| Summary: | 碩士 === 國立成功大學 === 工程管理碩士在職專班 === 106 === Five companies with long-term and continuous cash dividends in this study, Asia Cement Corporation (ACC), Far Eastern New Century (FENC), Formosa Taffeta Company (FTC), China Steel Corporation (CSC), Taiwan Semiconductor Manufacturing Company (TSMC) as the research objects. Relevant financial parameters of these companies is used to determine the long-term cash dividends for companies since 1990, and understand the relationship of financial parameters and the enterprice life cycle.
In addition to FTC, we find there is a positive correlation between cash dividends and cash flow per share at ACC, FENC, and CSC, during the stabilization period. While TSMC still in growth phase now, the distribution of cash dividends and cash flow per share is also positive correlation. Growth period, in the five companies, there is a positive correlation between the cash dividends and net operating revenue, and we infer when company has surplus, it will distributing cash dividends to shareholders. Except that TSMC is still in its growth period, the other four companies have a positive correlation between cash dividends and total assets, net operating income, and return on assets during the stabilization period. It is concluded that assets acquired after the surpluses of the four companies can be effectively produced. The generation of greater profits forms a virtuous circle, which may also be the reason why these companies can distributing cash dividends for a long period of time.
|
|---|
