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標題: 台灣櫃轉市公司之能見度效應
The Visibility Effects of the Transfer from OTC to Taiwan Stock Market Listing
作者: 蔡宗遠
Tsai, Tsung-Yuan
關鍵字: Visibility
OTC switching to Listing
Abnormal Returns
Media Reporting
出版社: 會計學研究所
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摘要: 國內公司上櫃轉上市之研究多著眼於櫃轉市與公司績效之研究,或是上櫃轉上市之股價行為,甚少將焦點集中在櫃轉市能見度的改變對公司影響之探討。本文主要研究目的即在探討我國上櫃轉上市能見度變動對公司股票報酬之影響,本文也探討能見度變動與整批上市、公司盈餘績效及公司規模之關係。 本研究以事件研究法為主,採複迴歸分析進行相關實證研究,使用劵商預測家數、法人持股率、法人投資家數、媒體報導次數來作為衡量能見度的代理變數。 實證結果顯示媒體報導變動次數與異常報酬變動呈顯著正相關,法人持股率變動、法人投資家數變動及劵商預測家數變動與公司市值變動呈顯著正相關,劵商預測家數變動及媒體報導次數變動與公司成交週轉率變動呈現顯著正相關,實證結果支持相關研究。 本文實證結果發現法人持股率、法人投資家數與公司櫃轉市能見度變動之影響並不顯著。在整批上市方面,本文發現非整批轉上市與劵商預測變動家數呈顯著正相關,而整批上市的公司媒體報導次數的變動比非整批上市之公司明顯。
The past studies of OTC switching to stock market listing in Taiwan are mainly focused on its relationship with firms' performance, or the relationship with the stock prices behavior. Rarely has been found on the relationship between OTC transferring to stock market listing and stock returns. This paper investigates the visibility effects of stock returns on the transfer of OTC to stock market listing in Taiwan. It further investigates the relation between changes in visibility, batch-listing, firms' performance and firm size. The methodology adopted in the paper is based on event study, and employs multi-regression to do the empirical analysis. The proxies used for ‘visibility' are numbers of analysts forecasts, percentage of institutional investors shareholding, numbers of institutional investors, and times of media reporting. The empirical results indicate that the changes in the times of media reporting are significantly and positively related to abnormal returns. The change in the percentage of institutional investors, the change in the numbers of the institutional investors and the change in the numbers of analysts forecasts are significantly and positively related to firms' market values. The change in the numbers of analysts forecasts and the change in the media reporting times are also significantly and positively related to the stock turnover. The above empirical results confirm the extant relevant studies. This paper, however, found that the percentage of institutional investors' shareholding, the numbers of institutional investors and the changes in visibility due to OTC switching to listing are not significant. On the other hand, we found that non-batch listing is significantly and positively related to the changes in the numbers of analysts forecasts, whereas the changes in the times of media reporting of batch-listing is more obvious than that of the non-batch listing.
其他識別: U0005-1207200622145100
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