人，為擬訂公司員工獎酬制度重要的決策者。在多數董事又身兼公司重要職務的情形下，為避免董事個人與公司、員工或股東的利益相衝突，建議應制訂法令，規範兼任員工之董事於擬訂公司員工獎酬制度時，應予利益迴避，或委由獨立董事來代表研討及擬訂新的員工獎酬制度。 三、39號公報的適用屬估計變動或會計原則變動，依目前對外公告的39號公報版本看，以估計變動的方式來處理，即不追溯調整以前年度的財務報表，此規範適切與否值得探討。 / In order to converge with International Financial Reporting Standard, the accounting treatment for distribution of employee bonus should be considered as current expense and not be deemed as part of earnings distribution starting from January 1, 2008. Besides, share compensation also has to be recognized as current expense using it’s fair value to measurement. This accounting process changed will result in significant impact on the enterprise, shareholders and employee. This study will discuss what kind of approach might be adopted by those enterprises to mitigate this huge challenge. The EPS and share price for those solar energy related industry are increasing dramatically recently. This study decided to select two solar cell IPO companies as sample to interview and analysis the impact on employee compensation scheme changed, due to the impact will be more observable compare with other industries. There are variety types of employee compensation programs. After interviewed, the management of these two sample companies stated that they are not expecting to impact the company’s EPS significantly. By using these two sample companies’ 2006 financial figures as a base, to understand the effect after amendment of the regulation. Under the assumption of non-amended employees’ distributed shares recalculating