The influence of dividend policy to the future operating performance -An example of Taiwan-listed companies

• Main Authors: Chao-Yang Chen, 陳朝揚
• Other Authors: 陳育成
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/30103516927925014767

碩士 === 中興大學 === 財務金融系所 === 95 === Before 1991, most dividend policy is stock policy. After Securities & Futures Institute (SFI) executing 「Balance dividend policy」, we find cash dividend policy becoming more and more popular. Recently, even the high-tech industries prefer cash policy to stock policy and that makes cash policy more noticeable. The stock policy may be the way which the companies choose to attract the general to invest or be influenced by the law of SFI. But no matter how, it could provide the investors to know more about the business administration and stock’s price. In this research, we find dividend policy is indeed influenced by the change of the decree. That means the law has the direct effects on the companies, which means a sturdy financial system is urgency right now. This research also finds the dividend policy will bring us different information by different industries. In electronics industry, both of the dividend policies translate the positive signal to the investors. Besides, the employee dividend grant is also a positive signal. In traditional industries, both of the policies are positive signal to the industry. However, the employee dividend grant is negative. And the management grants is positive which means the more grant the management take the more operating efficiency the company will get in the traditional industries. Most of the researches about dividend policy in Taiwan are event methods. In this paper, we would try to use the dividend policy as the signal which the company announces. We would use the empirical results to analyze which policy will affect the efficiency most. The results find that the dividend policy will bring the positive signal to the future operating efficiency in finance and have the positive and negative to the company in market. The research also finds that cash dividend policy is a negative signal to the company before 2001 but positive hereafter. That fits what we see in the market. In stock policy, the investors take it as a positive signal but negative in the next year.