博碩士論文 944201034 詳細資訊




以作者查詢圖書館館藏 以作者查詢臺灣博碩士 以作者查詢全國書目 勘誤回報 、線上人數:14 、訪客IP:3.144.124.232
姓名 劉玟彣(Wen-wen Liu)  查詢紙本館藏   畢業系所 企業管理學系
論文名稱 舉債後股利增發宣告之資訊內涵-由營運績效及內部人持股比率角度探討之
(The Information Content of the Announcement of Cash Dividend Increase following Debt Issue:Discuss from Operating Performance and Managerial Ownership)
相關論文
★ 所有權結構與資本結構對公司價值影響之研究-以台灣上市電子公司為例★ 巴菲特策略管理思想實踐之探討
★ 台灣水果進入大陸市場進入策略之研究★ 產險業購併標的選擇之研究
★ 專業電子代工廠轉型自有品牌商的策略行為與方向★ 股權集中度與承銷價低估之關係研究
★ 舉債後股利增發宣告的資訊內涵-由投資活動與系統風險變動的角度探討之★ 價格動量策略與產業動量策略之實證研究-以台股為例
★ 手機產品特性與品牌形象對消費者購買之知覺品質與滿意度及忠誠度之研究★ 家族企業與會計保守性之關聯性
★ Three essays on non-parametric pseudo random disturbance simulations and Monte Carlo approach★ 綠色能源燈具之應用與跨國品牌通路多角化經營之探討--以A公司為例
★ 銀行授信策略與影響授信決策因素之研究★ 資本結構決定因素之研究--台灣資訊電子業上市公司之實證
★ 影響我國銀行衍生性金融商品創新之因素★ 資本結構的影響因素之研究-台灣地區上市之電子公司為例
檔案 [Endnote RIS 格式]    [Bibtex 格式]    [相關文章]   [文章引用]   [完整記錄]   [館藏目錄]   至系統瀏覽論文 ( 永不開放)
摘要(中) 本研究之目的,在檢視台灣上市上櫃公司於舉債後進行現金股利增發宣告後的市場反應、營運績效、資本支出及內部人持股比率的變化,並分析其是否符合訊號假說或自由現金流量假說。依據市場反應及營運績效、資本支出、內部人持股比率一至三年的變動狀況,本研究發現舉債後進行股利增發宣告會造成負向的市場反應且後續營運績效、資本支出、內部人持股比率均有顯著下降的趨勢。此結果符合自由現金流量假說的預期。最後本研究更進一步探討營運績效、內部人持股比率、低成長機會高自由現金流量對宣告效果的影響,其結果發現三者均對宣告效果有正向的影響。
摘要(英) The purpose of this paper is to explore the effect on stock price, operating performance, capital expenditures and managerial ownership from the announcement of cash dividends increases after debt issues, and to analyze it whether conforms to the signal hypothesis or the free cash flow hypothesis. Based on stock price and operating performance, capital expenditures and managerial ownership one to three years change, this paper find it has negative announcement effect and operating performance, capital expenditures and managerial ownership experience a significant reduction. The result conforms to free cash flow hypothesis. Finally, this paper also discusses the influence on announcement effect from operating performance, managerial ownership and cash with low MBE, the results find they all have positively related to announcement effect.
關鍵字(中) ★ 訊號理論
★ 營運績效
★ 內部人持股比率
★ 現金流量假說
關鍵字(英) ★ Free Cash Flow Hypothesis
★ Operating Performance
★ Managerial Ownership
★ Signal Hypothesis
論文目次 摘要 i
誌 謝 iii
目錄 iv
表目錄 v
圖目錄 vi
1.緒論 1
2.文獻探討 3
2.1. 代理問題 3
2.2. 訊號理論 4
2.3. 自由現金流量假說 6
3.研究設計 9
3.1. 研究假說 9
3.2. 實證模型與變數操作性定義 11
3.2.1. 舉債後股利增發宣告之市場反應 11
3.2.2. 影響舉債後股利增發宣告之市場反應的因素 13
3.3. 資料來源與樣本說明 17
3.4. 資料的描述 18
4.實證結果 23
4.1. 事件研究法結果 23
4.2. 營運績效變動 25
4.3. 資本支出、現金持有變動 28
4.4. 內部人持股變動 31
4.5. 迴歸檢定結果 34
5.結論 37
參考文獻 39
表目錄
表 1 歷年債券發行後進行現金股利增發的樣本分佈 19
表 2 樣本公司和配對公司的比較 21
表 3股利增發宣告後的累積異常報酬 24
表 4營運績效變動表 27
表 5資本支出率變動表 30
表 6現金持有比率變動表 31
表 7內部人持股變動表 33
表 8累積平均異常報酬迴歸分析結果 36
圖目錄
圖 1股利增發宣告後的累積異常報酬:舉債公司VS未舉債公司 25
參考文獻 Barber, B. and J. Lyon, (1996), “Detecting abnormal operating performance: The empirical power and specification of tests-statistics,” Journal of Financial Economics Vol 41, pp. 359-399.
