Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/55404
標題: 公司治理、現金減資之宣告效果及其後續影響
Corporate Governance, the Announcement Effect and Follow-Up Influences of Deducing Capital Decision
作者: 許永聲
關鍵字: 公司治理;corporate governance;經濟學;現金減資;異常報酬;流動性;營運績效;基礎研究;capital deduction;abnormal return;liquidity;operatingperformance
摘要: 
本計畫探討公司宣告現金減資所傳達之股價訊息效果,此外本研究也將進一步驗證現金減資之行為是否會影響公司股票之流動性、現金減資決策對公司績效的影響、以及宣告現金減資公司的公司治理特性是否會對上述的變動造成影響。本研究將以以事件研究法及Barber and Lyon(1997)估計買進並持有(BHAR)異常報酬的方法進行分析,驗證公司宣告現金減資後之異常報酬。並根據Tkac(1999)的市場交易量模式衡量減資前後週轉率之變化,以檢測公司現金減資對股票流動性的影響。此外,依據Fama and French (2001)的方法,分別以銷貨邊際利潤、資產報酬率及股東權益報酬率及Tobin Q 的變動,探討現金減資決策與公司名目財務績效與實質經濟績效間的關係。最後,討論企業公司治理的特性是否會對上述的變動造成影響。

The emphasis of this study is centering on what the stock price effect of theannouncement of capital deduction are. This study treats further whether capital deductionwill affect stock liquidity and operating performance, and the effects of characteristics ofcorporate governance.This study uses event study method with the estimation of buy-and-hold return andabnormal return by Barber and Lyon (1997) to test the abnormal return after theannouncement of capital deduction. Following Tkac(1999)and Fama and French (2001), thisstudy will explore the effects of the announcement of capital reduction on liquidity andoperating performance using stock turnover, sales margin profit, ROA, ROE and Tobin Q.Finally, this study will examine the effects of corporate governance attribute on the impacts ofcapital deduction decision on stock price, liquidity and operating performance.
URI: http://hdl.handle.net/11455/55404
其他識別: NSC98-2410-H005-014
Appears in Collections:會計學系所

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