高股息殖利率的公司是好公司嗎？

NHUIR > College of Management > Department of Finance, The M.A. Program of Financial Management > Disserations and Theses > Item 987654321/29832

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Title:	高股息殖利率的公司是好公司嗎？
Other Titles:	Are Companies with High Dividend Yields Good Companies?
Authors:	劉芳穎 LIU, FANG-YING
Contributors:	財務金融學系財務管理碩士班吳依正 WU, YI-CHEN
Keywords:	事件研究法;股息殖利率;投資績效 Investment performance;Event study;Dividend yield
Date:	2023
Issue Date:	2023-11-14 13:49:06 (UTC+8)
Abstract:	本研究使用事件研究法，探討台灣高股息指數新增或刪除成分股宣告對異常報酬率的影響。本研究關注新冠疫情期間高股息指數成分股報酬是否受疫情影響，以及入選高股息指數成分股是否能帶來良好的投資報酬。研究結果顯示，在新增或刪除高股息指數成分股宣告後，新增股明顯為正的異常報酬率。由於疫情的爆發對股市產生了重大影響，降低高風險股票需求，進而對高股息股票的報酬率造成了負面影響。高股息成分股，因持有期較長時，公司股利政策和財務狀況改變，影響投資回報。短期內市場變動和不確定性對短期持有的高股息成分股不利。長期持有高股息成分股績效通常穩定，且能充分發揮股息回饋及股價報酬，更好應對市場變化和風險。　　This study utilizes an event study methodology to examine the impact of the announcement of additions or deletions of constituent stocks in the Taiwan High Dividend Index on abnormal returns.The study focuses on whether the returns of High Dividend Index constituent stocks during the COVID 19 pandemic are influenced by the epidemic and whether being selected as a High Dividend Index constituent stock can generate favorable investment returns.The research findings indicate that after the announcement of additions or deletions of constituent stocks, The addition of constituent stocks shows significantly positive abnormal returns.The market volatility caused by the pandemic reduces the demand for high-risk stocks, thus affecting the returns has a negative effect on high dividend stocks.High dividend constituent stocks are influenced by changes in the company's dividend policy and financial condition when held for a longer period, impacting investment returns. Short-term market fluctuations and uncertainty are unfavorable for short-term holders of high dividend constituent stocks. Long-term holding of high dividend constituent stocks typically yields stable performance and allows for full leverage of dividend reinvestment and Stock Return, better coping with market fluctuations and risks.
Appears in Collections:	[Department of Finance, The M.A. Program of Financial Management] Disserations and Theses

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