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題 名 | 公司品質對股利與融資政策之影響=The Impact of Firm's Quality on Debt Financing and Dividend Policy |
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作 者 | 簡金成; 馬筱蕙; | 書刊名 | 中山管理評論 |
卷 期 | 6:4 民87.冬 |
頁 次 | 頁1039-1055 |
分類號 | 494.7 |
關鍵詞 | 公司品質; 股利; 融資政策; Firm's quality; Debt financing; Dividend policy; |
語 文 | 中文(Chinese) |
中文摘要 | 以往研究指出,在一個資訊不對稱的經營環境中,管理當局常用融資與股利政策傳遞內部情報給投資大眾,以幫助其評估公司未來之現金流量。並以其宣告時是否引起股票價格或交易量之變動作為上述財務決策是否具有資訊內涵之依據。實證結果大都發現當公司宣告之融資或股利金額超過市場預期時,其股價通常出現超額異常報酬。然而探討財務決策與公司品質兩者相互間關係之研究則不多見。本文主要目的即在分析財務決策是否受到公司品質之影響。文中分析指出由於單獨利用負債及股利作為傳遞公司品質訊息之邊際成本遞增,好公司會同時使用股利與舉債作為傳遞公司品質的訊息、反之,品質差的公司無法模仿品質好的公司之高股利政策,而且非志願的提高負債比率。因此,單憑觀察公司之財務結構不足以推論公司之品質。本研究利用因素分析將樣本公司之品質區分為好壞二組,並探討公司品質與其融資政策、股利政策間的關係。實證結果基本上支持前述分析。 |
英文摘要 | It has been proposed in previous studies that capital structure and dividend policy were employed by the management as effective signaling devices to communicate its inside information to the public under the context of asymmetric information. These signals would then in turn help investors to evaluate firms future cash flows. The common practice in exploring the informational content of these financial decision is to observe whether or not the declaration of debt or dividend would result a higher volatility of stock prices or trading volumes. Empirical evidence generally indicated that abnormal returns were associated with unexpected financing decisions. However, only very few studies that have been conducted to investigate the relationship between firm's quality and financial decision. The purpose of this paper is to investigate whether the financial decisions were affected by financial decisions. The analysis indicates that the marginal cost of solely employing either debt or dividend would increase to a certain point that high-quality firms concomitantly employ both debt and dividend to signal their inside information. On the other hand, low-quality firms are unable to mimic the dividend policy of high-quality firms and involuntarily raised more debt to meet their operating expenditure. Empirical results in general support these arguments. |
本系統中英文摘要資訊取自各篇刊載內容。