論文摘要：
從過去財務、會計文獻發現成長機會是解釋公司未何有不同的股利、融資決策很重要的變數之一，但是成長機會其實是無法明確衡量的，從實證研究中也發現所使用的變數不同也往往獲得相異的結果，本研究目的在了解成長機會和實際成長的關係，釐清不同的成長機會代理變數的適用性，及檢驗成長機會和公司融資、股利決策的關係符合契約假說、稅賦假說或訊息假說，及公司成長機會是否也受融資決策、股利決策的影響。
本研究的樣本是以民國80年至89年台灣上市公司為研究對象，首先利用相關和迴歸分析，檢視成長機會代理變數和實際成長的關係，其次將股利政策應變數區分為股利支付率、現金股利收益率、股票股利收益率及股利收益率；將融資政策區分為總負債比率、短期負債比率、長期負債比率，利用不同成長機會代理變數作為虛擬變數，將公司區分為高成長群和低成長群，看公司成長機會和融資及股利政策的關係；最後，利用聯立方程式檢驗三個內生變數之間的關係。
實證結果發現：
1. 成長機會和實際成長有正向的關係，但若以公司的投資成長作為實際成長的變數，則此關係反向，價格基礎的變數有高估股價之虞。
2. 成長機會越多的公司有較低的負債比率，符合契約假說及累進稅率假說。
3. 成長機會越多的公司有較高的短期負債比率。
4. 若以股利支付率作為股利政策的應變數則無法發現公司成長機會和股利政策的關係。
5. 成長機會越多的公司會發放較低的現金股利，符合現金流量限制假說和契約假說。
6. 成長機會和企業股票股利的發放沒有明顯的關係。
7. 在聯立模型下，發現過高的負債比率及現金股利收益率都會對公司成長機會造成限制。

Abstract：
From previous studies we found that growth opportunity is an important factor help explaining the cross-sectional differences of firms’ dividend and financing policies. However, growth opportunities are unobservable and not measurable, scholars used different proxies to catch the idea. Prior empirical studies used market-to book, earning-price ratio, Tobin’s Q, R&D intensity, capital expenditure (deflated by book value of assets), PPE, previous sales growth as proxies for growth opportunities, but had inconsistent results. The purposes of this thesis are: first, to find out the relationship between growth opportunities and realized growth, and to determine which proxy is most suitable; second, to find the empirical evidences of the relation between growth opportunities and financing policies, growth opportunities and dividend policies support contract theories, tax-based theories or signaling theories; and finally, to find out if firm’s growth opportunities are affected by its financing and dividend policies.
We examine all nonfinancial firms listed on the Taiwan Stock Exchange from 1991 to2000. We use the correlation and regression to determine the relation between growth opportunities and realized growth, then distinguish total debt ratio, short-term debt ratio, long-term debt ratio from financing policies, and dividend payout ratio, cash-dividend yield, stock dividend yield, and dividend yield from dividend policies. We use different growth opportunity proxy to separate whole sample into two subsamples, and growth as a dummy variable. We use regression to find the relation between growth and financing policies, dividend policies. Finally, we use simultaneous equation to determine the relationship among growth opportunities, financing policies and dividend policies to see if they are interdependent.
Our empirical result shows that growth opportunities and realized growth have positive relations. But growth opportunities are not positively correlated with realized investment growth. Price-based proxies are often overestimate future equity market value growth. Growth firms have higher debt ratios and long-term debt ratios. The result supports contracting theory and progressive tax rate theory. Growth firms have higher short-term debt ratios, too. We can’t find the significant relation between growth opportunities and dividend pay–out ratios. Growth firms have lower cash dividend yield, and the result supports cash-flow constraint and contracting theories. There is no clear relation between stock dividend yield and growth opportunities. Through simultaneous equation, over financing and too much cash-dividend restrict firms’ growth opportunities.

目錄
第一章 緒論---------------------------------------------------------------------1
第一節 研究背景與動機----------------------------------------------1
第二節 研究目的-------------------------------------------------2
第三節 研究架構---------------------------------------------------------3
第二章 理論基礎與文獻探----------------------------------------------------4
第一節 成長機會的意涵-------------------------------------------------4
第二節 成長機會的相關研究-------------------------------------------7
第三節 成長機會和公司融資政策的關係---------------------------10
第四節 成長機會和公司股利決策的關係---------------------------12
第五節 探討成長機會與公司股利、融資決策關係的相關假說13
第三章 研究方法----------------------------------------------------------------19
第一節 聯立模型的介紹-------------------------------------------------19
第二節 樣本資料來源----------------------------------------------------23
第三節 實證模型的建立-------------------------------------------------24
第四節 研究假說----------------------------------------------------------26
第五節 變數定義----------------------------------------------------------28
第四章 實證結果----------------------------------------------------------------36
第一節 成長機會代理變數的估計-------------------------------------36
第二節 成長機會和融資、股利決策的關係-------------------------42
第三節 聯立模型分析----------------------------------------------------55
第五章 研究結論與建議-------------------------------------------------------66
第一節 研究結論----------------------------------------------------------66
第二節 研究限制----------------------------------------------------------68
第三節 研究建議----------------------------------------------------------69
參考文獻------------------------------------------------------------------------------70
中文部分------------------------------------------------------------------------70
英文部分------------------------------------------------------------------------71

