本研究利用事件研究法、Olhson評價模型及累積異常報酬迴歸分析探討2011年12月14日公司法第二百四十一條修法後，公司得以公積發放現金股利，此訊息對於投資人是否具有資訊攸關且產生何種股利顧客效果。此修法後之資訊是否能於修法後股東評價模型中反應企業價值，以及對於此資訊會如何影響公司股價異常報酬。
實證結果顯示，以公積發放現金股利之公司於2012會計年度之股利宣告日後產生顯著正向平均累積異常報酬，表示公積現金股利對於投資人為一利多消息。本研究於Olhson模型中，發現公積發放現金股利與市價呈現正向關係，顯示此模型於修法後仍可反應股利本質，其效果與盈餘現金股利相同。顯示投資人於評價方面對於公積現金股利仍保持樂觀態度。
本研究為加深釐清此修法後之效益，將樣本加以淨利表現分群，發現當公司淨利表現不佳時，投資人對於公積、盈餘現金股利開始加以區分。在公司淨利表現不佳時，此時公積現金股利與累積異常報酬產生負向顯著影響。在此種情況下投資人對於此類型公司開始產生資本維持之疑慮。本研究最後延伸將公積種類區分為資本、盈餘公積。實證發現，以盈餘現金股利對於累積異常報酬有正向顯著影響，但資本公積現金股利則無。顯示投資人對於現金股利之種類仍會加以區分，並有不同之顧客效果。

This study, we want to explore what divdends clientele effects generated following amendment of the Corporation Law Article 241 on December 14, 2011.
In our model showed investors in the evaluation of cash dividends with apic still remain optimistic after amending the law,also means that cash dividends with apic for the investor is a good news. The study also found the companys had poor performance in net income , they using apic to issue cash dividends could be a significant negative impact to cumulative abnormal returns(CAR).

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