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頁籤選單縮合
題 名 | 股票除息日至發放日之間隔天數=The Period between the Ex-Dividend Date and the Payment Date |
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作 者 | 劉任昌; 楊朝成; | 書刊名 | 德明學報 |
卷 期 | 33:2 2009.12[民98.12] |
頁 次 | 頁31-46 |
分類號 | 563.5 |
關鍵詞 | 代理成本; 股利政策; 除息日; 基準日; 發放日; Agency cost; Dividend policy; Record date; Dividend payment date; |
語 文 | 中文(Chinese) |
中文摘要 | 劉任昌與楊朝成 (2008) 整理 2002至 2006年之台灣股市現金股息發放資料,發現除息日至發放日之間隔天數分佈在 6至 155天之間,而且整體市場之間隔天數,有逐年增加之現象,因而損害除息投資人權益。本研究發現:在 2006年之後,上述現象顯著改善,主因是台塑集團股息發放政策之轉變。本研究估計台塑集團因此項政策轉變,而導致 140百萬台幣之利息收入機會成本,但投資人權益卻因而獲得更大保障。本研究再針對主要股息發放公司分析,發現企業集團歸屬因素是除息日至發放日間隔天數長短之決定因素。本研究在政策面與實務面之貢獻,在於提醒投資人與主管機關注意此現象,以更清楚釐清投資人之權益。在財務理論之貢獻,則為傳統 MM (1961) 股利政策無關論架構下,再增加一個值得討論之議題。 |
英文摘要 | Liu and Yang (2008) compiled Taiwan’s cash dividend distribution data from 2002 to 2006 and found that the period between the ex-dividend date and the payment date is distributed from 6 to 155 days. Furthermore, the dividend-weighted average periods of the whole market are stably increasing. This phenomenon harms the interest of those investors participating dividend distribution. Yet, our study found the aforementioned phenomenon is significantly improved on in 2007 and 2008. This is due to the change of the Formosa Group’s dividend payment policy. This change could incur a potential opportunity cost of NTD 140 million of interest revenue for the Formosa Group. On the other hand, investors benefit from this policy change. When focusing on the primary cash dividend distributing companies, the Group identification factor is closely related to a stock’s period between the ex-dividend date and the payment date. In practice and policy aspect, this study reminds investors and the authority to pay attention to this phenomenon of volatile periods between ex-dividend and payment dates. In financial theory aspect, this study adds a new issue enhancing the traditional irrelevance theory of dividend policy of MM (1961). |
本系統中英文摘要資訊取自各篇刊載內容。