本研究以台灣電子業上市上櫃公司為例，探討股利政策對公司績效在不同公司規模下之非線性關係。本研究採用Gonza′lez, Teräsvirta and van Dijk (2004, 2005) 所發展之縱橫平滑移轉迴歸模型(Panel Smooth Transition Regression Model, PSTR)，以公司規模作為模型中的門檻變數，觀察公司績效是否存在平滑移轉效果，並進一步分析平滑移轉效果下現金股利、股票股利、負債比、研發費用比與大股東持股比對公司績效之變化與影響。實證結果顯示，公司規模對於公司績效存在平滑移轉效果。其中，現金股利對公司績效無相關，股票股利與大股東持股比對公司績效在門檻值之上或下對公司績效呈現正相關，而負債比、研發費用比則對公司績效存在負相關。除現金股利變數外，其餘變數對ROE之影響皆為顯著，然而，所有的變數之係數值在門檻值之下者，其量皆大於在門檻值之上之係數值，表示變數對於公司規模大於門檻值之區間影響相較於小於門檻值之區間影響為小。顯示出改變現金股利、股票股利、負債比、大股東持股比與研發費用比對於規模較大的電子業公司之ROE影響較為有限。

This study explores the nonlinear effect of dividend policy on corporate performance under different firm size. Taking listed electronic companies in Taiwan Stock Exchange for example. This study uses Panel Smooth Transition Regression Model (PSTR) developed by Gonza′lez, Teräsvirta and van Dijk (2004, 2005), and takes firm size as the threshold variable in the model. Observing the smooth transfer effect of firm size on corporate performance, and analyzing the changes of cash dividend, stock dividend, debt ratio, research and development expenditure ratio and major shareholder holding ratio on corporate performance under the condition of smooth transfer effect. The study result shows that the firm size has a smooth transfer effect on the corporate performance, and other variables have impacts on the corporate performance. The cash dividend has no correlation with corporate performance. The stock dividend, major shareholder holding ratio have positive correlations with the corporate performance of listed electronic companies in Taiwan, while the debt ratio and the research and development expenditure ratio have negative correlations. Except for the cash dividend, other variables have significant impacts on ROE. However, all the correlation coefficient below the threshold variable have a larger magnitude than the one above the threshold variable. This result shows that cash dividend, stock dividend, debt ratio, research, and development expenditure ratio and major shareholder holding ratio have a stronger effect on small size electronic companies’ corporate performance.

目錄
目錄	I
表目錄	III
圖目錄	IV
第一章	緒論	1
第一節	研究背景與動機	1
第二節	研究目的	4
第三節	研究架構	5
第二章	文獻回顧	8
第一節	股利政策理論	8
第二節	股利政策與公司績效之關聯	10
第三節	公司規模與公司績效之關聯	12
第四節	股利政策與公司規模之關聯	13
第五節	其他變數與公司績效之關聯	14
第三章	研究方法	20
第一節	變數定義	21
第二節	縱橫單根檢定 (Panel Unit Root Test)	27
第三節	縱橫平滑移轉迴歸模型	31
第四節	縱橫平滑移轉迴歸模型之設定	37
第四章	實證結果與分析	42
第一節	資料樣本說明	42
第二節	資料之敘述統計	44
第三節	縱橫單根檢定	46
第四節	實證結果與分析	49
第五章	結論與建議	56
第一節	結論	56
第二節	建議	58
參考文獻	59

 
表目錄
表3-1-1 電子業各年度現金股利及股票股利發放金額平均	23
表4-1-1 研究樣本數篩選統計(產業別)	43
表4-1-2 研究樣本數篩選統計(上市別)	43
表4-2-1 各變數之敘述統計	45
表4-3-1 各變數之縱橫單根檢定	47
表4-3-2 各變數之一次差分項縱橫單根檢定	48
表4-4-1 股利政策對台灣電子業公司績效之同質性檢定	50
表4-4-2 轉換模型選定	51
表4-4-3 台灣電子業公司規模對公司績效之移轉區間個數檢定	52
表4-4-4 台灣電子業公司規模對公司績效(ROE)之模型估計結果	54
表4-4-5 台灣電子業公司規模對公司績效(ROE)模型中解釋變數之影響	55

 
圖目錄
圖1-3-1 研究流程架構	7
圖3-1-1 支付現金股利電子業公司數之變化(2004年至2018年)	24
圖3-1-2 支付股票股利電子業公司數之變化(2004年至2018年)	24
圖3-3-1 m=1之轉換模型	35
圖3-3-2 m=2之轉換模型	36

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二、中文文獻
1.	周秀霙，黎致平，鍾俊文，(2017)，”台灣電子業上市櫃公司股利政策研究”，貨幣觀測與信用評等，126，29-43。
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