股價跌破面值公司發放股票股利動機之實證研究

Why do Price-below-Par Firms Pay Stock Dividends?

10.30139/JACG.201006.0002

王肇蘭(Chao-Lan Wang)；池祥萱(Hsiang-Hsuan Chih)；侯玟伶(Wen-Lin Hou)

股票股利 ； 信號假說 ； 公司治理 ； Stock dividend ； Signaling hypotheses ； Corporate governance

會計與公司治理

7卷1期（2010 / 06 / 01）

31 - 51

繁體中文

許多學術文獻指出，雖然公司發放股票股利並沒有改變公司價值也沒有從公司流出任何現金，但宣告發放股票股利可以向市場投資人傳遞公司未來有好投資機會的信號，或是藉此突顯公司並非經營不善的公司。但是若納入稅負的考量，將發現股價是否大於面值對於股票股利的稅後報酬有重大影響。所以本文的研究目的是探討股價跌破面值的公司發放股票股利的動機。 本文實證結果發現：股價跌破面值的公司，隨著ROA的增加一定會發股利，而且傾向同時發放現金股利及股票股利。而股價偏離面值愈大的公司，其發放股票股利的動機並非基於未來有好的前景，而是因為其有較差的公司治理。

This paper investigates why price-below-par firms pay stock dividends. Prior literature suggests that stock dividends convey information about firms' positive prospects, stockholders of price-below-par firms which pay out stock dividends could suffer from tax burdens, though. Our findings suggest that price-below-par firms with better ROA tend to pay cash dividends and stock dividends at the same time. The reason why managers of price-below-par firms choose stock dividends is not signaling but weak corporate governance.

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