175 /304
175
臺大管理論叢
2018/4
第
28
卷第
1
期
175-212
DOI:10.6226/NTUMR.201804_28(1).0005
投資機會和投資者保護機制對控股股東派息的
影響
The Impact of Investment Opportunities and Investor Protection
on the Dividend Policies of Ultimate Owners
摘 要
La Porta, Lopez-de-Silanes, Shleifer, and Vishny (2000)
和
Faccio, Lang, and Young (2001)
這兩篇文章分別講述了在投資者保護較好機制的國家和控股股東兩權分離的情況下，
公司會有較高派息。本文主要研究投資者保護機制在公司治理中的作用，具體而言，
在絕對控股股東的投票權高於分紅權（兩權分離）時，研究投資者保護機制對派息的
影響。本文用
22
個東亞和西歐的公司層面股東資料，發現投資者保護機制、兩權分
離程度、投資機會三者連乘後，與派息水平顯著負相關，說明投資者保護機制越好的
國家，投資機會越好的公司，會削弱文獻中已發現的派息水平與有兩權分離控股股東
的正相關關係，也就是說，即使控股股東兩權分離度高，但投資機會越好，投資者保
護機制越好的時候，派息會下降。實證檢驗結果也顯示，尤其在缺乏公司治理的發展
中國家，好的投資者保護機制，可以讓控股股東在做為公司長遠發展有益的決策時，
不用刻意粉飾自己可能會損害少數股東的行為。最後，結果也說明，在好的投資者保
護機制下，少數股東要求派息的權利和絕對控股股東兩權分離的影響相抵消。
【關鍵字】
派息政策、投資機會、投資者保護機制、控股股東
Abstract
Given the findings of two influential studies of higher dividend payouts in countries with strong
investor protection (La Porta et al., 2000) and firms with controlling shareholders (Faccio et al.,
2001), this study examines the governance role of legal institutions in the dividend payout
policy of the ultimate owners of firms in which shareholder power is not aligned with the
“divergence” force. Based on a broad firm-level ultimate ownership data set from 22 East Asian
and Western European countries, we find the coefficients of the interactions among the legal
protection of investors, control divergence, and investment opportunities to be negatively and
significantly associated with dividend payouts, which suggests that the high dividends paid by
controlling shareholders with control divergence are lowered when the reinvestment
opportunities of firms are good in countries with strong legal protection. Our findings imply that
the enhancement of legal institutions, especially in emerging markets in which governance
systems are weak, can mitigate the efforts of controlling shareholders to mask their
expropriation activities from minority shareholders. Our results indicate that shareholder
“power” and the “divergence” force of controlling shareholders cancel each other out.
【
Keywords
】
dividend policies, investment opportunities, legal institutions, ultimate
owners
許仁茂
/
德州基督教大學會計學系教授
In-Mu Haw
, Professor, Department of Accounting, Texas Christian University
梁碩玲
/
香港大學經濟及工商管理學院首席講師
Olivia Leung
, Principal Lecturer, Faculty of Business and Economics, University of Hong Kong
劉 洋
/
香港樹仁大學會計學系講師
Yang Liu
, Lecturer, Department of Accounting, Hong Kong Shue Yan University
吳毓武
/
香港中文大學會計學院教授
Woody Wu
, Professor, School of Accountancy, Chinese University of Hong Kong
Received 2014/1, Final revision received 2015/9