股票內涵價值模型認為股票價值是未來股利現值的總和（Gordon 1959）。若股利能夠影響公司的價值，則解釋股利政策的決定因素是重要且值得調查的。本研究旨在（1）討論影響台灣金融機構股利政策的決定因素（2）探討不同的股利發放形式是否由不同股利政策因素影響。
有別於過去文獻有關股利政策的實證研究，大多選取一般產業作為樣本，本研究強調的是影響金融機構分配股利因素。從台灣經濟期刊數據庫（TEJ）中選取台灣上市櫃金融機構，收集來自2001年至2018年的資料。依據金融機構的不同特性，本研究將銀行業進一步劃分為金融控股與非金融控股，並且將模型延伸至證券業與保險業，透過個別探討其對股利政策影響因素，以提供有關股利政策更全面性的數據，同時檢驗模型之可行性。參考Dickens, Casey, and Newman (2002);Casey, Theis, and Dutta (2009); Maladjian and Khoury(2014)模型，迴歸方法使用靜態追蹤模型以及動態追蹤模型。
從實證結果來看，本研究模型適用於討論金融控股公司和銀行業的股利政策，特別是解釋能力較高的銀行業。然而當樣本主體為證券業及保險業時，則沒有找到顯著證據，因此將不適合使用本股利政策模型。此外，本研究發現在不同的股利分配方法下，股利政策也將受到不同的因素影響。
以投資者角度，本研究給予投資者可靠的股利殖利率訊息，投資者可以依照不同金融機構屬性，選擇更合適的投資標的，以提升其投資報酬率。以決策者角度，本研究幫助公司制定有效和合理的股利分配決策，從長遠來看將有助於實現企業利潤最大化和滿足股東需求的目標。

The stock intrinsic value model believes that stock value is the sum of future dividends' present value(Gordon, 1959). If dividends will affect the company's value, it is important and worth investigating the determinants of the dividend policy.
The purpose of this study is: (1) To explore the determinants of the dividend policy affected by Taiwanese financial institutions. (2) Discuss whether the dividend policy will be affected by different dividend payment methods.
The sample is selected from the financial institutions listed on the Taiwan Security Exchange (TSE) and OTC market from 2001 to 2018. This research refers to Dickens et al. (2002);Casey et al. (2009); Maladjian and Khoury(2014) models, using static panel model and dynamic panel model as our regression method.
From the empirical results, the model is suitable for discussing the dividend policy of financial holding companies and banking sectors, especially for the banking sector which has a higher ability to interpret models. However, in the securities and insurance sector, they are less appropriate to use this model as the determinants of dividend policy.
We also found that under different dividend distribution methods, it will also be affected by different significant factors.
From an investor's perspective, this study gives investors reliable dividend yield information. From the perspective of decision makers, this study helps companies make effective and reasonable dividend distribution decisions, which will help achieve the goal of maximizing corporate profits and meeting shareholders’ needs in the long run.

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