Financial Analysts Journal· VOL72,NO.6· November/December 2016

股息産生什麼價值？

作者：Te-Feng Chen (Hong Kong Polytechnic University), San-Lin Chung (National Taiwan University), Wei-Che Tsai (National Sun Yat-sen University)

摘要：我們評估了股息支付股票的投資收益并且确定了三個主要發現。首先，高股息支付股票的風險最小，然而其年回報率比不支付股息的股票多1.5%。第二，從股息支付股票中獲利是以投資者的投資風格為前提。令人驚訝的是，成長股和小盤股的獲利最大，這類公司的股票通常被認為從現金流再投資中獲益最多。第三，利用價值溢價構建多空策略的管理者應該關注不支付股息的股票，因為不支付股息的小盤價值股每月回報率比不支付股息的小盤成長股多1%。

What Difference Do Dividends Make?

Te-Feng Chen (Hong Kong Polytechnic University), San-Lin Chung (National Taiwan University), Wei-Che Tsai (National Sun Yat-sen University)

ABSTRACT

We evaluate the investment benefits of dividend-paying stocks and identify three major findings. First, high-dividend payers have the least risk yet return over 1.5% more per year than do nondividend payers. Second, the benefit of targeting dividend payers is conditional on investment style. Surprisingly, the benefit is largest for growth and small-cap stocks, the stocks of companies usually thought to benefit the most from reinvesting their cash flows. Third, long–short managers exploiting the value premium should focus on non-dividend-paying stocks as non-dividend-paying small-cap value stocks return 1% more per month than do non-dividend-paying small-cap growth stocks.

原文鍊接：http://www.cfapubs.org/doi/pdf/10.2469/faj.v72.n6.1

翻譯：趙勝旺