資本結構、股利政策對公司價值之影響：訊號理論觀點

Capital Structure, Dividend Policy and Firm Value: The Signaling Theory Perspective

本文主要以訊號發射理論為基礎，從市場面探討公司資本結構及股利政策對公司價值之影響。以2004年至2009之台灣上市上櫃公司為研究樣本，取財務報表公告日及股利政策宣告日前後十日之累積異常報酬作為訊號傳遞的衡量變數，檢驗資本結構與股利政策是否具有訊息傳遞效果，且被投資人獲知後，其所做出的決策是否會反應在資本市場上，進而是否會對公司價值產生影響。實證結果發現，資本結構、股利政策皆具有訊號傳遞效果，管理當局藉由發布公司資本結構以及股利政策傳遞公司價值之訊息予外部投資人，當累積異常報酬愈小，即訊息傳遞的愈完整時，對公司價值具正向影響。最後，鑑於資本結構以及股利政策，可能由公司特性變數所共同決定，互為內生變數且彼此相互影響，在排除內生性問題對實證結果可能造成之偏誤現象後，結果亦顯示資本結構與股利政策確實可作為訊號傳遞的工具，市場投資人在接收較完整訊息後，可當作評估公司價值的依據，對公司價值具正向影響。本研究結果可供相關利害關人制定相關決策之參考。 Based on the signaling theory, this paper explores the impact of firm capital structure and dividend policy on firm value from the market perspective. By using Taiwan's listed and OTC traded companies during the period from 2004 to 2009 as the research samples, this paper takes the accumulated abnormal returns of 10 days before and after the financial statements and dividend policy announcement date as a measure variable of signal transmission. The purpose is to explore whether capital structure and dividend policy have the signaling effect, and whether investors' decisions can be reflected in the capital market to affect the firm value. According to the empirical results, capital structure and dividend policy have the signaling effect. By announcing firm capital structure and dividend policy, the firm management transmits the firm value information to external investors. When cumulative abnormal returns are smaller and the signal transmission is more complete, there is a positive impact on firm value. Finally, capital structure and dividend policy may be jointly determined by the firm characteristic variables, and they are mutually endogenous variables and affect each other. After excluding the possible bias of endogenous problems of the empirical results, capital structure and dividend policy can be the signaling tools. After receiving the complete message, market investors may use the message as the basis for evaluating the firm value, and thereby having a positive impact on firm value. The findings of this study can provide a reference for stakeholders in making relevant decisions.