本篇研究以我國在臺灣證券交易所上市和在櫃檯買賣中心上櫃的公司為研究對象，並以從西元2010年至2017年為樣本期間，探討臺灣上市櫃公司分別是資金來源與股利政策之關聯性、以及公司規模對資金來源與股利政策關聯性之影響。本研究發現，公司主要支付現金股利的資金來源是來自於公司自身的獲利所得，公司並不會透過跟銀行融資或跟股東增資當作資金來源以支付現金股利。此外，本研究發現當公司獲利增加時，小公司較大公司更可能增加現金股利發放，故本研究支持訊號理論，代表股利的發放具備有傳遞資訊內容的功能，公司經理人會藉由股利發放來傳遞公司對於未來獲利的預期，向資本市場傳達公司自身的營運狀況，並且獲利的公司也願意支付更高額的股利，來傳達公司具有良好的財務績效。

The samples of the study come from Taiwan’s companies listed on Taiwan Stock Exchange and over-the-counter, and the period of the study is from 2010 to 2017. This study investigates the relationship between the source of funds and the dividend policy, and the impact of the company size on the above relationship. The results find that the company’s main source of cash dividends comes from the company’s own profits. The company does not use bank financing or capital increase with shareholders as a source of funds to pay cash dividends. In addition, the results show that small companies are more likely to pay more dividends as they increase their profits than large companies. Therefore, the study supports the signaling theory, which represents dividend distribution has the function of transmitting information. The company manager will use the dividend distribution to convey the company's future profit expectations, communicate the company's own operating conditions to the market. And the profitable companies are also willing to pay higher dividends to convey that the company has good financial performance.

論文審定書　i
誌　謝 　ii
摘　要 　iii
Abstract　iv
第一章　緒論　1
　第一節　研究動機　1
　第二節　研究目的與貢獻　3
　第三節　研究架構與流程　5
第二章　文獻探討與假說建立　7
　第一節　臺灣股利政策實務　7
　第二節　股利政策相關理論　12
　第三節　資金來源和公司規模與股利政策之探討　15
　第四節　假說建立　20
第三章　研究設計　23
　第一節　變數衡量　23
　第二節　實證模型　28
　第三節　資料來源與研究期間　29
第四章　實證結果與分析 32
　第一節　敘述性統計與相關係數分析　32
　第二節　多元迴歸分析　38
　第三節　敏感性分析　46
第五章　結論與建議　59
　第一節　研究結論　59
　第二節　研究限制　61
　第三節　研究建議　62
參考文獻　63
　中文參考文獻　63
　英文參考文獻　65

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