股利折現模型於台灣證券市場之效用

• Main Authors: Yi-Ting Lin, 林沂廷
• Other Authors: Li-Wen Chen
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/41076626261459246599

碩士 === 國立中正大學 === 財務金融研究所 === 101 === This study uses the dividend discount model formula to examine the relations between the net income divided by total assets, free cash flow divided by total assets, retained earnings ratio and the cross-section of stock returns by using the sample of Taiwanese listed companies from January 1991 to March 2012, empirical results show that the relationship between net income divided by total assets and stock returns is positive and significant, between free cash flow divided by total assets and stock returns is also positive and significant. However the relationship between retained earnings ratio and stock returns is negative and significant. In sum, the results are consistent with the predictions given by the dividend discount model formula. Therefore, this study confirms the application of the dividend discount model formula in Taiwan.