[[alternative]]A Study on the Reasons for Dividend Policy Change and the Content of Dividend Information

[[abstract]] 近年來，台灣及許多國家經濟成長日漸趨緩，使得很多保守型投資人把焦點移往企業的股利政策，自1990年起至2010年，企業發放股利的趨勢漸漸地由股票股利轉為發放現金股利，這背後隱藏的故事正是本研究欲探討的主因。因此，本研究首先以1990～2010年的台灣上市公司為樣本，分產業別來探討股利發放趨勢有何不同，並對照台灣上市公司的股利政策趨勢。其次，本研究以文獻找到轉變的成因，再以質性個案企業訪談的方法，透過實際參與企業股利政策決策之高階人員進行深度訪談，探討影響股利政策改變成因等變數。最後，本研究以事件研究法，驗證股利連續增發與減發所產生的股利資訊內涵對市場的影響，結果以總股利來看，連續四年以上增發在宣告日那天有正向的異常報酬率，連續四年以上減發的在宣告日前一天有負向的異常報酬率，顯示資訊內涵效果是存在的。[[abstract]] Recently, the economic growth of Taiwan and many other countries has increasingly slowed down, which makes many conservative investors shift their focus on enterprises’ dividend policy. From 1990 to 2010, enterprises gradually pay cash dividends instead of stock dividends. Thus, this study attempts to examine the reasons for this phenomenon. This study adopts the samples of listed companies in Taiwan from 1990 to 2010 in order to investigate and contrast different dividend policy trends of different industries. Moreover, based on the causes of dividend policy changes found in the past literature, this study further utilizes the approach of case study and depth interview by which we can have in-depth interviews with the executive of several enterprises. With this effort, this study aims to investigate the variables affecting the reasons for dividend policy change. Finally, with the event study method, this study further verifies the influence of the dividend information content resulting from contiguous dividend increase and reduction on the market. From the perspective of dividends,the empirical results reveal that the abnormal return rate will be positive on the announcement day if there are four consecutive years of dividend increase.In contrast, the abnormal return rate will be negative on the day before the announcement day if there are four consecutive years of dividend reduction. Therefore, the effect of information content is proved to exist on the market