發放日決策、企業現金存量與經驗法則決策

The Payment Date Decision, Corporate Cash Holding and Rule of Thumb Decision

李世欽(Shih-Chin Lee)；劉任昌(Jen-Chang Liu)；呂美慧(Mei-Hui Lu)；殷向真(Hsian-Chen Yin)

股利政策 ； 發放日 ； 行為經濟學 ； 經驗法則 ； 大拇指法則 ； Dividend policy ； payment date ； behavioral economics ； heuristics ； rule of thumb

德明學報

37卷2期（2013 / 12 / 01）

77 - 94

繁體中文

本研究以台灣2002至2009年發放現金股利之公司為樣本，歸納出除息日至發放日間隔天數分布在6至155日，並建立兩個假說：「公司之除息日至發放日間隔天數政策呈現持續性與僵固性」，以及「公司之除息日至發放日間隔天數，與公司財務彈性呈現負相關」。此二假說被部分樣本公司支持。實證結果顯示，成熟且偏向採取短間隔天數的公司，呈現相對穩定之間隔天數決策；然而，採取長間隔天數的公司，則呈現間隔天數與財務彈性負相關之跡象。最後，本研究亦同時回顧美國蘋果公司之股利發放政策，發現行為經濟學有助於解釋公司之除息日至發放日間隔天數決策，維持現狀是發放公司採取的決策法則。然而，公司維持的現狀往往損害投資人權益，故本研究論述：合理之間隔天數應該低於28日。

This study examines the periods between the ex-dividend date and the payment date determined by Taiwanese corporation over 2002 to 2009. We establish two hypotheses: first, the period decision tends to be persistent and sticky; second, the period tends to be correlated negative to the financial flexibility of the firm. The empirical results show that the first hypothesis is verified by mature firms prone to decisions of shorter periods; whereas, the second hypothesis is verified by firms prone to decision of longer periods. We also examine the period decision of Apple Inc. and claim the theory of behavioral can be used to explain the decision logic of the periods. Dividend-paying firms tend to be status quo. However, a firm's status quo may be harmful to the interests of investors. Accordingly, the paper argues that the appropriate period should be shorter than 28 days from the perspective of investors.

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