A Comparative Study of Japanese and Taiwanese Dividend Policy

[[abstract]]企業在決定股利政策，往往會有許多考量因素，保留盈餘作為投資所用，或者是發放現金股利吸引股東，也使得股東可以獲得個人綜合所得稅免扣抵稅。在日本，衡量企業決定股利政策發放指標為：(1)股東股利資本發放率(2)股利發放率(3)每股現金股利作為參考。股東股利資本發放率為現金股利總額除以股東權益(DOE)，此指標作為「還股於民」參考依據。而股利發放率是用現金股利總額除以稅後當期純利益，用於衡量企業在獲利後預計發放多少現金股利給予股東。 本文引用股東股利資本發放率和股利發放率做應變數，檢測台灣企業股利政策影響因素是否同日本。其結果為：股東股利資本發放率可用在台灣上市櫃企業，影響其因素：公司規模、扣抵稅額、負債能力、獲利能力。而股利發放率則無顯著影響關係，故股利發放率不適用在衡量台灣企業股利發放指標。[[abstract]]Companies have many considerations in determining the dividend policy such as the proportion of the retained earnings for investment or the cash dividend in for shareholders so that companies may have enough investment cash and shareholders can get personal income tax deductions for free In Japan companies decide the distribution of dividend policy according to the following indicators: (1) shareholder dividend payment rate of capital (2) dividend payout ratio (3) Cash dividends per share The indicator "returned to shareholder” is calculated using shareholder cash dividends of capital divided by the dividend of equity (DOE) The dividend payout ratio is calculated by dividing the total cash dividends over the net profit after tax benefits which is a measure of corporate profits after the number of expected cash dividends paid to shareholders This paper studies the dividend of equity and payout ratio of Taiwanese enterprises to test whether the same factors affect dividend policy in Japan The results show that the dividend of equity for listed Taiwanese companies is significantly affected by factors such as company size available credit debt capacity and profitability The dividend payout ratio has no significant effect on the dividend policy so is the dividend payout ratio for Taiwanese enterprise