表目錄
表4-1樣本的年度和產業分佈-----------------------------------------36
表4-2樣本的敘述統計-----------------------------------------------36
表4-3成長機會代理變數和已實現的成長變數的Pearson相關係數矩陣---------38
表4-4已實現的成長變數之間的Pearson相關係數矩陣------------------------------39
表4-5成長機會代理變數對公司已實現成長率回歸-----------------------------------40
表4-6成長機會對股利發放率回歸結果--------------------------------------------------45
表4-7成長機會對股利收益率回歸結果--------------------------------------------------46
表4-8成長機會對現金股利收益率回歸結果--------------------------------------------47
表4-9成長機會對股票股利收益率回歸結果--------------------------------------------48
表4-10成長機會對總負債比率回歸結果-------------------------------------------------51
表4-11成長機會對長期負債比率回歸結果----------------------------------------------52
表4-12成長機會對短期負債比率回歸結果----------------------------------------------53
表4-13回歸變數相關係數表----------------------------------------------------------------56
表4-14三階段最小平方法聯立方程式----------------------------------------------------63


圖目錄
圖3-1研究流程--------------------------------------------------------------------------------25

中文文獻
1.汪威信(1992)，「從代理理論的觀點驗證台灣股票上市公司負債水準與其決定
因素之關係」，國立台灣大學財務金融研究所未出版碩士論文。
2.邱琦倫(2000)，「公司融資方式選擇與成長機會之關係--多項式自我選擇模型實證研究」，國立臺灣大學經濟學研究所碩士論文。
3.姜淑美(1993)，「董監事持股與財務決策關係之探討」，中正大學財務金融研
究所碩士論文。
2.晁群祥(1994)，台灣上市公司成長機會對融資及股利政策影響之實證研究，國立中山大學企業管理研究所碩士論文。
3.唐雪萍(1998)，「企業成長機會與負債比率關係之研究」，亞太管理評論，第三卷第二期。
4.陳超塵(1992)，「計量經濟學原理」台灣商務，台北
5.葉銀華、邱顯比(1996)，「資本結構、股權結構和公司價值關聯性之實證研究：
代理成本理論」，臺大管理論叢，57-90。
6.楊朝成(1992)，「台灣上市公司現金增資決策下其投資、股利與舉債決策知交互影響」，台大管理論叢，173-195。
7.蔡信夫、陳麗文(1995)，「公司成長、融資政策與公司價值之相關性研究-以台灣地區上市製造業為例」，管理會計，第三十二期，19-41。
8.謝銘智(1998)，股利政策與公司特性之關聯性，國立政治大學會計學研究所碩士論文。
9.謝明翰(2000)，「企業成長機會與融資政策、股利政策及高階主管酬勞之關連性研究」，國立台灣大學會計研究所碩士論文。
10.羅會芬(1994)，「上市公司投資、舉債與股利政策互動關係之研究」，國立
政治大學企業管理研究所碩士論文。
英文文獻
Baber, W. R., S. N. Janakiraman, and Sok-Hyon Kang, (1996), “Investment opportunities and the structure of executive compensation” Journal of Accounting and Economics 21, 297-318.
Baker, G. P., (1993), “Growth, corporate policies, and the investment opportunity set” Journal of Accounting and Economics 16, 161-165.
Barclay, M.J., and C.W. Smith, (1995), “The maturity structure of corporate debt” Journal of Finance 50, 609-631.
Bradley, M., G. Jarrell, and E. H. Kim, (1984), “On the existence of an optimal capital structure: theory and evidence” Journal of Finance 39, 857-880.
Chang, R. P., and G. S. Rhee, (1990), “The impact of personal taxes on corporate dividend policy and capital structure decisions” Financial Management 19, 21-31.
Chen, C. R., and T. L. Steiner, (1999), “Managerial ownership and agency conflicts: a nonlinear simultaneous equation analysis of managerial ownership, risk taking, debt policy, and dividend policy” The Financial Review 34, 119-136.
Chen, C. R., and T. L. Steiner, (2000), “Tobin’s Q, managerial ownership, and analyst coverage : a nonlinear simultaneous equation model” Journal of Economics and Business 52, 365-382.
Chung, K. H., and C. Charoenwong, (1991), “Investment options, assets in place, and the risk of stocks” Financial Management 20, 21-33.
Chung, K. H., and S.W. Pruitt, (1994), “A simple approximation of Tobin’s Q” Financial Management 23, 70-74.
Crutchley, C., and R. Hansen, (1989), “A test of the agency theory of managerial ownership, corporate leverage and corporate dividends” Financial Management 18, 36-46.
Dammon, R. M., and L. W. Senbet, (1988), “The effects of taxes and depreciation on corporate investment and financial leverage” Journal of Finance 43, 357-373.
DeAngelo, H., and R. Masulis, (1980), “Optimal capital--structure under corporate and personal” Journal of Financial and Economics 8, 3-29.
Dempsey, S. J., and G. Laber, (1992), “Effects of agency and transaction costs on dividend payout ratios: further evidence of the agency-transaction cost hypothesis” Journal of Financial Research 15, 317-321.
Denis, D. J., (1994), “Investment opportunities and the market for seasoned equity offerings” Journal of Financial and Quantitative Analysis 29, 159-177.
Easterbrook, F., (1984), “Two agency-cost explanations of dividends” American Economic Review 74, 650-659.
Fazzari, S., G.. Hubbard, and B. Peterson, (1988), “Financing constraints and corporate investment” Brookings papers on Economic Activity 1, 141-206.
Frank. K., (2002), “The effect of growth on the value relevance of accounting data” Journal of Business Research 55, 69-78.
