除息日至發放日之間隔天數與公司財務彈性

THE PERIOD FROM THE EX-DIVIDEND DATE TO THE PAYMENT DATE AND CORPORATE FINANCIAL FLEXIBILITY

本文分析台灣股市2002至2006年之現金股息發放資料，發現除息日至發放日之間隔天數分布於6至155日；而且，全體市場之間隔天數有逐年增加之現象。持續檢視2007至2009年之發放資料後，發現上述現象顯著改善，主要原因是台塑集團改變股息發放政策。本研究估計台塑集團因此項政策改變，而導致＄1.61億之利息收入機會成本，但投資人權益卻獲得改善。本研究再分析樣本公司之財務報表資料，發現集團別是間隔天數長短之主要決定因素，而且間隔天數與公司財務彈性（現金與約當現金除以總資產）呈現顯著負相關。此發現證明財務彈性與股息發放政策存在互動關係，且符合自由現金流量假說的廣義解讀。本研究也說明：部分發放公司遵循一致且穩定的短間隔天數政策，呈現重視股東權益之發放模式。

This article analyzes the cash dividend distribution of firms in the Taiwan stock market between 2002 and 2009. The duration between the ex-dividend date and the payment date is between 6 and 155 days. The dividends-weighted average periods increased gradually between 2002 and 2006. However, it decreased between 2007 and 2009. This is due to a change in the Formosa Group's dividend payment policy. The change incurred a potential opportunity cost of TW$ 161 million of interest revenue to the Formosa Group. On the other hand, investors have benefited from this policy change. This study examines both the dividend policy and the financial position. In addition to finding the group identification factor is closely related to the period between the ex-dividend date and the payment date, we discovered the period correlated negatively to the level of financial flexibility (cash/asset). This evidence supports the view that financial flexibility matters in the short run. These findings are in line with the spirit of the free-cash-flow hypotheses. We also document evidence that some firms follow a policy of short and consistent periods between the ex-dividend date and the payment date, which benefits the shareholder.