近期許多報章媒體以及投資大眾留意於具有較高現金股利殖利率的股票，或稱為「定存股」。本文將以投資大眾的角度，以簡單方便且可真正用於市場上的選股方式探討以下三點：(1)投資高現金股利殖利率的股票真的能獲得較好的報酬嗎？(2)除了現金股利殖利率，還能多考慮些甚麼簡單的財務指標來優化報酬？(3)是否能以本文發現的投資策略在每一年都獲得穩定的報酬？
根據2010至2017年臺灣證券交易所所有符合本文篩選條件的上市公司之實證研究，有以下發現：(1)依據迴歸分析結果來看，越高的當期或落後期現金股利殖利率對投資報酬率有正面影響，然而根據實際模擬投資情況，3%以上至6%以上的殖利率投資組合有較好的績效表現，且考慮連續兩年甚至三年的殖利率能有更好的績效。(2)以「同時考慮現金股利殖利率與市值」或者「同時考慮現金股利殖利率與營業現金流」所形成的投資組合，能有打敗大盤的績效表現。

Many newspaper, media and the investing public pay attention to stocks with higher cash dividend yield, or called "stocks like time deposit ". This article will explore the following three points from the point of view of retail investors, with simple and convenient stock strategy that can be truly used in the market: (1) Can you really get better pay for investing in stocks with high cash dividend yield? (2) In addition to cash dividend interest rates, what other simple financial guidelines can be considered to optimize the return? (3) Is it possible to obtain a stable return in each year for the investment strategy found in this article?
According to the 2010-2017 Taiwan Stock Exchange Corporation (TSEC) of all the listed market companies that meet the screening criteria of this article, there are the following findings: (1) According to the panel data regression analysis of fixed time and company effect, the higher the cash dividend yield of current or backward period has a positive impact on the return on investment. But according to the actual simulation investment situation, greater than 3% to greater than 6% of the cash dividend yield portfolio has better performance. Think more about two years in a row or even three years of dividend yield can have better performance. (2) The two combinations can defeat the market by considering both the cash dividend yield and the market value, and the combination by the cash dividend yield and the operating cash flow.

論文審定書...i
致謝...ii
摘要...iii
Abstract...iv
目錄...v
表目錄...vii
壹、緒論...1
一、研究背景與動機...1
二、研究目的...2
貳、文獻回顧...3
一、股利政策理論...3
二、與股利殖利率有關的投資實證...4
三、公司財務變數...5
參、研究設計...7
一、研究方法...7
二、資料來源...9
肆、實證結果...10
一、敘述統計...10
二、相關係數表...11
三、考慮連續期現金股利殖利率之投資報酬率敘述統計...13
四、縱橫資料迴歸分析...15
五、投資策略與報酬...19
六、穩定性測試-考慮成交量...34
伍、結論與建議...54
陸、參考文獻...55

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