台灣成衣產業在1990年以後，面臨生產成本上升和紡織配額解除的兩大衝擊，但部分成衣業者依然維持高現金股利政策。經由訪問聚陽的財務部人員，和分析聚陽的財務資料，發現聚陽制定股利政策符合訊號發射理論和剩餘理論。以紡織產業和傳統產業為樣本建立的股利預測模型當中，則發現聚陽實際發放的現金股利較模型預測高。但因為帳上龐大的現金部位，和過去實施高股利政策等因素的影響，降低現金股利的可行性有待進一步研究。

中文部分
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