股利的生命週期理論描述因為企業在各個階段擁有不同的現金流量、獲利能力及投資機會，建議公司在成長期發低股利、成熟期發適中的股利、在衰退期發高股利。本篇論文探討公司在不同生命週期，採取正確的股利政策是否能創造更高的股東價值。我運用Dickinson (2011)區分企業生命週期的方法，根據公司支付股利多寡和生命週期建構九個投資組合，並比較公司在成長、成熟和衰退階段，不同股利支付程度下的平均超額報酬，結果並未符合我的假說且發現無論公司處於何種生命週期，投資人均能從支付高股利的公司獲得較高的超額報酬。股利的訊號發射理論並未能解釋實證結果，但若從三大法人對股利支付多寡的偏好來討論，較高的超額報酬可視為機構投資人不斷購買那類股票的結果。因此根據Dickinson的方法，即使公司的股利政策與股利的生命週期理論相符，股東有可能獲得無法獲得較高的超額報酬，因為機構投資人的偏好占了決定性的因素。

The firm life cycle theory of dividend implies that the growth firm should pay low dividends, the mature firm should pay medium dividends and the decline firm should pay high dividends because of the different cash flows, profitability and investment opportunities. I examine whether the firm dividend policy in line with the theory creates more value for the shareholder. I construct nine portfolios by different dividend payout levels and firm life cycle stages based on Dickinson’s method and compare the mean abnormal returns among three portfolios with dissimilar payout levels in the growth, mature and decline stage. According to the typology developed by Dickinson (2011), the results do not support my hypotheses and show the firms with high dividend payment generate more abnormal returns irrespective of the firm life cycle stages. The dividend signaling theory can’t explain the consequences but institutional holdings preference provide evidence for the significant outcomes as inference. The interpretations suggest that the large stockholders’ favors have substantial impact on the abnormal returns, a proxy for shareholder value, despite the firm dividend policy consistent with the firm life cycle theory of dividend based on Dickinson’s method.

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