台灣上市櫃KY公司之存活分析

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：4

、訪客IP：52.14.201.233

姓名

周廷耕(Ting-Keng Chou) 查詢紙本館藏

畢業系所

經濟學系

論文名稱

台灣上市櫃KY公司之存活分析

相關論文

★ 中國出口對鄰近東亞國家之影響	★ 貿易自由化對中國對外出口之影響
★ 從產業關聯表檢視美國再工業化成效	★ 出口、外人直接投資與勞動產出份額：中國的實證研究
★ 技術變動對薪資影響之研究－以臺灣製造業為例	★ 高等教育投資值得嗎? 研究所教育報酬之探討
★ 中國旅遊需求分析：世界遺產的影響	★ 中國銀行效率分析
★ 遠來的和尚會念經？NBA球員之薪資與效率分析	★ 開放政策，人力資本與區域經濟發展─越南的實證研究
★ 環境管制、研發與生產力:台灣製造業實證研究	★ 國際經濟學的三篇實證研究
★ 國家研發效率與生產力之分析	★ 外人援助，貪污，與經濟成長：門檻迴歸模型的應用
★ Three essays on China's regional economic analysis	★ 要素配置、結構調整和生產力動態 —印尼製造業的研究

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]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

2008 年台灣政府積極推動海外企業來台掛牌，吸引設立在海外的企業來台灣掛牌上市上櫃，隨著 2010 年代全球經濟復甦，台灣股市也越來越熱絡，第一家來台上市櫃的 KY 公司也就此誕生。累積到 2022 年止，KY 公司的家數已經來到了 128 家，其中有 22 家下市將近兩成，而近年來也有許多 KY 公司傳出負面新聞，像是 2014 年「力旺」疑似炒股、2020 年「康有」掏空案等等，讓不少人覺得 KY 股是不是一檔風險高的股票，因此本研究為探討 KY 公司是否真的比較容易下市櫃，並找出影響 KY 公司下市的危險因子。
本研究選取 2010 年至 2022 年台灣上市櫃資料，資料擷取至台灣經濟新報(TEJ)資料庫，並使用存活分析中的 Kaplan-Meier 估計與 Cox 模型來建立模型，探討台灣 KY 公司的公司特性與財務狀況影響公司的存活率，結果發現公司規模、設立年限、生產地以及研發費用對於公司下市有顯著的影響。

摘要(英)

In 2008, the Taiwan government actively promoted the listing of overseas companies in Taiwan, attracting overseas companies to list on the Taiwan Stock Exchange. In recent years, there has been a lot of negative news about KY companies, such as the suspected speculation of Li-Wang in 2014 and the short-selling case of Kang-You in 2020. Therefore, this study was conducted to investigate whether KY stocks are more prone to be downgraded and to identify the risk factors that affect the downgrade of KY stocks.
The data was retrieved from the Taiwan Economic Journal (TEJ) database and modeled using Kaplan-Meier estimation and Cox model in survival analysis. The results show that firm size, establishment, production location, and R&D costs have significant effects on the firm′s downmarketing.

關鍵字(中)

★ 第一上市
★ 存活分析
★ Kaplam-Meier
★ Cox 模型
★ 時間相依

關鍵字(英)

★ first list
★ survival analysis
★ Kaplam-Meier
★ Cox model
★ time dependent

論文目次

第一章緒論.................................................. 1
1.1 研究背景................................................. 1
1.2 研究動機與目的 ........................................... 8
1.3 研究架構................................................ 10
第二章文獻回顧.............................................. 12
2.1 上市櫃公司下市櫃因素的研究................................. 12
2.2 存活分析模型在經濟分析的應用............................... 16
第三章研究方法.............................................. 19
3.1 資料來源 ............................................... 19
3.2 研究變數(解釋變數)之定義 ................................. 19
3.3 實證模型 ............................................... 22
第四章實證結果與分析......................................... 29
4.1 敘述統計 ............................................... 29
4.2 Kaplan-Meier 估計實證結果................................ 31
4.3 Cox 模型實證結果......................................... 36
第五章結論與建議............................................ 39
5.1 結論 .................................................. 39
5.2 研究限制與建議 .......................................... 40
參考文獻 ................................................... 41

參考文獻

國內文獻：
王登仕、黃劭彥、林鳳儀、張森河，2018，「財務報表品質檢驗:外國企業與本國企業之比較」，中山管理評論，26 卷 2 期:277~330。

紀沛妤、林詠萱和魏中瑄 (2016), “金融與保險服務業貿易存續之穩定性: OECD 國家之驗證”。 Commerce & Management Quarterly,
Vol.17, No.3,287~316.

許永聲、王志成和劉政淮 (2011) “上市櫃公司首次出現繼續經營疑慮後之動態分析”。 Review of Securities and Futures Markets, Vol.23 No.4, 27-62.

