股利政策對現金增資公司的長期績效影響

Abstract

學者已證實現金增資公司會有長達三年以上的負報酬現象，而股利增加(減少)也會使得長期報酬有正向(負向)反應。本研究旨在討論股利對現金增資公司的長期績效影響，因此以現金增資公司的股利政策來做分類，發現有發放股利的公司在進行現金增資時，會有較優異的報酬，次為沒發放股利的公司，報酬表現最差的公司為在現金增資後停止發放股利的公司，並且持續發放越久股利的公司會有越好的報酬表現。此結果符合資訊不對稱與股利訊號理論的結論，即現金增資公司會有負長期報酬的效果，但可藉由股利政策來降低負報酬。而有發放股利的公司通常有較高的帳面對股東權益價值與資產價值，並且其公司營運期間也較久，顯示有發放股利的現金增資公司是較為穩定及成熟的公司。

Many scholars indicate that firms after SEOs announcement would sustain long term negative performance for more than three years. However, if firms increase (decreasing) its’ dividend payout would result in positive (negative) return in the long run. This paper examines the impact of dividend policy on the long term performance of SEOs firms. Categorizing by dividend policy, if the firms keep paying dividend after SEOs announcement perform best in long term performance, non-dividend-paying firms get the second best result, and the worst is firms paying dividend around SEOs and cut off after SEOs announcement. Moreover, firms continue paying dividend for longer period before SEOs would get less long term negative returns. This result is consistent with asymmetric information and signal theory. The firms paying dividend statistically have higher ROA, market value, total asset, and firm age, which means that most of dividend-paying firms are larger, more stable, and more mature.