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的原因，相較於本土企業，美國跨國公司有較好的獲利能力、發展較為成熟且資 產規模較大，然而其普通股現金股利發放率(8.4%)卻顯著低於本土公司(10.9%)，
但在將庫藏股回購列入股利發放率之計算後，結果則相反，我們發現跨國公司在 2018 年稅改以前，由於跨國企業發放股利屬於海外盈餘匯回面臨高額的課稅，
因此跨國企業偏好以一次性的股票回購取代長期的現金股利發放，此結果與 Akhtar (2018)研究發現澳洲跨國公司現金股利加上庫藏股回購後的股利發放率 低於本土公司的結果不一致。
根據統計，美國上市公司家數於 2000 年代初期大幅減少，而跨國企業比例 及公司國外營收的占比則持續提升，目前美國上市公司中，跨國企業及本土企業 數量大致呈現均分的現象，因此了解跨國企業特性成為研究美國上市公司的重要 議題之一，本文的研究結果可以使欲探究影響美國跨國公司股利發放因素及造成 跨國公司與本土公司股利政策差異之因素探討者有初步了解。
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第二節 研究限制及後續建議
由於本文使用兩種方法來定義跨國公司，並進一步挑選同時符合兩種定義且 於樣本期間內定義不曾改變的公司做為跨國公司之樣本；而同時不符合兩種定義 且於樣本期間內定義維持不變的公司做為本土公司之樣本，篩選條件較為嚴格，
導致樣本數減少較多，此外，本文並未確認納入樣本之跨國企業是否確實擁有海 外子公司或資產，加上在納入匯率風險及政治風險變數後，樣本期間縮短，以上 原因可能影響統計迴歸的結果。因此本文建議後續研究者可以使用 Hoberg and Moon (2017) 蒐集之公司海外避險資料來確認公司是否有海外子公司或資產，以 增加跨國公司及本土公司之樣本數，且以其他類似財務數據或分析方法來取代樣 本期間較短且缺漏值較多的跨國企業特徵變數，以增加迴歸樣本數量，避免統計 偏誤之情形發生。
本文探討之應變數為普通股現金股利發放率(Dividend Payout Ratio)，並在稅 改將股票購回(Repurchase)納入討論，建議後續研究者可以將探討對象擴展到特 別股股利(Preferred Stock Dividend)、股票股利(Stock Dividends)或是不同方式的 股票回購如公開收購及協議收購等公司其他股利政策，此外，在 2018 年川普政 府稅改實施後，美國公司收到其持股 10%以上之外國公司分配之股利時，不須課 稅；保留在美國境外的盈餘也僅需課徵一次性的所得稅，稅率為 15.5% (現金資 產) 或 8% (非現金資產)，預期將進一步提高跨國公司股利發放，建議後續研究 者可以持續追蹤 2018 年稅改後，美國上市公司股利政策的變化以期能給予此類 文獻更全面及廣泛的研究探討。
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