股利發放率是許多學術界及實務界人士關心的焦點，而近年來關於公司經理人的過度自信的研究亦漸趨增加。本文研究標的為股利發放率，藉由關注經理人過度自信，探討其對於台灣公司股利發放之影響；亦加入財務限制指標，探討在有財務限制之下，經理人過度自信對於公司股利發放是否有排擠效果。
本文使用縱橫資料迴歸分析與單變量分析法。實證結果有二：1) 經理人的過度自信與股利發放率之間存在顯著的負相關性。代表過度自信經理人會減少股利發放。推論由於過度自信經理人認為外部融資過於昂貴，因此較不願意發放股利以保持財務寬鬆，為了未來的投資機會做準備；2) 有財務限制的公司，其股利發放率會較沒有財務限制的公司來的低，然而經理人過度信對於股利發放率的影響卻幾乎不太顯著。
本文主要貢獻為結合財務限制和過度自信，探討其對於台灣公司的股利發放率是否有排擠效果。由於過去有文獻探討過度自信對於股利的影響，也有文獻探討財務限制對於公司股利發放的影響，卻很少有文獻結合兩者，因此本文以不同的角度來探討公司的股利發放政策。

This thesis examines the relationship between dividend policy, CEO overconfidence, and financial constraints. Our empirical results suggest that there is a significant negative relationship between CEO overconfidence and dividend payout ratio. In addition, our results also suggest that firms with financial constraints have less dividend payout ratio than those without them. We provide new insights on dividend policy from a different perspective, combining both financial constraints and CEO overconfidence.

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