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頁籤選單縮合
題 名 | 上市公司發放股票股利的動機及觀點--以電子產業為對象=The Intentions and Behavior of the Electronic Companies on the Stock Exchange Market Announce Stock Dividends to the Stockholders |
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作 者 | 林香勳; | 書刊名 | 中州學報 |
卷 期 | 17 2003.06[民92.06] |
頁 次 | 頁183-198 |
分類號 | 563.53 |
關鍵詞 | 股票股利; 動機; 財務主管; |
語 文 | 中文(Chinese) |
中文摘要 | 對投資者來說股東大會最重要的事項莫過於股利的多寡與配股的高低。從近年來股東會說熱潮中,小股東無非是衝著股利議決與紀念品而來,對於股利的多少及分配,甚至可以理直氣壯據理力爭的改變原董事會提案,達到調高股利或是調整股票與現金股利之比例。於此可以看到股利對投資人的重要性,尤其是股票股利(即無償配股)更是眾多股東的最愛。 但是股票股利並不會增加公司或股東任何實質利益,為何公司在會耗費成本下(時間和費用),仍會進行發放股票股利的行為。所以本研究將針對上市公司的電子產業的財務主管進行問卷調查,以了解發放股票股利的動機及觀點。 依據三個假說,本研究得到下列四項結論: 1. 最適價格區間假說:公司財務主管認為股票股利可將公司的股價調整到較好的交易範圍。 2. 訊息傳遞假說:公司財務主管認為公司決定發放股票股利的消息室佈後,通常股價有正向反應。 3. 現金替代假說:公司財務主管認為股票股利是暫時代替現金股利,而其公司發放動機則考量到保留現金在公司內。 |
英文摘要 | The most important thing of the stockholder meeting to investors is nothing more than the amount of stock dividends and the ratio of payout. These years, the stockholder meeting has become popular. Those small stockholders who attend the stockholder meeting are for stock dividends and souvenirs. In order to increase stock dividend and payout ratio, those stockholders even can argue to change the original planned policy. Therefore, stock dividends are very significant to investors. However, stock dividends do not change the total amounts of stockholders' equity, regardless of the size of the dividend. The only effect is to reallocate some of the stockholders' equity from retained earnings to common or preferred stock. Then, my research would like to know the intentions and behavior of electronic companies on Taiwan Stock Exchange Market announcing stock dividends to stockholders. According to three hypotheses, my research find four results are: 1. Trading Range Hypothesis: Stock dividends can adjust the companies' stock price to the best exchange scope. 2. Signaling Hypothesis: The information of the companies determining to announce stock dividends signals that the stock prices of the companies are growing. 3. Cash Substitution Hypothesis: Stock dividends are temporary substitution of cash dividends because the companies hope to keep cash. |
本系統中英文摘要資訊取自各篇刊載內容。