台灣半導體產業股利政策之研究

Abstract

台灣發展半導體產業已30年，而半導體產業一向被標誌成科技密集、資金密集的產業，透過不斷的製程研發以及對設備投資，產生經濟效益，也因此台灣的半導體產業，過去都喜歡採用盈餘轉增資的方式來發放股票股利。但現今半導體產業已不再是當初動輒兩位數成長的產業，過去的股利政策廣發股票股利，已讓公司的股本大幅膨脹，因此近年來半導體產業逐漸開始修改公司的股利政策，改為配發現金股利為主而股票股利為輔的方式。本研究以費雪爾精準概率檢定(Fisher's Exact Test)來分析半導體產業不同時期的股利政策探討，並更進一步試著找出會對半導體產業的股利政策造成影響的因素。 本研究結果顯示 1.成立時間較早的半導體企業，在公開上市/上櫃之初以發放股票股利為主；近期成立的公司，在上市/上櫃初期則以發放現金股利為主。 2.在過去以發放股票股利為主的半導體企業，現在逐漸轉變為以發放現金股利為主。 3.總體經濟方面：當經濟狀況熱絡，市場利率水準較高時，公司傾向發放股票股利。 4.企業營運方面：(1)本益比較高的公司，傾向以發放股票股利為主；(2)總資產週轉率較高的公司，發放現金股利的機率也愈高；(3)負債比率較高的公司，發放股票股利的機率比較高，對公司營運也比較有利。5.IPO發生時間區段影響股利政策的變化。

The development of the semiconductor industry is about 30 years in Taiwan. Semiconductor industry is always symbolized as technology-intensive, and capital- intensive industry. They generate economic benefits through consistently R&D process and equipment investment. Therefore, Taiwan's semiconductor industry was used to paying dividends by capitalization from retained earnings. But now the semiconductor industry is no longer a double-digit growth industry. Because of the substantial payment of stock dividends, the companies of semiconductor industry faced the expansion of share capital. As a result, semiconductor industry gradually began to modify the company's dividend policy in recent years, and they change the dividend policy into giving priority to cash dividends and stock dividends as a supplement. We use Fisher's Exact Test to analyze the dividend policies in different period, and furthermore we try to find out the factors which will influence the dividend policy. The result of this study shows: 1. Dividend policy of old semiconductor industry’s was mainly by paying the stock dividends when they initial public offering, but dividend policy of today’s semiconductor industry is mainly by paying the cash dividends. 2. Semiconductor industry changes its dividend policy from stock dividends to cash dividends.