On the Relationship between Dividend Declaration and Stock Prices of Taiwan's Listed Companies

[[abstract]]股利是投資股票的重要獲利之一，配發股利多少，常會影響投資大眾的選股標的，進而影響股價，本文以台灣證券交易所上市公司五大產業類別：電子、金融、電信、食品、營建等類股，每項產業挑選二家指標性公司，以每家公司發佈財報中之營收、稅後淨利、每股盈餘、現金股利等項目，研究自2003年到2012年現金股利宣告對股價相關性之影響，結果發現，某些公司股利宣告對股價會有影響，例如：大立光、中華電、台灣大、兆豐、統一、佳格、長虹等;另一方面，某些公司股利宣告不一定能反應在股價的變動，例如：台積電、富邦金、國建等。[[abstract]]Dividend is one of the most important gains for stock investors and the amount of dividends usually will affect the choice of stocks which in turn will affect stock prices This paper selects five industries listed in the Taiwan stock market: finance telecom food and construction with two companies sampled from each industry The revenues net after tax profits earnings per share and cash dividends are selected to inspect the relationship between cash dividend declaration and stock prices The result shows that positive relations exist in CHT and President but not the case for TSMC Fu-bon Financial Holdings and Kuo-chie