本篇文章使用Miles and Snow(1978, 2003)的理論業務策略框架，去檢視在不同策略的公司之間(攻擊者、防守者與分析者)與投資人偏好對公司的支付政策的影響，探討公司支付政策的決定是否因企業之間的策略類型與投資人的偏好不同而有所差異，並從中觀察是否有迎合效果的存在。本文研究結果如下：第一，不論公司從事何項支付政策，差異溢酬皆會對此有顯著影響，說明公司從事支付政策的決定會考量投資人偏好。第二，我們發現公司策略會影響公司採取不同的支付政策。第三，我們發現差異溢酬與回購傾向的差額，平均而言，為正向關係，說明投資人偏好會影響公司回購的決定，並且當期回購傾向會比前期回購傾向大。

This paper applies Miles and Snow (1978, 2003) theoretical business strategy to examine the impact of preferences of different strategies (Prospector, Analysts, and Defender) and investor preferences on the company's payout policy and discuss whether the decision of the company's payout policy differs depending on the type of strategy between enterprises and the preferences of investors, and observe whether there is a cater to the effect. The results of this study are as follows: First, no matter what payment policy the company is engaged in, the difference premium will have a significant impact on this. This result indicates that the company's decision to engage in payment policies will take into account investor preferences. Second, we found that corporate strategy will affect the company's adoption of different payment policies. Third, we found that the difference between the difference premium and the repurchase tendency is, on average, a positive relationship, indicating that investor preference will affect the company's decision to repurchase, and the current repurchase tendency will be greater than the previous repurchase tendency.

第一章 前言 1
第一節 研究動機與目的 1
第二節 研究架構與流程 5
第二章 文獻探討與假說建立 7
第一節 公司支付政策的選擇與迎合理論 7
第二節 公司策略對於企業政策的影響 9
第三章 研究方法 15
第一節 樣本及資料來源 15
第二節 變數定義 16
一、 公司策略變數 16
二、 迎合變數 17
三、 控制變數 18
第三節 統計方法與研究模型 20
第四章 實證結果與分析 25
第一節 樣本分布 25
第二節 敘述統計與相關分析 26
第三節 差異溢酬變量 26
第四節 公司支付政策的決定與公司策略的關係 27
第五節 迎合變數與公司策略對於公司從事回購活動的影響 32
第五章 結論 35
參考文獻 37

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