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公司理財研討
MA0A0204王詩婷
7.4 EMPIRICAL EVIDENCE
實證分析
Analysis of individual investor accounts provides
support for the anecdotal evidence discussed in the
previous section. The data involve the accounts of
almost 78,000 investors trading at a large discount
brokerage firm between 1991 and 1996. Depending on
their personal circumstances, some individual
investors find cash dividends especially attractive.
分析個人投資者帳戶提供支持在上一節討論的傳聞證
據。這些數據包括近78,000個投資者的交易帳戶在一
家大型貼現經紀公司1991年和1996年之間。根據他們
個人的情況，一些個人投資者發現特別有吸引力的現
金股利。
In particular, investors over the age of 65
concentrate their stock holding in firms that pay high
dividends especially if the investors are retired.
These investors hold over 80 percent of their stock
portfolio in dividend-paying stocks. In contrast,
investors under the age of 45 hold 65 percent of
their portfolios in dividend-paying stocks.
尤其，超過65歲以上的投資者會集中他們股票持有
公司支付高股息的，特別是如果股資者是即將退休
的。這些投資者持有超過80%以上的股票投資組合
在支付股息的股票。相比之下，45歲以上的股資者
持有65%的投資組合在支付股息的股票。
Older investors exhibit a strong preference for
dividends regardless of their income. They not only hold
dividend-paying stocks, but assign considerably greater
weight to stocks featuring high dividend yields. For
example, older investors place 31 percent of their
portfolio into the 20 percent of stocks that feature the
highest dividend yield. However, only 16 percent
allocate a portion of their wealth to the 20 percent of
stocks that feature the lowest dividend yield.
老的投資者表現出強烈偏愛股息不論他們的收入。他們不
僅持有支付股息的股票，但分配相當大量具有高股息收益
率的股票。例如，老的投資者有31%投資組合裡有20%具
有高股息收益率的股票。然而，他們只有16%分配部份財
富的是20%具有低股息收益率的股票。
In addition, they actively purchase dividend-paying
stocks during the week before ex-dividend days,
but are not net buyers in the week following exdividend days. Moreover in the weeks after a firm
has announced that it intends to omit a dividend,
older investors reduce their holding of its stock.
另外，在除息日的前一週，他們積極地購買支付股息的
股票，但不是在除息日之後的一周內淨買家。此外，在
幾個星期後，公司已宣布打算省略股息，老的投資者減
少其持有的股票。
Notably, among young investors, those with lower
incomes also assign a greater portion of their
portfolios to high-dividend-yielding stocks. The tax
penalty on dividends during this period might explain
part of this pattern. The size of the penalty would
have been smaller for individuals whose incomes were
lower and who therefore faced lower income tax rates.
值得注意的是，那些收入較低的年輕投資者也分配其
投資組合是高股息收益的股票。在此期間，股息的稅
罰款可能解釋這種模式的一部份。罰款的大小將一直
對個人收入較低，因此將面臨時較低的所得稅率。
Older investors comprise 15 percent of the study
sample. On average, older investors held a portfolio
consisting of six stocks with a value of $55,685. In
contrast, younger investors held a portfolio
consisting of four stocks with a value of $24,402.
Older investors also traded less frequently than
younger investors.
老的投資者包括15%的研究樣本。平均而言，老的投資
者持有投資組合由6張股票組成其價值為$55,685。相反，
年輕投資者持有投資組合由4張股票組成其價值為
$24,402。老的投資者頻繁地交易也比年輕投資者少。
Individual investors who prefer dividends might do so for at least
three reasons: (1) to finance consumption in their later years, (2)
to mitigate the experience of risk, and (3) because of tax
effects. Evidence suggests that these three reasons. Notably,
the clientele associated with age appears to be dominant. In
addition, there is evidence to suggest that individual investors
reinvest less than 10 percent of their dividend income within two
weeks of receiving that income. This finding supports the notion
that investors tend to use dividends to finance consumption.
選擇個人投資者的股息可能這樣做至少有三個原因：(1)以資助他們
的晚年消費(2)以減輕風險的經驗(3)因為稅的影響。有證據顯示這
三個原因。值得注意的是，與年紀關聯的客戶似乎佔優勢。此外，
有證據顯示，個人投資者再投資比少於兩個星期內收到10%股息收
入。這個發現支持投資者傾向於使用股息資助消費的觀念。
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