台灣企業公司特徵與支付股利趨勢之研究

Abstract

台灣公開發行公司支付現金股利的比例從民國76年的49.3%降至民國86年的12.1%，但是到了民國87年出現了反轉的現象使得到民國95年時已經上升到66.6%。本文即將探討是否公司特徵(characteristics)的改變，亦即從民國83年代之後許多規模小、獲利能力低且成長機會中等公司紛紛出現，而這些新公司從未支付股利。是否因此，使得公司支付股利的比例持續下降。但若如此，為何在民國87年以後，公司支付股利的比例又再度回升，是否這些新公司隨時間而成熟，轉變為原先支付股利公司的特徵:獲利能力強、投資機會較少以及規模較大。最後，本篇研究也探討了台灣地區所有公開發行公司以及電子業公開發行公司在支付股利的趨勢之情形，並對兩者做比較。

The proportion of firms in Taiwan paying dividends falls from 49.3% in 1987 to 12.1% in 1997. After 1998 , the trend reverses and the proportion of firms paying dividends amounts to 66.6% in 2006. This article will discuss the changing characteristics of firms ,for example, after 1994 there are many small size, low profitability and common growth opportunities going public and these companies are not paying dividends. We must investigate that whether these companies surging after 1994 contribute to the decline of proportion of firms paying dividends. If so , why the proportion of firms paying dividends goes up after 1998? Do companies bear resemblance to the new companies discussed above become mature and have the characteristics of big size, high profitability and common growth opportunities that typically belongs to dividend payers? Finally, we compare all the public companies to the public companies which belong to high-tech industry.