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http://ir.ncue.edu.tw/ir/handle/987654321/13352
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| 題名: | 以事件研究法分析當前金融市場數個重要事件之宣告對股價的影響
The Announcement Effects of Recent Important Events on Stock Prices in Taiwan: An Event Study Approach |
| 作者: | 林哲鵬 |
| 貢獻者: | 企業管理學系 |
| 關鍵詞: | 事件研究法;股價;異常報酬;電子銀行;處分利益;上市電子公司;海外投資;台灣;Event studies;Stock prices;Abnormal returns;E-bank;Excise capital gains;Listed electronic companies;Overseas investment;Taiwan |
| 日期: | 2002-08
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| 上傳時間: | 2012-08-13T02:09:47Z
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| 出版者: | 行政院國家科學委員會 |
| 摘要: | 台灣金融市場近年朝向國際化的發展，目前上市及上櫃公司家數已近千家，在此一市場中所產生的事件主體，已具有相當程度之獨特性供國際財金學界及投資人作為參考。有鑑於台灣近年電子商務金流世代的來臨、上市電子公司在本地的益形重要、以及企業紛赴大陸投資，本計畫乃就下列幾個主題進行研究，包括： (1)觀察銀行股價於財政部核准本地銀行從事網路銀行業務事件前後之變化、(2)查驗台灣上市電子公司處分重大投資收益與股價的關聯性、(3)估計台灣電子業增加資本支出之宣告對其股價的影響、以及(4)檢視台灣上市電子及非電子公司宣佈赴大陸投資與其股價之變動等四個事件之資訊內涵。結果指出：(1) 「財政部核准網路銀行業務」對銀行的股價有顯著正的影響， 但「央行核准網路銀行外匯業務」對銀行股價的衝擊並不顯著；(2)投資人對於公司所處分的投資帶有重大投資利益時，會提前反應並給予正面的評價；(3)整體電子業資本支出宣告確實存在著資訊內函，對股價有顯著為正的影響。若將電子業再分成上、中、下游，增加資本支出之宣告對股價將分別造成顯著為正、不顯著、顯著為正的異常報酬；(4) 投審會核准國內上市公司赴大陸投資消息之宣告事件，在宣告日後第四天，會產生顯著之負向異常報酬。
Being an internationalizing financial market, Taiwan recently plays a role to provide meaningful contents for event study academicians. These event contents, to a certain degree, have their uniqueness to give future contributions to investors in understanding how stock prices are impacted
by related announcements. In this project, we examines: (1) how stock prices will be affected when the application of local Taiwanese banks are approved to engage in e-bank business, (2) if there exists any abnormal returns when listed electronic companies exercise their major capital gains,
(3) the relationship between capital expenditure announcements made by electronic companies and their stock prices, and (4) if there are announcement effects when listed Taiwanese enterprises decide to make overseas investments in Mainland. According to the results, significant
positive returns are mostly found associated with the announcements of above events, except that there are significant negative returns when Taiwanese enterprises decide to make overseas investments in Mainland. Market investors in Taiwan seem to be more positive on the development of e-bank business, the exercise of capital gains, the general capital expenditure decision rather than making overseas investments in China. |
| 關聯: | 國科會計畫; 計畫編號:NSC91-2416-H018-009; 研究期間:91/08-92/07 |
| 顯示於類別: | [企業管理學系] 國科會計畫
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