2011年12月14日公司法第二百四十一條修法後，本研究利用事件研究法、迴歸分析及Ohlson評價模型來探討對投資人及公司而言是否具有增額的資訊內涵與價值攸關性，以及修法後股東權益評價模型是否會能反應企業評價，並觀察資本維持是否受到影響。
實證結果顯示，2011年12月14日公司法第二百四十一條修法及2012年股東會宣告股利之前一日起公積發放現金股利之公司其標準化平均異常報酬及標準化平均累積異常報酬持續為正，顯示該資訊對公司及股東為一利多消息。
本研究測試投資人是否會關注公司之可分配之法定盈餘公積及資本公積佔股東權益之比重，發現以公積發放現金股利之公司其可分配之法定盈餘及資本公積與平均累積異常報酬呈正向關係。
本研究亦發現相較於以公積發放之現金股利，投資人寧可取得股票股利。本研究進一步探討以公積發放現金股利之樣本，控制稅後淨利成長率後的Ohlson評價模型相較於股利折現模型能反應股利本質，以盈餘發放現金股利者對公司市值為顯著正向關係，以公積發放現金股利者對公司市值為不顯著負向關係，且投資人該公司普通股股本、可分配之法定盈餘及資本公積、未分配盈餘及稅後淨利之重視程度下降，甚至有些為不顯著，潛在顯示投資人可能擔心以公積發放現金股利之公司未來可能無法維持一定水平的資本維持。

This study investigates the impacts on investors and companies following the amendment of the Corporation Law Article 241 on December 14, 2011. Using the Event Study, Regression and Ohlson Model, this thesis analyzes the following three impacts: first, whether investors have incremental information content; second, whether companies have value relevance; third, whether the Equity Models can reflect the business valuation.
The study finds three results: first, using APIC and legal reserve as cash dividends benefits companies and shareholders; second, companies that distribute cash dividends with APIC and legal reserve tend to have higher cumulative abnormal returns (CAR) if they have more amount of distributed APIC and legal reserve; third, controlling YOY growth in net income, the Ohlson Model can reflect the source of dividends.
There are significant positive relationship between using earnings as cash dividend, stock dividends and stock price. On the contrary, there is no significant negative relationship between using APIC and legal reserve as cash dividends and stock price. Furthermore, this study finds that investors may suspect the stability of companies’ equity when companies use APIC and legal reserve as cash dividends.

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