本研究採用2000年至2020年之台灣上市櫃公司為研究樣本，探討企業發生股利僵固情形下，現金股利增減率與企業未來價值和未來投資決策影響。當企業發生股利僵固情形，企業淨利下降，卻大量發放現金股利，這將影響未來企業的價值與投資決策。研究結果顯示在股利僵固情形發生情況下，現金股利增減率與未來企業價值呈現正相關，現金股利增減率與未來資本資出呈現正相關。研究結果支持股利訊號理論，透過發放現金股利的訊號傳達投資人未來前景看好。

This research uses listed companies in Taiwan from the year 2000 to 2020 as researching sample to look into the impact of cash dividend change rate on future firm value and future investment decision under the circumstances of dividend stickiness. When companies experienced dividend stickiness, their net profits have declined yet they have paid a large number of cash dividends, which will affect the value of the company and investment decision in the future. The results show that cash dividend change rate is positively associated with future firm value and capital expenditure. The results support signaling theory. The company is optimistic about the future prospects and conveys the signal to investors by paying cash dividends.

林穎芬、黃麗津、陳思源（2012）。經理人薪酬、公司治理與現金股利政策。中山管理評論。20(4)，1213-1251。
黃柏凱、張邦茹、林書伃、姜堯民（2021）。公司成長性對停發現金股利決策的影響。管理與系統。28(2)，225-248。
劉任昌、邱志忠、楊朝成（2014）。臺灣企業之發放政策：現金股利、股票購回與現金減資。證券市場發展季刊，26(3)，47-96。

Baker, M., & Wurgler, J. (2004). A catering theory of dividends. The Journal of Finance, 59(3), 1125-1165.
Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and “The Bird in the Hand” Fallacy. The Bell Journal of Economics, 10, 259-270.
Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483-527.
DeAngelo, H., DeAngelo, L., & Skinner, D. J. (1992). Dividends and losses. Journal of Finance, 57, 1837-1863.
DeAngelo, H., DeAngelo, L., & Skinner, D. J. (2003). Reversal of fortune dividend signaling and the disappearance of sustained earnings growth. Journal of Financial Economics,40(3), 341-371.
Grullon, G., Michaely, R., & Swaminathan, B. (2002). Are Dividend Changes a Sign of Firm Maturity?. Journal of Business, 75, 387-424.
Grullon, G., Michaely, R., Benartzi, S., & Thaler, R. H. (2005). Dividend changes do not signal changes in future profitability. The Journal of Business, 78(5), 1659-1682.
Guttman, I., Kadan, O., & Kandel, E. (2010). Dividend Stickiness and Strategic Pooling. The Review of Financial Studies, 23(12), 4455–4495.
Jensen, M. C., & Meckling, W. H. (1976). Theory of firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance and Takeover. American Economic Review, 76, 323-329.
Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review, 46(2), 97-113.
Li, W., & Lie, E. (2006). Dividend changes and catering incentives. Journal of Financial Economics,80(2), 293-308.
Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34, 411-433.
Richardson, G., Sefcik, S.E., & Thompson, R. (1986). A test of dividend irrelevance using volume reactions to a change in dividend policy. Journal of Financial Economics, 17(2), 313-333.
Ross, W. (1973). The Information Content of Dividends. The Journal of Business,46(2), 191-211.
Shefrin, H. M., & Statman, M. (1984). Explaining investor preference for cash dividends,13(2), 253-282.
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87, 355-374.
Wang, M.-H., Ke, M.-C., Lin, F.-Y., & Huang, Y.-S. (2016). Dividend policy and the catering theory: evidence from the Taiwan Stock Exchange. Managerial Finance, 42 (10), 999-1016.
Zhou, P., & Ruland, W. (2006). Dividend payout and future earnings growth. Financial Analysts Journal, 62(3), 58-69.