| 摘要: | 本研究在於檢測研發投入及盈餘管理對虧損企業股利發放選擇之影響。研究樣本為2011 至2017 年台灣非金融業上市(櫃)虧損企業，研究結果發現，研發密度對虧損企業現金股利發放選擇呈負向影響，表示研發經費投入對公司現金股利發放具有排擠效果，即公司會優先選擇對未來發展有利之政策。另實質盈餘管理會負向顯著影響虧損企業股利發放選擇，此結果表示實質盈餘管理越多之公司，由於實際盈餘較低，因此股利發放成本較高，以致較不會選擇發放股利。
This study examines the impact of R&D investment and earnings management on the choice of dividend payout policy for loss firms. The sample used in this study is non- financial firms listed on the Taiwan Stock Exchange and had net loss in the period from 2011 to 2017. The findings show that R&D investment is negatively associated with the choice of distributing cash dividends for loss firms, indicating that R&D expenditures have a crowding-out effect on the choice of dividend distribution. Such results imply that loss firms may take their future development into consideration and thus place R&D in- vestment a higher priority than cash dividend distribution. In addition, the results demon- strate that real earnings management is negatively related to the choice of cash dividends for loss firms. Such results indicate that loss firms which adjust earnings upwards are less likely to distribute cash dividends since the intrinsic cost of distributing cash dividends for these firms is higher than that for firms without earning manipulation. |
