本研究以民國八十三年至八十五年之上市、上櫃公司為對象，探討國內公司發放股票股利事件對股價之影響以及造成影響之可能因素，其中包含上市公司479家，上櫃公司24家，共計503個樣本。茲將本研究欲探討之問題分述如下：
1.股票股利是否具有資訊內涵？
2.企業之財務特性是否會影響股票股利之資訊內涵？
3.企業之非財務特性是否會影響股票股利之資訊內涵？
4.交易市場是否會影響股票股利之資訊內涵？
本文採用事件研究法，以董事會決議日為事件日進行研究。以市場模式計算累積異常報酬率，並採橫斷面多元迴歸模式為分析基礎，藉以驗證企業之財務特性、非財務特性與交易市場等因素對股票股利資訊內涵的影響程度。本研究之實證及結果顯示：
1.股票股利具有資訊內涵。
2.企業之財務特性中，股票股利配股率、公司規模以及獲利能力三項自變數對股票股利之資訊內涵具有解釋能力。
3.企業之非財務特性中則僅有外部董事比例一自變數對股票股利之資訊內涵有解釋能力。
4.就交物市場而言，雖然僅就85年之資料進行實證研究，然而，由該年度之實證結果亦得出交易市場會影響股票股利之資訊內涵的結論。
本研究再度驗證台灣股票上市、上櫃公司股票股利之宣告的確具有資訊內涵，同時此一資訊內涵會因公司之企業特性與交易市場的不同而有所差異，除了提醒投資人於做投資決策時須考慮企業特性與交易市場等因素外，也期能提供未來改善我國證券市場效率之參考。 / The main pruposes of this study are to examine the information contents of stock dividends and to investigate the factors, including business characteristics and stocks exchange markets, that differentiate information contents. The sample consists of the listed companies on the Taiwan Stock Exchange and on the OTC, which has the total nubmer of 503.
This study uses daily stock returns form 1994 to 1996, by removing the market factor to obtain residual returns. And then by computing each company's CAR, this study examine if the information contents of stock dividends exist. Besides, this study also uses T-test and multiple multivariate regression model to obtain each factor's effect on the information contents. The results can be summarized as follows:
1. Stock prices react positively to stock dividends announcement on Board of Directors approval dates.
2. The stock dividends issuance factors, company size and company's profitability are positively correlated with price changes.
3. Only the outsider directors factor has effect on the information contents.
4. Stock dividends issuance in the OTC have higher abnormal returns than in the Taiwan Stock Exchange.
| Identifer | oai:union.ndltd.org:CHENGCHI/B2002002140 |
| Creators | 黃桂榮, Huang, Kuei-Jung |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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