本研究以股利相關理論為基礎，探討股利政策與公司績效之關聯性。以2000年至2020年台灣上市公司為研究樣本，除了股利政策外，同時將股權結構與資本結構變數納入考量，並加入其與股利政策之交乘項以檢驗其中介效果。 實證結果發現，現金股利的發放、現金股利支付率以及控制股東持股比率皆對公司績效有顯著的正面影響；槓桿比率、控制權與所有權之偏離程度對公司績效則有顯著的負面影響。印證代理理論以及訊號發射理論中，股利政策具有抑制代理問題及訊號傳遞之效用的說法，證實股利政策和股權結構與資本結構相互影響，進而提升公司績效。 ;On the basis of the dividend theory, this paper investigates the relationship between dividend policy and firm performance. For a panel of listed companies in Taiwan over the 2000-2020 period, we take into account not only ownership structure and capital structure but also the interaction terms between these variables and dividend policy. We find that issuing cash dividends, cash dividends payout ratio and control rights of controlling shareholders have significantly positive impacts on firm performance；leverage ratio and the divergence between the control rights and the ownership rights of controlling shareholders have significantly negative impacts on firm performance. Empirical results indicate dividend policy would be a signaling effect in signal theory, and reduce the agency problem in agency theory. There is significantly positive interaction effect between ownership structure, capital structure and dividend policy on firm performance.
