系統識別號 | U0002-0707201713562500 |
---|---|
DOI | 10.6846/TKU.2017.00243 |
論文名稱(中文) | 影響益本比與股利殖利率因素分析-以台灣電子類股為例 |
論文名稱(英文) | The Factors Affecting E/P Ratio and Cash Dividend Yield for the Electronic Stocks Listed in TWSE |
第三語言論文名稱 | |
校院名稱 | 淡江大學 |
系所名稱(中文) | 管理科學學系企業經營碩士在職專班 |
系所名稱(英文) | Executive Master's Program of Business Administration (EMBA) in Management Sciences |
外國學位學校名稱 | |
外國學位學院名稱 | |
外國學位研究所名稱 | |
學年度 | 105 |
學期 | 2 |
出版年 | 106 |
研究生(中文) | 張儷馨 |
研究生(英文) | Li-Hsin Chang |
學號 | 798620133 |
學位類別 | 碩士 |
語言別 | 繁體中文 |
第二語言別 | |
口試日期 | 2017-06-12 |
論文頁數 | 33頁 |
口試委員 |
指導教授
-
倪衍森
委員 - 曹銳勤 委員 - 黃寶玉 |
關鍵字(中) |
益本比 股利殖利率 財務報表 獲利能力 公司治理 |
關鍵字(英) |
PE Ratio Dividend Yield Financial Reports Profitability Corporate Governace |
第三語言關鍵字 | |
學科別分類 | |
中文摘要 |
本研究係以2009至2015年台灣證交所上市公司之電子產業為依據,以益本比及現金股利殖利率為應變數;公司治理股權結構變數與財務報表變數為自變數,另納入其他控制變數一併探討,從實證結果得到以下發現: 一、公司治理股權變數中,董事會規模越大,無法即時決議對公司營運有力之政策或因董事多為酬庸性質的提名,無法有效發揮其功能致公司營運績效不佳;經理人持股越高,代表其應認為公司的營運績效及獲利能力高,才會投入更多資本,因此經理人持股愈高不僅降低代理問題的產生,也是對公司的獲利之保證。 二、財務報表變數中,總資產週轉率及稅後淨利率,皆代表著公司營運績效良好,因此公司獲利能力與發放現金股利的能力也愈高;而公司舉債的程度愈高,其意味著公司現金流量可能出現問題或短期間償債能力較弱,於此情形下,無論是獲利情形與現金股利之表現也相對較差。 三、控制變數中公司規模愈大,代表在其產業中的市場佔有率愈高或是產品品質相對穩定,因此其獲利能力也相對提升 |
英文摘要 |
By employing the electronic firms listed on Taiwan Stock Exchange over the period 2009-2015, this study explores whether earning price ratio and cash dividend yield would be affected by corporate governance, financial statement, and other controlling variables, and derives the following important findings. First, board size and managers’ holding ratio would be negatively and positive for our dependent variables, respectively. We infer that the board with more directors might not be beneficial for these yields enhanced, but mangers holding ratios likely rise up for the firms with higher earing prices ratio and cash dividend yield. Second, higher cash dividend yield are revealed for the firms with higher asset turnover ratio and net profit ratio, indicating that the firms with better asset management and profitability would have higher cash dividend yield; however, the firms with higher debt ratio might not have higher cash dividend yield due to the ability of paying debts suspected. Third, these yields would be higher for the firms with large scales, since these firms might have higher market share beneficial for these yields risen up. |
第三語言摘要 | |
論文目次 |
中文摘要 I ABSTRACT II 目錄 III 圖目錄 V 表目錄 VI 第一章、緒論 1 第一節、研究背景與動機 1 第二節、研究目的 2 第三節、研究流程 3 第四節、研究架構 4 第二章、文獻探討 5 第一節、收益率、益本比與殖利率之相關文獻 5 第二節、財報因素、公司治理之相關文獻 7 第三節、收益率、財報因素與公司治理之相關文獻 9 第三章、研究假說與方法 12 第一節、研究資料與變數 12 第二節、研究假說與模型 15 第三節、研究方法 16 第四章、實證結果 19 第一節、敘述統計量 19 第二節、多元迴歸模型 20 第三節、Petersen 迴歸模型 23 第五章、結論與建議 26 第一節、研究結論 26 第二節、管理與財務意涵 27 第三節、研究限制與建議 28 參考文獻 30 圖目錄 圖1.1 研究流程圖 3 表目錄 表4-1 敘述統計量 19 表4-2 共線性VIF檢驗 20 表4-3 益本比之多元迴歸模型分析 21 表4-4 現金股利殖利率之多元迴歸模型分析 22 表4-5 益本比之Petersen迴歸模型分析 23 表4-6 現金股利殖利率之Petersen迴歸模型分析 25 |
參考文獻 |
Ahmed, K., & Falk, H. (2006). The value relevance of management’s research and development reporting choice: Evidence from Australia. Journal of Accounting and Public Policy, 25(3), 231-264. Ajinkya, B. B., & Gift, M. J. (1984). Corporate managers' earnings forecasts and symmetrical adjustments of market expectations. Journal of Accounting Research, 22(2), 425-444. Apadore, K., & Zainol, S. S. B. (2014). Determinants of corporate governance and corporate performance among consumer product industry in Malaysia: A theoretical model. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(2), 159-165. Balsmeier, B., Fleming, L., & Manso, G. (2017). Independent boards and innovation. Journal of Financial Economics, 123(3), 536-557. Basu, S. (1977). Investment performance of common stocks in relation to their price‐earnings ratios: A test of the efficient market hypothesis. The Journal of Finance, 32(3), 663-682. Bharath, S. T., Sunder, J., & Sunder, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1-28. Botosan, C. A. (1997). Disclosure level and the cost of equity capital. Accounting Review, 72(3), 323-349. Bradshaw, M. T., Miller, G. S., & Serafeim, G. (2009). Accounting choice heterogeneity and analysts’ forecasts. University of Michigan Ross School of Business Working Paper. Buchanan, B. G., Cao, C. X., Liljeblom, E., & Weihrich, S. (2017). Uncertainty and firm dividend policy—A natural experiment. Journal of Corporate Finance, 42, 179-197. Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32(1), 237-333. Chang, R. D., Fang, C. J., & Tseng, Y. C. (2007). Central agency problem and earnings management: An investigation of board structure and external monitoring mechanism. Journal of Management, 24(1), 17-39. Cornett, M. M., McNutt, J. J., & Tehranian, H. (2009). Corporate governance and earnings management at large US bank holding companies. Journal of Corporate Finance, 15(4), 412-430. De Cesari, A., Espenlaub, S., Khurshed, A., & Simkovic, M. (2012). The effects of ownership and stock liquidity on the timing of repurchase transactions. Journal of Corporate Finance, 18(5), 1023-1050. Duncan, B., Zhao, Y., & Whittington, M. (2017). Corporate governance, risk appetite and cloud security risk: A little known paradox. How do we square the circle?. Cloud Computing 2017, 149. Fant, L. F., & Peterson, D. R. (1995). The effect of size, book‐market equity, prior returns, and beta on stock returns: January versus the remainder of the year. Journal of Financial Research, 18(2), 129-142. Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295-327. Healy, P. M., Hutton, A. P., & Palepu, K. G. (1999). Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research, 16(3), 485-520. Hermalin, B., & Weisbach, M. (2017). Assessing managerial ability: Implications for corporate governance (No. w23121). National Bureau of Economic Research. Huang, P., & Ni, Y. (2017). Board structure and stock price informativeness in terms of moving average rules. The Quarterly Review of Economics and Finance, 63, 161-169. Jaffe, J., Keim, D. B., & Westerfield, R. (1989). Earnings yields, market values, and stock returns. The Journal of Finance, 44(1), 135-148. Jiang, F., Ma, Y., & Shi, B. (2017). Stock liquidity and dividend payouts. Journal of Corporate Finance, 42, 295-314. King, R., Pownall, G., & Waymire, G. (1990). Expectations adjustment via timely management forecasts: Review, synthesis, and suggestions for future research. Journal of Accounting Literature, 9(1), 113-144. Krause, R., Whitler, K. A., & Semadeni, M. (2014). Power to the principals! An experimental look at shareholder say-on-pay voting. Academy of Management Journal, 57(1), 94-115. Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385-420. Lev, B. (1992). Information disclosure strategy. California Management Review, 34(4), 9-32. Ni, Y., & Huang, P. (2015). Do IPOs matter for price limits? Evidence from Taiwan. The Quarterly Review of Economics and Finance, 58, 74-83. Ni, Y., Liao, Y., & Huang, P. (2017). Foreign institutional investors, shareholding change, and corporate governance. Emerging Markets Finance and Trade, 53(4), 764-775. Penman, S. H. (1996). The articulation of price–earnings ratios and market-to-book ratios and the evaluation of growth (digest summary). Journal of Accounting Research, 34(2), 235-59. Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. The Review of Financial Studies, 22(1), 435-480. Porter, M. E., & Van der Linde, C. (1995). Green and competitive: Ending the stalemate. Harvard business review, 73(5), 120-134. Spicer, B. H. (1978). Investors, corporate social performance and information disclosure: An empirical study. Accounting Review, 53(1) 94-111. Tuggle, C. S., Schnatterly, K., & Johnson, R. A. (2010). Attention patterns in the boardroom: How board composition and processes affect discussion of entrepreneurial issues. Academy of Management Journal, 53(3), 550-571. Wu, M., Huang, P., & Ni, Y. (2016). Investing strategies as continuous rising (falling) share prices released. Journal of Economics and Finance (Article in Press). |
論文全文使用權限 |
如有問題,歡迎洽詢!
圖書館數位資訊組 (02)2621-5656 轉 2487 或 來信