企業成長機會之於融資政策及股利政策影響之多期性研究

The Multi-period Analysis of the Effects of Enterprise's Growth Opportunities on Financing Policies and Dividend Policies

10.29735/SJEB.200706.0003

曾昭玲(Jau-Ling Tseng)；周小玲(Hsiao-Ling Chao)

融資政策 ； 股利政策 ； 成長機會 ； 聯立方程組模型 ； Financing Policies ； Dividends Policies ； Growth Opportunity ； Simultaneous Equations Model

東吳經濟商學學報

57期（2007 / 06 / 01）

49 - 77

繁體中文

過往論述契約、訊息及賦稅假說的文獻多認為成長機會是造成企業政策差異的主要因素之一，據此，本研究旨在探討企業成長機會之於其長、短期融資政策及現金、股票股利政策的影響，除援引民國80-91年間台灣上市公司之多期混合資料與縱橫資料，並利用因素分析法萃取成長機會的代理變數，續以聯立方程組模型補正企業融資及股利政策間於實務操作上或實證資料上均非相互獨立之內生交互影響關係。實證結果揭示，成長機會愈多的企業其長期或短期負債比均愈低，符合契約假說與累進稅率假說。其次，成長機會對現金股利率與股票股利率皆具顯著負向影響，此揭示台灣投資人一般均預期股票股利具有填權效應，抑或並不充分瞭解股票股利實具稀釋效果，致使現金與股票股利之差異模糊化。再者，長期負債比、短期負債比、現金股利率與股票股利率等比率顯著聯立交互負向影響，易言之，企業之融資比率（股利率）高則股利率（融資比率）低，長期（短期）負債比高則短期（長期）負債比低，現金（股票）股利率高則股票（現金）股利率低，故台灣的企業主多謹慎平衡其長、短期負債比，甚且視現金與股票股利具替代性，支持研究推論，更確立聯立方程組模型有裨於正確反映成長機會之於融資與股利政策的真實影響，進而釐清融資與股利政策的內生交互關係。

Most of the prior studies centering on the contract incentive, information asymmetry and tax shield proposition point out that growth opportunity is one of the key factor contributing to the differences of businesses policies, this paper, therefore, examines the effects of enterprises' growth opportunities proxy, derived from the factor analysis, on the long and short-term financing policies as well as cash and stock dividends policies of publicly traded corporations from 1991 to 2002 by the endogenously simultaneous equations model. The results, estimated by pooling and panel data, reveal that the enterprises with more growth opportunities have a lower long- and short-term debt or leverage ratio, consistent with the contract and progressive tax hypothesis. Besides, the businesses' growth opportunities have significantly negative effects on the cash and stock dividends, those of which are in line with the contract hypothesis rather information hypothesis. These findings illustrate that domestic investors treat stock dividends equally as cash dividends and ignore the dilution effect of stock dividends, different from foreign investors. Furthermore, the short-and long-term financing policies as well as cash and stock dividends policies are negatively simultaneously determined, implying that businesses with a higher leverage ratio are inclined to have a lower dividends ratio, vice versa, and short- and long-term leverage ratio as well as stock and cash dividends are substitutes to each other. These results, generally supporting the propositions, shed light on the interrelationship of the financing and dividends policies of Taiwan's businesses.

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