Bhattacharya, S., (1979), “Imperfect information, dividend policy and the ’Bird in the Hand’ fallacy,” Bell Journal of Economics and Management Science Vol 10, pp. 259-270.
Easterbrook, H., (1984), “Two Agency-Cost Explanations of dividends,” American Economic Review Vol 74, pp.650-659.
Fama E., L. Fisher, M. Jensen, R. Roll , (1969), “The Adjustment of Stock Prices to New Information,” International Economic Review Vol 10, pp. 1-21.
Fama, F. and C. Jensen, (1983), “ The Separation of Ownership and Control,” Journal of Law and Economics Vol 26, pp. 301-325.
Fama, F. and K. French, (1998), “Values versus Growth: The International Evidence”, The Journal of Finance Vol 53, pp. 1975-1999.
Fluck, Z., (1999), “The dynamics of management-shareholder conflict,” Review of Financial Studies Vol 12, pp. 347-377.
Franks, J. and C. Mayer, (1990), “Capital markets and corporate control: a study of France, Germany and the UK,” Economic Policy Vol 5, pp. 189-231.
Garvey T., (1992), “Leverage the underinvestment problem: how high debt and management shareholders solve the agency costs of free cash flow,” Journal of Financial Research Vo 15, pp. 149-165.
Gomes, A. (2000), “Going public without governance: Managerial reputation effects,” Journal of Finance Vol 55, pp. 615-646.
Grullon, G., and R. Michaely, (2004), “The information content of share repurchase programs,” Journal of Finance Vol 59, pp. 651-680.
Jensen, M., and W. Meckling, (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure,” Journal of Financial Economics Vol 3, pp. 305-360.
Jensen, M., (1986), “Agency costs of free cash flow, corporate finance, and takeovers,” American Economic Review Vol 76, pp. 323-329.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, (1999), “Corporate ownership around the world,” Journal of Finance Vol 54, pp. 471-518.
Lee, S., W. Mikkelson, and M. Partch, (1992), “Managers' trading around stock repurchases,” Journal of Finance Vol 47, pp. 1947-1961.
Leland, H. and D. Pyle, (1977), “Informational asymmetrics, financial structure, and financial intermediation,” Journal of Finance 32: 371-92.
Miller, M. and F. Modigliani, (1961), “Dividend policy, growth, and the valuation of shares,” Journal of Business Vol 34, pp. 411-433.
Myers, C. and N. Majluf, (1984), “Corporate financing and investment decisions when firms have information that investors do not have,” Journal of Financial Economics Vol 13, pp. 187-221.
Nissim, D. and A. Ziv, (2001), “Dividend changes and future profitability,” Journal of Finance Vol 56, pp. 2111-2133.
Poitevin, M., (1990), ”Dytsyrhiv Ginsnvisl dihnslinh,” Internal Journal of Industrial Organization Vol 84, pp. 49-518.
Pugh, W. and J. Jahera, (1990), “Stock Repurchases and Excess Returns: An Empirical Examination,” The Financial Review Vol 25, pp.127-142.
Ravid, A. and O. Sarig, (1991), “Financial signaling by committing to cash outflows,” Journal of financial and Quantitative Analysis Vol 26, pp. 165-180.
Rozeff, M., (1982), “Growth, beta and agency costs as determinants of dividend payout ratios,” Journal of financial Research Vol 5, pp.249-259.
Ross, S., (1977), “The determination of financial structure: The incentive signaling approach,” Bell Journal of Economics Vol 1, pp.23-40.
Stulz, M., (1990), “Managerial Discretion and Optimal Financing Policies”, Journal of Financial Economics Vol 26, pp. 3-27.
Vermaelen, T., (1981), “Common stock repurchases and market signaling:An empirical study,” Journal of financial Economics Vol 9, pp.139-183.
Weygandt, J., D. Kieso and P. Kimmel, (2002), Accounting Principle, 6th edition, New York: John Wiley & Sons, Inc.
指導教授 羅庚辛(Keng-Hsin Lo) 審核日期 2007-7-13
推文 facebook   plurk   twitter   funp   google   live   udn   HD   myshare   reddit   netvibes   friend   youpush   delicious   baidu   
網路書籤 Google bookmarks   del.icio.us   hemidemi   myshare   

若有論文相關問題,請聯絡國立中央大學圖書館推廣服務組 TEL:(03)422-7151轉57407,或E-mail聯絡  - 隱私權政策聲明