企業經營績效與股利政策之關聯性研究:企業生命週期觀點

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题名:	企業經營績效與股利政策之關聯性研究:企業生命週期觀點 A Relationship between Corporate Performance and Dividend Policy: A Perspective of Corporate Life Cycle
作者:	李計祖
贡献者:	會計學系
关键词:	資料包絡分析法企業經營績效股利政策企業生命週期 data envelopment analysis operating performance dividend policy corporate life cycle
日期:	2016-06
上传时间:	2016-08-17 13:05:33 (UTC+8)
摘要:	探討股利政策與企業經營績效的關係是相當受到注目的，過去在企業經營績效評估之相關研究上，大多採用財務比率分析，而財務比率分析(如:資產報酬率或股東報酬率…等)是隸屬於單一投入與單一產出的評估模型，在現今高度波動的商業環境中僅考慮單一投入與單一產出的評估模型略顯不足，因此，本研究將採用可以同時考量多個投入變數與產出變數的DEA，並將其應用於企業經營績效評估，此外，進一步探究不同股利政策的採用對於企業經營績效的影響，實證結果發現，股利政策與企業經營績效呈現顯著正相關，台灣電子產業亦比較傾向發放現金股利。而在納入生命週期的觀點下，電子業處於成長期時，偏好發放股票股利。處於成熟期時，則偏好發放現金股利。 The relationship between dividend policy and corporate operating performance is an essential topic in finance, economic and accounting domains. Mots proportion of the previous researches merely implemented ratio analysis to determine the corporate oper-ating performance. However, the ratio analysis (Eg. Return on assets or return on shareholders ..., etc.) merely considered one-input and one-output variable method which is not reliable to describe the whole facets of corporate operating situation in this highly fluctuated market. To overcome the aforementioned task, this study imple-mented a mathematical linear programming technique, namely data envelopment analy-sis, which can consider multiple-inputs and outputs simultaneously. The performance measure derived from DEA has been demonstrated it superior performance. Going through the practical examination, we can see that the dividend policy and corporate operating performance have significant positive relationship and the publicly listed electronic corporates have much intention to use cash dividend policy.While inclusion in the life-cycle perspective,electronics industry companies in the growth period prefer to pay stock dividend. Electronics industry companies in the maturity period prefer to pay cash dividends.
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