本研究探討企業資訊透明度與股利行為之間的關聯性。本文依據證基會所建置的「資訊揭露評鑑系統」的資訊揭露評鑑結果作為資訊透明度之衡量指標；並以現金股利殖利率及現金股利支付率作為現金股利支付之衡量指標，以探討資訊透明度與現金股利支付之關係；且採用相似於Lintner (1956)所建立的統計模型來檢測現金股利支付的穩定度，以探討資訊透明度與股利穩定度之關係。
本研究實證結果如下：
首先，本研究實證結果顯示台灣企業的資訊透明度與現金股利支付呈顯著正向關係。即資訊透明度越佳，現金股利支付越多；資訊透明度越不佳，現金股利支付越少。顯示企業有較佳之資訊透明度，則有較好的股東保護，因而支付較多的現金股利，其研究結果支持La porta et al. (2000)的股利結果模式。同時，本研究實證結果顯示在相較於低資訊透明度的公司下，高資訊透明度的公司對現金股利的支付較為穩定。顯示企業有較佳的資訊透明度，則使經理人較無法操縱公司的股利支付，因而使股利之支付較為穩定。整體而言，低資訊透明度之公司，有較低的現金股利支付及較低的股利穩定度；而高資訊透明度之公司，有較高的現金股利支付及較高的股利穩定度。

This study investigates the relationship between firm’s information transparency and cash dividend behavior. We use the data of firm’s information transparency from “Information Disclosure and Transparency Rankings System” of the Securities and Futures Institute. Cash dividend yield rate and cash dividend payout rate are used as the proxy for firm’s cash dividend payout to investigate the relationship between firm’s information transparency and cash dividend payout. In order to investigate the relationship between firm’s information transparency and dividend smoothing, we also adopt a statistical model, similar to the model built by Lintner (1956), to examine the dividend smoothness. 
The empirical results of this paper are listed as follow:
The empirical result shows that firm’s information transparency has a positive relationship with cash dividend payout in Taiwan. It indicates that those companies with better information transparency have better stockholders’ protection and more cash dividend payout. Furthermore, this study finds that the outcome model of dividend (La porta et al. 2000) is supported. The result shows cash dividends are likely to be more stable in high transparency firms than in low transparency firms. It indicates that those companies with better information transparency have less manipulate dividend and more dividend smoothing. In sum, the more information transparency, the more cash dividend payout and dividend smoothing.

目錄	IV
表目錄	VI
圖目錄	VII
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 論文架構	5
第二章 文獻探討與研究假說	7
第一節 資訊透明度	7
第二節 股利行為	10
第三節 資訊透明度與股利行為之關聯性	14
第四節 觀念性架構	20
第三章 研究設計	21
第一節 資料來源與樣本選取	21
第二節 變數之操作性定義	24
第三節 實證模型	30
第四章 實證結果	33
第一節 敘述性統計與相關係數	33
第二節 迴歸結果	36
第五章 結論與管理意涵	52
第一節 結論	52
第二節 管理意涵	54
第三節 研究限制與建議	56
參考文獻	57
附錄	62

表目錄
表3-1 樣本篩選彙總表  22
表3-2 樣本年度分布彙總表  22
表3-3 樣本產業分布彙總表  23
表3-4 變數之操作性定義  28
表4-1 敘述性統計表  34
表4-2 相關係數矩陣表  35
表4-3 資訊揭露評鑑分數與現金股利殖利率的Tobit 迴歸結果  37
表4-4 資訊揭露評鑑分數與現金股利支付率的Tobit 迴歸結果  38
表4-5 資訊揭露評鑑分數與現金股利殖利率的迴歸結果(剔除未發股利公司) 40
表4-6 資訊揭露評鑑分數與現金股利支付率的迴歸結果(剔除未發股利公司) 41
表4-7 資訊透明度與股利穩定度的迴歸分析結果  43
表4-8 高低資訊透明度與股利穩定度(SOA)的差異結果  43
表4-9 考慮規模之資訊透明度與股利穩定度的迴歸分析結果 44
表4-10 考慮規模之高低資訊透明度與股利穩定度(SOA)的差異結果  44
表4-11 不同資訊透明度下之股利支付的差異分析  45
表4-12 不同資訊透明度下之股利穩定度的差異分析  47
表4-13 現金股利支付高低與支付變動大小的樣本特性表  48
表4-14 股利支付高低與變動大小的資訊透明度差異分析(總和比較) 49
表4-15 股利支付高低與變動大小的資訊透明度差異分析(個別比較) 51
表A-1 2006~2010 年資訊揭露評鑑分數與現金股利殖利率的Tobit 迴歸結果 62
表A-2 2006~2010 年資訊揭露評鑑分數與現金股利支付率的Tobit 迴歸結果 62
表A-3 2006~2010 年資訊揭露評鑑分數與現金股利殖利率的迴歸結果  63
表A-4 2006~2010 年資訊揭露評鑑分數與現金股利支付率的迴歸結果  63

圖目錄
圖 1-1 研究流程圖  6
圖2-1 觀念性架構圖  20

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