台灣高薪100指數成分股在經營績效與股利之探討

Discussion on Business Performance and Dividends of Constituent Stocks of Taiwan HC 100 Index

本研究以2021年台灣證券交易所公告之「台灣高薪100指數」成分股為研究對象，依據各成分股之所屬產業，依照資本額去配對出一家非成分股企業做為對照組企業。利用平均數差異t檢定探討高薪100指數成分股與配對出來的非指數成分股在經營績效與股利政策上是否有所差異。
實證發現，高薪100指數成分股在市值、資產總額、股東權益、每股淨值、營收、毛利、淨利、EPS、ROE與ROA之表現皆優於非成分股的配對企業，但在負債總額卻高於非成分股之配對企業。在股利政策方面，高薪100指數成分股在現金股利與現金殖利率之發放較配對樣本為佳，但在股票股利與股票殖利率則是較配對企業為低。從決策樹之分類規則結果得知，影響台灣高薪100指數成分股之關鍵因素中，最重要的預測變項是毛利，其次是現金殖利率，接著是ROA，最後則是現金股利與EPS。

The object of this study is the constituent stocks of the ''Taiwan HC 100 Index'' announced by the Taiwan Stock Exchange in 2021. According to the industry of each constituent stock and the amount of capital, a non-constituent company is matched as a control group. Using the mean difference t-test to explore whether there are differences in the operating performance and dividend policy between Taiwan HC 100 Index constituent stocks and the paired non-index constituent stocks.
The results found that the constituent stocks of Taiwan HC 100 Index perform better than their non-constituent counterparts in terms of market value, total assets, shareholder equity, net value per share, revenue, gross profit, net profit, EPS, ROE, and ROA , but the total liabilities are higher than those of their non-constituent counterparts. Taiwan HC 100 Index constituents pay better cash dividends and cash yields than the matching samples, but lower than the matching companies in terms of stock dividends and stock yields. According to the results of the classification rules from the decision tree, the most important predictive variable of Taiwan HC 100 Index constituent stocks is gross profit, followed by cash yield, followed by ROA, and finally cash dividends and EPS.