| Summary: | 碩士 === 逢甲大學 === 財稅學系 === 102 === This paper uses finance and stock data during 1999-2002 and 2009-2012 from a set of 108 listed companies in Singapore. Our aim is to explore the effect of dividend-exemption system on corporate finance policies in Singapore, including dividend, investment and finance policies. First, for unsimultaneous equations, we find that (i) dividend-exemption system has positive effect on dividened payout, but is statistically insignificant; (ii) dividend-exemption system has negative effect on investment, but is statistically insignificant; (iii) dividend-exemption system has negative effect on finance, and is statistically significant. Secondly, for simultaneous equations in Three-Stage Least Square, 3SLS, we find that (i) dividend-exemption system has negative effect on dividened payout, and is statistically significant; (ii) dividend-exemption system has positive effect on investment, and is statistically significant; (iii) dividend-exemption system has negative effect on finance, and is statistically significant. For simultaneous equations in Seemingly Urelated Regression,SUR, we find that (i) dividend-exemption system has positive effect on dividened payout, but is statistically insignificant; (ii) dividend-exemption system has negative effect on investment, but is statistically insignificant; (iii) dividend-exemption system has negative effect on finance, and is statistically significant.
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