| Summary: | 碩士 === 義守大學 === 財務金融學系 === 106 === In order to help investors to select the appropriate stock for better dividend rewards, this study takes the listed and the OTC Taiwan companies which finished the ex-right and ex-dividend from January 1, 2016 to December 31, 2016 as the research sample. The goal is to discuss factors influencing the completion of price-recovery after ex-right /dividend of the listed and OTC companies and factors affecting the speed of price-recovery after ex-right /dividend of the listed and OTC companies. This paper sets the study variable as the value of stock (cash) dividend, profitability (after - tax net profit ratio), scale of the company (capital amount), revenue growth rate, ratio of stock holding of the legal person and turnover rate.
This study applies the Logistic Regression to discuss factors that affect the completion of price-recovery after ex-right /dividend of the listed and OTC companies. The conclusion is that the factors influencing the price - recovery of the listed ex-dividend firms have not yet been found. The lower stock dividend the listed ex - right firms issue and the higher the turnover rate is, the higher the odds of price-recovery after ex-right will be. The higher the revenue growth rate of the OTC price-recovery after ex-dividend company is, the higher the odds of price-recovery after ex-dividend will be. The lower stock dividend the OTC ex - right company issue, the higher the odds of price-recovery after ex-right will be.
The study utilizes the quantile regression to explore the factors that affect the speed of right and dividend of listed and OTC companies. The conclusion is that the amount of paid in capital and dividends of the listed firms which have finished the ex – dividend have remarkable positive impact on the speed of price-recovery after ex-dividend. The amount of paid - up capital and ratio of stock holding of the legal person of the listed companies which have completed the ex-right have relatively prominent reverse impact and prominent positive impact on the speed of price-recovery after ex-right respectively. The amount of dividend and revenue growth rate of the OTC firms which have finished ex-dividend have the relatively prominent and very prominent positive impacts on the speed of price-recovery after ex-right respectively. The after - tax net profit ratio and turnover rate of the OTC companies which have completed the ex-right have prominent reverse impact and prominent positive impact on the speed of price-recovery ex-right respectively.
When an investor invests in a stock dividend for obtaining dividends, he can refer to the corresponding financial information based on the above research results, and select stocks that have high possibility of price-recovery after ex-right /dividend and high speed of price-recovery after ex-right /dividend to invest.
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