新型冠狀肺炎期間家族企業、債務持有與現金持有對股票報酬率影響之研究-以台灣上市公司為例

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题名:	新型冠狀肺炎期間家族企業、債務持有與現金持有對股票報酬率影響之研究-以台灣上市公司為例
作者:	謝羽婷;Hsieh, Yu-Ting
贡献者:	企業管理學系
关键词:	新冠肺炎疫情;家族企業;債務持有;現金持有;股票報酬率;Covid-19;family business;cash holding;debt holding;stock return
日期:	2022-07-20
上传时间:	2022-10-04 11:10:09 (UTC+8)
出版者:	國立中央大學
摘要:	本研究主要探討台灣家族企業、新型冠狀肺炎（Covid-19）、企業債務持有與現金持有對股票報酬率之影響。為分辨疫情發生前後之差異，以2018年第一季度至2021年第四季度台灣上市公司作為研究樣本，共計883間台灣上市公司、14,128個觀察值進行實證研究分析。實證研究結果發現在疫情發生後，股市報酬率有上升的趨勢。本研究進一步分析企業債務持有與現金持有對股票報酬的影響，發現疫情發生後台灣企業的負債持有對股票報酬率有正向影響，而現金持有對股票報酬率有負向影響。進一步探討家族企業與股票報酬率關係發現，疫情發生後台灣家族企業的現金持有與股票報酬率有負向影響，但家族企業的負債持有在疫情之下並不影響股票報酬率。顯示企業不同所有權結構面對金融風險時應有不同政策考量。本研究在管理實務上有所貢獻，亦即在面臨重大事件危機下，台灣公司的資本結構與集中的家族控制權是影響企業股票報酬率的重要因素之一。;This study mainly explores the impact of Taiwanese family businesses, Covid-19, corporate debt holdings and cash holdings on stock returns. In order to distinguish the difference before and after the outbreak of COVID-19, we take Taiwan listed companies from the first quarter of 2018 to the fourth quarter of 2021 as the research sample, and a total of 883 Taiwan listed companies, 14,128 observations, were used for empirical research and analysis. Empirical research results show that after the outbreak of Covid-19, stock market returns tend to rise, but overall family businesses do not affect the stock market trend. This study also analyzes the impact of corporate debt holdings and cash holdings on stock returns, and finds that after the outbreak of Covid-19, debt holdings of Taiwanese companies have a positive impact on stock returns, while cash holdings have a negative impact on stock returns. Further exploration of the relationship between family businesses and stock returns found that after the outbreak of Covid-19, the cash holdings of Taiwanese family businesses had a negative impact on stock returns, but the debt holdings of family businesses did not affect stock returns under the epidemic. It shows that different ownership structures of enterprises should have different policy considerations when facing financial risks. This research contributes to management practice, that is, in the face of major event crises, the capital structure and centralized family control of Taiwanese companies are one of the important factors that affect the stock return rate of enterprises.
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