Galai, D., and R. Masulis, (1976), “The option pricing model and the risk factor of stock” Journal of Financial Economics 4, 53-81.
Gaver, J. J.,and K. M.Gaver, (1993), “Additional evidience on the association between the investment opportunity set and corporate financing, dividend and compensation policies” Journal of Accounting and Economics 16, 125-161.
Gay, G. D., and J. Nam (1998), “The underinvestment problem and corporate derivatives use” Financial Management 27, 53-69.
Gordon, M. J., (1963), “Optimal Investment and Financing Policy” Journal of Finance,626.
Grossman, S., and O. Hart, (1982), “Corporate financial structure and managerial incentive,” Economics of Information and Uncertainty 107-137.
Gul, F. A., (1999), “Growth opportunity, capital structure and dividend policies in Japan” Journal of Corporate Finance 5, 141-168.
Hansen R.S., R. Kumar, and D. Shome, (1989), “Dividend and agency cost：Empirical evidence from electronic utilities case” working paper, The university of Michigan.
Harris, M., and A. Raviv, (1990), “Capital structure and the informational role of debt” Journal of Finance 45, 321-349.
Holder, M. E ., F. W. Langrehr, and J. L. Hexter, (1998), “Dividend policy determinants: an investigation of the influences of stakeholder theory” Financial Management 27,73-82.
Jensen, M. C., (1986), “Agency costs of free cash flow, corporate finance, and takeovers” American Economic Review 76, 323-329.
Jensen, M. C., and W. H. Meckling, (1976), “Theory of the firm: managerial behavior, agency costs and capital structure” Journal of Financial Economics 3, 305-360.
Jensen, G. R., D. P. Solberg, and T. S. Zorn, (1992), “Simultaneous determination of insider ownership, debt, and dividend policies” Journal of Financial and Quantitative Analysis, 27, 247-263.
Kale, J.R. and T.H. Noe, (1990), ”Dividend, uncertainty ,and underwriter costs under asymmetric information”, Journal of Financial Research 13,265-277.
Kallapur, S. and M. A. Trombley, (1999), “The association between investment opportunity set proxies and realized growth” Journal of Business Finance and Accounting 26, 505-519.
Kim, M., and V. Maksimovic, (1990), “Debt and input misallocation” Journal of Finance 45, 795-816.
Lang L., E. Ofek, and R. M. Stulz, (1996), “Leverage, investment, and firm growth” Journal of Financial Economics 40, 3-29.
Lintner, J., (1956), “The distribution of incomes of corporations among dividends,
retained earnings and taxes” American Economic Review,97-113.
Modigliani, F., and M. H. Miller, (1961), “Dividend policy, growth, and the valuation of shares” Journal of Business 34, 411-433.
Morck, R., A. Shleifer, and R. W. Vishny, (1988), “Management ownership and market valuation: An empirical analysis” Journal of Financial Economics 20, 293-315.
Myers, S., (1977), “Determinants of corporate borrowing” Journal of Financial Economics 5, 147-176.
Myers, S. C., and N. S. Majluf, (1984), “Corporate financing and investment decisions when firms have information that investors do not have” Journal of Financial Economics 13, 187-221.
Ohlson, J.A., (1995), “Earnings, book value and dividend in security valuation” Contemporary Accounting Research 12, 661-688.
Pilotte, E., (1992), “Growth opportunity and the stock respone to new financing” Journal of Business 65, 371-394.
Rozeff, M. S., (1982), “Growth, beta and agency costs as determinants of dividend payout ratios” Journal of Financial Research 5, 249-259.
Shah, K., (1994), “The nature of information conveyed by pure capital structure changes” Journal of Financial Economics 36, 89-126.
Skinner, D. J., (1993), “The investment opportunity set and accounting procedure choice” Journal of Accounting and Economics 16, 407-443.
Smith, C. W., and J. Warner (1979), “On the financial contracting an analysis of bond covenants” Journal of Financial Economics 7, 117-161.
Smith, C. W., and R. L. Watts (1992), “The investment opportunity set and corporate financing, dividend, and compensation policies” Journal of Financial Economics 32, 263-292.
Stulz, R., (1990), “Managerial discretion and optimal financing policies” Journal of Financial Economics 26, 3-27.
Titman, S., and R. Wessels, (1988), “The determinants of capital structure choice” Journal of Finance 43, 1-19.