Payout Policy and the Period between the Ex-dividend Date and the Payment Date: An Analysis of Taiwan Market over 2009-11

發放政策與除息日到發放日之週期：分析2009至2011年期間之台灣股市

We study the payout policy of Taiwanese firms over 2009-2011 and collect payout events of three forms: distributing cash dividends, conducting share repurchases and reducing capital. Due to the dominant role of dividends, we focus on four issues pertaining to dividends. The first issue is on the increasing propensity of paying dividends, the second one is on the concentration of dividends among large and profitable firms, the third one is on how the period between the ex-dividend date and the payment date distributes, and the forth one is to claim that the reasonable period should be less than 16 days. Furthermore, we found that the OTC-listed payers contribute a fraction of only 7% of that contributed by TSE-listed firms, and the latter reveal a more stable and consistent payout policy. As a firm, especially for a TSE-listed firm, becomes mature its period tends to become shorter and more stable. We verify the association between the maturity of a firm and its dividend policy.

我們整理臺灣上市櫃公司2009至2011年之發放政策，內容涵蓋現金股息、庫藏股買回與現金減資。本研究發現：現金股息仍是臺灣上市櫃公司的主要發放政策，因此，我們再分析與現金股息相關的四個議題。第一、臺灣上市櫃公司的現金股息發放意願逐年增加。第二、現金股息發放集中於少數大型，且高獲利之公司。第三、我們檢視除息日與發放日之間隔天數分配情形。第四、經過分析，我們主張合理間隔天數應小於十六天。我們且發現，上櫃公司發放的股息總額僅達上市公司股息總額的7％。當一家公司逐漸成熟，它的除息日到發放日間隔天數有縮短，且更為穩定的跡象。本研究證實一公司的成熟度與股息政策有明顯關係。