股利平滑是否能改善投資效率?

Abstract

過去文獻指出,企業可能會因資訊不對稱及代理問題產生投資不足或是過度投資 的情形。本文旨在探討企業採取股利平滑政策是否能夠藉由減緩資訊不對稱與代理問 題,進而改善投資效率。本篇結果發現當公司處於投資不足(過度投資)的情況下,高股 利平滑會改善投資不足(過度投資)的情形。另外,本篇文章提供新的方法衡量企業股利 平滑程度,能夠有效被運用在股利平滑相關的實證研究中。

In this study, we examine whether dividend smoothing can improve investment efficiency. We find that dividend smoothing play a mitigating role in information asymmetry and agency problem, and lead to an improvement on investment efficiency. Our findings show that dividend smoothing is positively (negatively) associated with investment among firms with higher likelihood of under-investment (over-investment). Meanwhile, this paper develops a new methodology to measure for dividend smoothing on firm-year level which is useful in empirical researches of dividend smoothing.