The Difference between Individual Price-to-Earnings Ratio and Industry Average Earnings-to-Price Ratios and the Dividend Payout

• Main Authors: LAI,CHIU-YA, 賴秋雅
• Other Authors: LIN,KUN-LI
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/yvjre2

碩士 === 逢甲大學 === 金融碩士在職專班 === 105 === The purpose of this paper is to investigate the difference between individual Price-to-Earnings ratio and industry average Price-to-Earnings ratios and the dividend payout by analyzing 8,715 samples of Taiwan's listed companies from 2005 to 2015 and the sources of data is from Taiwan's economic news (TEJ). Empirical result of this research as follow:(1) deviation of individual Price-to-Earnings ratio is more big, company doesn’t tend to issue dividend; (2) the company whose deviation of individual Price-to-Earnings ratio is more big slows to tend to issued dividend of willingness by big shareholders holding ratio effect;(3) more higher independent directors and supervisors ratio is, more higher company whose deviation of individual Price-to-Earnings ratio is low tends to issued dividend and enhances issued willingness. Other industrial characteristics on deviation of individual Price-to-Earnings ratio influence of empirical result as follow:(1) ( Non- ) Electronic industry of deviation of individual Price-to-Earnings ratio is more big, company doesn’t tend to issue dividend; (2) electronic industry company whose deviation of individual Price-to-Earnings ratio is big doesn’t have a tendency to issue dividend willingness strongly by big shareholders holding ratio effect and non-electronic industry company whose deviation of individual Price-to-Earnings ratio is big tends to issue dividend willingness weakly;(3)independent directors and supervisors ratio on non-electronic industry has more influence, the company whose deviation of individual Price-to-Earnings ratio is high have a tendency to issue dividend, but it’s weaker significantly.