A Study of the Dividend Policy: Evidence from the Listed Semiconductor Industry in Taiwan

• Main Authors: Lai, Chien-Cheng, 賴建成
• Other Authors: Wang, Sue-Fung
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/22945613161768297434

碩士 === 國立交通大學 === 管理學院碩士在職專班財務金融組 === 98 === The development of the semiconductor industry is about 30 years in Taiwan. Semiconductor industry is always symbolized as technology-intensive, and capital- intensive industry. They generate economic benefits through consistently R&D process and equipment investment. Therefore, Taiwan's semiconductor industry was used to paying dividends by capitalization from retained earnings. But now the semiconductor industry is no longer a double-digit growth industry. Because of the substantial payment of stock dividends, the companies of semiconductor industry faced the expansion of share capital. As a result, semiconductor industry gradually began to modify the company's dividend policy in recent years, and they change the dividend policy into giving priority to cash dividends and stock dividends as a supplement. We use Fisher's Exact Test to analyze the dividend policies in different period, and furthermore we try to find out the factors which will influence the dividend policy. The result of this study shows: 1. Dividend policy of old semiconductor industry’s was mainly by paying the stock dividends when they initial public offering, but dividend policy of today’s semiconductor industry is mainly by paying the cash dividends. 2. Semiconductor industry changes its dividend policy from stock dividends to cash dividends.