Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/23377
標題: 影響公司縮減資產之因素與績效
Factors Driving Companies to Take Assets Contraction and Their Performance
作者: 丘庭榕
Chiu, Ting-Jung
關鍵字: Internet Bubble
網路泡沫
Financial Tsunami
Assets Contraction
Corporate Governance
金融海嘯
縮減資產
公司治理
出版社: 財務金融系所
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摘要: This study investigates large assets contraction undertaken by U.S. companies during the post-Internet-Bubble (2001-2002) and Financial Tsunami (September 2008-March 2009) periods. I work on two issues. First, I examine several factors (including firm characteristics and corporate governance) that could drive companies to take downsizing decisions. Second, I trace the stock performance of these companies following their downsizing. The results show that the decision to downsize is negatively related to pre-downsizing operating performance and positively related to firm beta, debt ratio and level of diversification. I also find that CEO salary is positively associated with assets contraction, indicating that agency problems may exist in those downsizing companies. I further separate each sample into two subgroups by their stock price, and find that the companies with prices greater than $5 underperform their matching companies following their downsizing. This implies that they may not be able to deal with post-economic-shock consumer demand due to capacity insufficiency. These findings suggest that managerial overpessimistic view during world-wide economic shocks may result in wrong decisions.
本文分析網路泡沫期間(2001-2002年)與金融海嘯期間(2008年9月-2009年3月)進行大規模縮減資產的美國公司。首先,本文探討影響公司採取縮減資產措施的因素,包含公司特性與公司治理等因素,並分析這些公司在縮減資產後之長期績效表現。本文的結果顯示,縮減資產的決策與縮減前的營運績效為負相關,與公司Beta、負債比率及多角化程度則為正相關。另外,本文亦發現,從事縮減資產的公司其經理人薪資也相對較高,代表縮減資產之公司具有代理人問題。本文近一步將樣本公司的股價按五元之標準,分為股價大於五元及股價小於五元兩部分計算長期績效。實證結果發現,股價大於五元的樣本公司其股價表現要比配對公司差,隱含縮減資產的公司在整體經濟動盪後,可能面臨產能無法滿足需求的困境。這些結果顯示,經理人在面臨景氣不佳的環境時,其悲觀的心態會做出不正確的決策,進而影響公司長期績效的表現。
URI: http://hdl.handle.net/11455/23377
其他識別: U0005-2106201110503800
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-2106201110503800
Appears in Collections:財務金融學系所

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