集團企業資本支出宣告之資訊內涵與資訊移轉效果

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姓名

黃鈺涵(Yu-han Huang) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

集團企業資本支出宣告之資訊內涵與資訊移轉效果
(The Information Content and Information Transfer Effects of Business Group’s Capital Expenditure Announcements)

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摘要(中)

本研究以2000年至2009年間有作資本支出宣告之台灣電子業上市櫃公司為樣本，探討集團企業資本支出宣告的資訊內涵與資訊移轉效果，並進一步將樣本依是否為集團核心公司作分組，再分別檢視兩組的資訊內涵與資訊移轉效果。本研究先用事件研究法檢視宣告公司於事件期間的累積異常報酬來判斷資訊內涵，再以多元迴歸分析宣告公司累積異常報酬與集團其他公司累積異常報酬兩者之間的關係，作為是否有資訊移轉的依據。本研究之實證結果如下：
（1）宣告資本支出之公司於事件期間有產生正向的累積異常報酬，即資本支出宣告具有資訊內涵。
（2）宣告公司的累積異常報酬與集團其他公司的累積異常報酬有顯著正相關，即資本支出宣告在集團間具有資訊移轉效果，且為蔓延效果。
（3）相較於集團的核心公司，市場對於非核心公司所作之資本支出宣告會給予較佳的股價反應。
（4）非核心公司所作之資本支出宣告在集團間具有資訊移轉效果，核心公司所作之資本支出宣告則無此效果。

摘要(英)

This study explores the sample of capital expenditure announcements made by Taiwan electronic firms during 2000 to 2009 and examines the information content and intra-group information transfer effects of these announcements. In addition, we separates the sample into business group’s core company and business group’s noncore company and examine their information content and intra-group information transfer effects. This study uses event study to analyze information content and then uses regression to analyze intra-group information transfer effects. The empirical results are as follow:
(1) The announcing firms have positive cumulative abnormal return during event period, that is to say, the announcements of capital expenditure convey information content.
(2) There are positive relation between the cumulative abnormal return of announcing firms and the cumulative abnormal return of affiliated firms. This suggests that there are contagion information transfer effects among business group.
(3) Compared with the capital expenditure announcements of the business group’s core company, investors will make a better stock price reaction for the announcements of business group’s noncore company.
(4) The capital expenditure announcements of the noncore company have intra-group’s information transfer effects, whereas the capital expenditure announcements of the core company did not.

關鍵字(中)

★ 集團企業
★ 資本支出宣告
★ 資訊內涵
★ 資訊移轉效果

關鍵字(英)

★ Information transfer effects
★ Business groups
★ Capital expenditure announcement
★ Information content

論文目次

中文摘要………………………………………………………… i
英文摘要………………………………………………………… ii
誌謝 ………………………………………………………… iii
目錄 ………………………………………………………… iv
圖目錄 ………………………………………………………… v
表目錄 ………………………………………………………… v
一、緒論…………………………………………………… 1
1-1 研究背景與動機……………………………………… 1
1-2 研究問題與目的……………………………………… 4
1-3 研究架構與流程……………………………………… 5
二、文獻探討與研究假說………………………………… 7
2-1 資本支出之資訊內涵………………………………… 7
2-2 集團間之資訊移轉效果……………………………… 10
2-3 核心公司之資訊內涵及資訊移轉效果……………… 12
三、研究設計……………………………………………… 13
3-1 研究範圍……………………………………………… 13
3-2 事件研究法…………………………………………… 17
3-3 多元迴歸分析………………………………………… 21
四、實證結果與分析……………………………………… 25
4-1 全體樣本之資訊內涵分析…………………………… 25
4-2 全體樣本之資訊移轉效果分析……………………… 27
4-3 核心與非核心公司宣告之資訊內涵分析…………… 31
4-4 核心與非核心公司宣告之資訊移轉效果分析……… 34
五、研究結論與建議……………………………………… 40
5-1 結論…………………………………………………… 40
5-2 研究限制與建議……………………………………… 41
參考文獻……………………………………………………… 42

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指導教授

王曉雯(Hsiao-wen Wang)

審核日期

2010-6-25

推文