本研究以2010年至2014年台灣電子業上市櫃公司為研究對象，根據代理理論與股利結果模型與替代模型預測，使用結構方程模式(Structural EquationModeling)、拔靴法(bootstrapping)。並以主成份分析法(Principal component analysis)衡量公司治理變數，以補充過去文獻研究衡量公司治理時未能同時考量多個構面對整體公司治理機制及環境影響的不足之處，來探討盈餘持續性、公司治理品質與股利發放間的關係。本研究發現：(1)公司治理品質對於盈餘持續性有顯著正向影響，(2)盈餘持續性對於股利發放有顯著負向影響，(3)公司治理品質對於股利發放無顯著影響，(4)公司治理品質會透過盈餘持續性提升，更進一步對公司的股利發放產生負向影響。 The purpose of the paper was to discuss the relationship between earning persistence, corporate governance and dividend payout during the period from 2010 to 2014 for Taiwan’s listed electronics industry companies. This study used principal component analysis (PCA) to measures corporate governance and used Structural Equation Modeling (SEM) and boots trapping to find out the result. The result of the dissertation are: (1) Corporate governance was significantly positively related to earning persistence；(2) Earning persistence was significantly negatively related to dividend payout；(3) Corporate governance was not significantly related to dividend payout；(4) Earning persistence was a mediator variable between corporate governance and dividend payout. The result can tell us the corporate governance can develops its function of supervisory and management and protect investors’ right, investors accept companies to keep funds for investments in future.
