公司成長性對停發現金股利決策的影響

Abstract

本文以企業生命週期理論與訊號理論的角度，探討公司成長性與停發現金股利機率之間的關聯，並以臺灣2001年至2014年的上市櫃公司為分析樣本。就企業生命週期理論而言，企業成長性愈高，公司停發現金股利的機率愈高；訊號理論則指出，企業成長性愈高，公司停發現金股利的機率愈低。本研究實證結果發現，在台灣，高成長公司傾向不停發現金股利，因為停發現金股利被投資人視為負面的訊號效果，所以本研究實證結果支持訊號理論，而非企業生命週期理論。

This paper examines whether life-cycle theory or signal theory can explain the relationship between growth and cash dividend omissions using listed companies in Taiwan from 2001 to 2014. Based on life-cycle theory, we predict that the probability of omission should be positively related to firm's growth. On the contrast, in signal theory, the relationship between growth and the probability of omission is negative. We find that the life-cycle theory cannot explain the influence of growth on cash dividend omissions in Taiwan. Our empirical results support the signal theory. The company with growth will avoid stopping pay dividends in order not to launch a negative signal to the market.