破產宣告對其上下游產業之市場反應

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姓名

蘇姿寬(Chih-Kuan Su) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

破產宣告對其上下游產業之市場反應
(The Impact of Bankruptcy Announcements on Their Suppliers and Customers)

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摘要(中)

本文在探討當破產公司宣告破產時，其上下游產業對於此消息的市場反應。文獻多在探討破產宣告對其競爭對手之市場反應，依其產業特徵可分為傳染效果與競爭效果。而破產宣告對其上下游產業之市場反應，也有類似的結果，其異常報酬亦可分為傳染效果與競爭效果。上游產業之異常報酬與破產公司之市占率有顯著的正向關係，符合購買力假說；另外也與破產公司產業的公司家數有顯著之正向關係，此關係與上游產業轉移客戶的機會多寡有關。而下游產業之異常報酬則與破產公司產業的集中度有關，但依競爭對手之異常報酬分群後，在不同的子樣本中有不同的顯著結果，我們懷疑其他關於產業前景之變數對於異常酬會更有解釋能力。

摘要(英)

Previous research examines the extent to which bankruptcy is contagious within industries. We broaden the investigation by examining the wealth effects of bankruptcy announcement on customers and suppliers. We find that important contagion effects and competitive effects extend beyond industry competitors along the supply chain. Bankrupt firm market share has significant implications for suppliers, and that is consistent with buyer power hypothesis. And they also significantly positive related with the number of rivals in bankrupt firm industry, which means the suppliers have more other selling opportunities. Besides, bankrupt firm industry concentration had different significant effects under contagion or competitive effect. We conjecture that there are still some variables with regard to the prospect of industries which would be more powerful in explaining the abnormal return.

關鍵字(中)

★ 上下游
★ 破產

關鍵字(英)

★ bankruptcy
★ supplier
★ customer

論文目次

Contents
1.Introduction 1
2.Literature Review 3
3.Hypotheses 10
3.1 Collusion hypothesis 10
3.2 Buyer power hypothesis 10
3.3 Hypotheses link to bankruptcy 11
4.Data and methodology 13
4.1 Data 13
4.2 Define the customer and supplier 14
4.3 Methodology 17
5.Empirical Results 18
5.1 Abnormal return to the bankrupt industry, customers, and suppliers 18
5.2 Cross-sectional determinants of customer and supplier returns 27
5.3 Regression of abnormal returns to customers and suppliers 34
5.3.1 Regression variables 34
5.3.2 Regression result 36
6.Conclusion 42
Reference 45
Appendix 47

參考文獻

Reference
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C. Edward Fee, Shawn Thomas, 2004. Source of gains in horizontal mergers: evidence from customer, supplier, and rival firms. Journal of Financial Economics 74, 423-460.
Clark, Truman A., Weinstein Mark I., 1983. The behavior of the common stock of bankrupt firms. Journal of Finance 38, 489-504.
Eckbo, E.B., 1983. Horizontal mergers, collusion, and stockholder wealth. Journal of Financial Economics 11, 241-273.
Galbraith, J.K., 1952. American Capitalism: The Concept of Countervailing Power. Houghton-Mifflin, NY.
Husayn Shahrur, 2005. Industry structure and horizontal takeovers: Analysis of wealth effects on rivals, suppliers, and corporate customers. Journal of Financial Economics 76, 61-98.
Lang, Larry H. P., Stulz, Rene M., 1992. Contagion and competitive intra-industry effects of bankruptcy announcements: An empirical analysis. Journal of Financial Economics 32, 45-60.
Louis T.W. Cheng, James E. McDonald, 1996. Industry structure and ripple effects of bankruptcy announcements. The Financial Review 31, 783-807.
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Stephen P. Ferris, Narayanan Jayaraman, Anil K. Makjija, 1997. The response of competitors to announcements of bankruptcy: An empirical examination of contagion and competitive effects. Journal of Corporate Finance 3, 367-395.
Snyder, C.M., 1996. A dynamic theory of countervailing power. Rand Journal of Economics 27, 747-769.
Stigler, G.J., 1964. A theory of oligopoly. The Journal of Political Economy 72, 44-61.
Zahid Iqbal, 2002. The effects of bankruptcy filings on the competitors’ earnings. International Review of Economics and Finance 11, 85-99.

指導教授

周冠男、陳聖賢
(Robin K. Chou、Sheng-Syan Chen)

審核日期

2006-6-27

推文