本研究探討台灣上市櫃公司股利支付政策之長期趨勢。觀察台灣支付股利公司趨勢，支付現金股利比例由 1996 年的 23% 大幅增長至 2007 年的 71%，但此後增長速度趨緩，僅由 2008 年的 57%，微幅提升至 2023 年的 75%。
本研究分析公司特徵與支付傾向對股利政策之影響。研究發現，獲利能力較高與規模較大的公司，較傾向發放股利，且公司對派發現金股利的偏好隨時間增強。然而，企業發放現金股利的傾向卻逐漸減弱。發放現金股利比例的增加主要來自於支付傾向的改變，而非因公司特徵的轉變，顯示出現金股利成長趨緩的現象，可歸因於企業支付意願的下降。此外，本文也納入2000年後台灣股票回購合法化之影響，研究發現股票回購為現金股利之補充手段，而非替代的發放方式。

This study examines the long-term trends in dividend payout policies among publicly listed companies in Taiwan. I find that the percentage of firms distributing cash dividends increased significantly from 23% in 1996 to 71% in 2007. However, the growth rate has decelerated since then, rising from 57% in 2008 to merely 75% by 2023. My results show that more profitable and larger firms are more likely to distribute dividends, with a growing preference for cash dividends over time. Nevertheless, the propensity among firms to pay cash dividends weakens. The increase in the proportion of cash dividend distribution has been primarily due to the change in firms' proclivity rather than shifts in firm characteristics, indicating that the deceleration in the overall growth rate of cash dividends can be attributed to the declining propensity. Furthermore, I examine the impact of the legalization of stock repurchases in Taiwan post-2000 and find that stock repurchases complement cash dividends rather than replace them.

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