股利發放對公司價值的影響

The Effect of Dividends Payouts on Firm Value

我們以台灣證券交易所上市公司作為樣本，探討股利發放有無、股利殖利率、公司治理股權結構變數、財報表現、機構持股及控制變數，對公司價值之影響。在這項研究中，我們揭示了令人印象深刻的發現。首先，我們揭示了股利發放有無與公司價值呈負相關；我們認為是由於股利發放後，會拉低股價，致使公司價值下降。其次，顯示了股利殖利率與公司價值亦呈負相關；我們推斷，發放股利殖利率越高的公司，股價調整的幅度越大，使公司價值不易提升。第三，債務比率，董監事的質押比率以及董事會規模與公司價值呈負相關。表明具有財務或公司治理問題的公司可能沒有更高的公司價值。

By employing the firms listed in TWSE from 2012 to 2016 as our samples, we explore whether the firms issuing dividends or the firms issuing higher dividend yield would have higher firm value after taking corporate governance, financial statement, institutional variables and firm scale as our controlling variables, and reveal several important findings. First, the firms issuing dividends might not have higher firm value, which might result from that the firm value of a firm might be declined after issuing dividend payouts. Second, the firm issuing higher dividend yield is negatively related to firm value. We infer that the firm issuing higher dividend yield would weaken the firm value due to that share price would be lower down if the firm issuing higher dividend yield. Third, the firm with higher debt ratio, higher directors’ pledge ratio, and large board size might not have higher firm value, indicating that the firms with either financial or corporate governance issues might not have higher firm value.