Modigliani and Miller（1961）所提出的股利顧客效果，指出公司會利用高股利的政策來吸引投資人，以提高公司本身的價值。而機構投資人以大量的資金進入市場，企圖得到他們期望的合理報酬，因此股利政策與機構投資人之間存在相當密切且微妙的關係。本文的目的是在探討股利增加的關鍵因素對台灣的上市公司是否有所謂股利顧客效果的現象，以及公司購回自家股票（購回庫藏股）是否會對機構投資人持股比率造成影響。本文以t檢定、logistic迴歸與多元迴歸等方法進行實證。研究結果顯示，外資與投信對於其所投資公司之股利增加以及對於股利的態度有著不同的特性。外資與投信所投資的公司之股利各自易受基本面與市場面的影響而增加。兩者皆偏好有支付股利的公司，但股利多寡之偏好在投信則不明顯的。最後，本研究發現，公司購回庫藏股的增減亦會影響投信對於所投資公司的持股比率，但在外資的情況則不明顯。 Modigliani and Miller（1961）argued that Dividend Clientele Effects, indicate the companies would exploit high dividend to attract the investors and enhance their value. Besides, institutional investors invest many capitals into the market and attempt to gain the reasonable return they want. Therefore, there is a close and subtle relationship between dividend and institutional investors. The purpose of this paper is to find the key drives when dividend increasing, Dividend Clientele Effects for Taiwan listed companies, and the influence between buying treasury stocks and institutional investors holding percentage. This paper verifies the hypothesis by t-test, logistic and multiple regression. The result indicates dividends of companies invested by Foreign Investment Institution and Investment Trust are influenced by fundamentals and market movements respectively. And both prefer the companies with dividend, but it is not significant that Investment Trust prefer high dividend. Finally, the companies buy back treasury stocks up or down would influence Investment Trust holding percentage, but it is not significant for Foreign Investment Institution.
