公司以不同的來源發放股票股利隱含不同的動機，投資人知道嗎？

FIRM MANAGERS KNOW WHETHER THEIR STOCK DIVIDENDS ARE MELONS OR LEMONS BUT DO INVESTORS REALLY KNOW THAT

本文探討台灣上市公司以不同來源發放股票股利的原因，以及對公司市場績效和經營績效的影響。結果顯示，當公司基於租税利益以及要向投資人傳達未來前景時，傾向配發有盈餘配股的股票股利。當公司單純以公積配發股票股利時，其主要動機乃基於拉抬股價或基於迎合投資人的需求。含有盈餘配發股票股利的公司其未來的經營績效優於只有公積配股的公司。我們也發現，公司宣告發放股票股利當時，投資人是無法區分不同來源的股票股利是甜瓜還是檸檬，但是投資人總是對於良好公司治理的公司給予較高的評價，而本文的研究則建議投資人可透過股票股利的來源來判斷所分配的股票股利是甜瓜還是檸檬。另外，對於投資人來説，股票股利有替代現金股利的功能，與其什麼沒有，投資人寧願擁有檸檬。

This paper investigates the role of retained earnings versus capital surplus in explaining the economic impact of stock dividends. We find that a management’s choice of stock dividends by transferring retained earnings to the share capital signals private information about the firm’s good prospect; while a manager’s choice of stock dividends by transferring capital surplus to the share capital is an attempt to cater to investors or boost shortterm stock prices. We also show that firms with stock dividends from retained earnings exhibit significantly better long-term operating performance than those with stock dividends from capital surplus. These results are consistent with the signaling /retained earnings hypotheses. In addition, investors cannot distinguish between “melons” and “lemons” in terms of different distributions of stock dividends, firms with better corporate governance are always valued positively, however. Finally, stock dividends are partly seen as substitutes for cash dividends, investors would rather have lemons than nothing.