碩士 / 逢甲大學 / 國際經營與貿易學系 / 105 / The main objective of executing payout policy is to distribute excess cash flow, and different payout policy will affect a firm’s financial operations, financial structure and investor’s decision. Therefore, it's important for firms to choose different payout policy. Because of insufficient resource, Taiwanese firms have invested abroad. The most important area where businessman invested are China and Asean, and therefore, this study also explores the difference that firms invest China or Asean.
In this study, we use Taiwanese listed companies as sample, and the study period is 2000-2015. We divide our sample into banks and industrials, compare the difference between banks and industrials in different payout policy, and explore the relation between payout policy and a firm’s performance. Moreover, we divide the sample of Taiwanese listed companies into the firms invest China, the firms invest Asean and the domestic firms in detail to find the impact whether firms invest abroad or not.
The findings indicate the firms that only pay dividends display a high propensity to retain their dividend-paying policy in the subsequent year. The proportion of industrials paying dividends is more than banks. And when cash holdings, retained-earnings-to-total-equity ratio, annual stock return during the previous year or sales growth rate increase, the firm’s performance will decrease, and moreover, there is an optimal level of the amount of paying dividends that firms will maximize the performance.
| Identifer | oai:union.ndltd.org:TW/105FCU00323011 |
| Date | January 2017 |
| Creators | HSU, PO-WEN, 許博聞 |
| Contributors | 江怡蒨 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 67 |
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