股利情緒與公司股利政策之研究

Dividend Sentiment and Corporate Dividend Policy

本研究以Google Trend搜索量衡量投資人股利情緒，觀察公司股利政策與ETF流量是否會與投資人之股利情緒相關。本研究以2006至2022年取自臺灣經濟新報資料庫中之臺灣證券交易所臺灣50指數成分股為公司之研究樣本，研究臺灣市值前50大的公司是否在股利政策上會迎合股利情緒；並以名稱包含「高股息」、「高息」等之ETF作為ETF之研究樣本，研究發放較高股利之ETF是否會迎合股利情緒更改其股利政策。研究結果發現，在增加及減少股利發放的部分確實符合股利迎合理論。值得注意的是，根據研究結果表示，原先無發放股利的公司不會根據股利情緒來決定是否發放股利，而這可能跟決定股利政策的因素不只有股利情緒這點有關。

This study using Search Volume Index of Google Trend to test if it is related to dividend policy of the companies. This study considered whether FTSE TWSE Taiwan 50 Index from TEJ from 2006 to 2022 will cater to dividend sentiment in terms of dividend policy, and use ETFs whose names include ''high dividend'', ''high interest'', etc. as ETF research samples to study whether ETFs that issue higher dividends will change their dividend policies to cater to dividend sentiment.
The results of the study found that the increase and decrease in dividend payments are consistent with the catering theory. However, according to the research results, companies that have not paid dividends before will not decide whether to pay dividends in view of dividend sentiment, and this may be related to dividend sentiment is not the only factor for companies to decide whether to pay dividend.