陳建宏和謝佩綺 (2016), “企業資訊揭露、公司治理與財務危機預警之實證研究-以台灣上市上櫃電子業為例“。財金論文叢刊,第二十五期,93-104.

蔡璧徽和黃鈺萍 (2010), “財務危機預測模型之比較分析“。Journal of Contemporary Accounting, Vol.11 No.1, 51-78.

蔡璧徽和王志成 (2009), “台灣企業公司治理與公司下市櫃之關聯性分析”。商略學報, Vol.1 No.1, 41-56.

劉榮芳、林益倍和葉怡伶(2013)“研究發展支出、股票報酬與經營績效以及資訊內涵”。商管科技季刊,V ol.14,No.1,63~88.

國外論文：
Altman, E. (1968), Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy Journal of Finance, 23(4), 589-609.

Chen, K. and Lee, J.(1993), Financial Ratios and Corporate Endurance: a Case of the Oil and Gas Industry, Contemporary Accounting Research, 9(2), 667-694.

Besedes, T. and T. Prusa (2006a), Ins, Outs, and the Duration of Trade, Canadian Journal of Economics, 39(1), 266-295.

Besedes, T. and T. Prusa (2006b), Production Differentiation and Duration of US Import Trade, Journal of International Economics, 70(2), 339- 358.

Carrère, C. and V. Strauss-Kahn (2017), Export Survival and the Dynamics of Experience, Review of World Economics, 153(2), 271-300.
Chaplinsky, S., and Ramchand, L. (2006), From Listing to Delisting:Foreign Firms′ Entry and Exit from the U.S. Charlottesville: University of Virginia.

Chawla, I.(2019), Determinants of Firms’ Initial Decision to Invest Abroad: An Application of “Survival” Analysis to Manufacturing Firms in India. Emerging Markets Finance & Trade, 55(3), 562-583.

Das, S., Saudagaran, S. M., and Sinha, R. (2004), An Empirical Examination of NYSE Stocks Voluntarily De-listing from the Tokyo Stock Exchange. Review of Accounting and Finance, 3(4), 47-72.

Gary C. Sanger and James D. Peterson,, (1990), An Empirical Analysis of Common Stock Delistings? Journal of Financial and Quantitative Analysis 25(2), 261-272.

Giorgia G , G Ricchiuti and M Velucchi. (2009), Size, innovation and internationalization: a survival analysis of Italian firms. Applied Economics, 43(12), 1511-1520.

Hess, W., and M. Persson. (2012), The duration of trade revisited: Continuous-time vs. discrete-time hazards. Empirical Economics, 43,1083-107.

Leslie B. and Yanthi H. (2016), Empirical Investigation of Determinant Factors of Company Delisting: Evidence From Indonesia. Journal of Applied Finance and Accounting, 6(1), 25-66.

Liu Q,Z Luxi,Y Xiaolin and T Jinghua.(2019), Survivalor die: a survival analysis on peer‐to‐peer lending platforms in China. Accounting & Finance, 59, 2105-2131.

Nitsch, V. (2009), Die Another Day: Duration in German Import Trade, Review of World Economics, 145(1), 133-154.

Ohlson, J.(1980), Financial Ratios and the Probabilistic Prediction of Bankruptcy, Journal of Accounting Research, 18(1), 109-131.

Peristiani, S. and Hong, J. (2004), Pre-IPO financial performance and after market survival, Current Issues in Economics and Finance, 10(2), 1- 7.

Park, J., Lee, P. and Park, Y.W., (2014), Information effect of involuntary delisting and informed trading, Pacific-Basin Finance Journal, 30(30), 251-269.

Park J., Shiroshiya, K., Sun, N., Park, Y.W.,(2018) Involuntary delisting in the Japanese stock market. Managerial Finance, 44(9), 1155-1171.

Sanger, G.C. and Peterson, J.D. (1990), An empirical analysis of common stock delisting, Journal of Financial and Quantitative Analysis, 25(2), 261-272.

Seguin, P.J. and Smoller, M.M. (1997), Share price and mortality: an empirical evaluation of newly listed NASDAQ stocks, Journal of Financial Economics, 45(3), 333-383.

Siddaiah, T. (2011), Noida: Dorling Kindersley (India) Pvt. Ltd. Financial Services.

Türkcan, K., S. Majune Kraido and E. Moyi (2022), Export Margins and Survival: A firm-level Analysis using Kenyan Data, South African Journal of Economics, 90(2), 149-174.

Yang, Y. (2006), Earnings management as a response to the threat of exchange delisting, working paper, University of Colorado at Boulder, Boulder, CO.

指導教授

楊志海(Chih-Hai Yang)

審核日期

2023-7-14

推文