裁罰、控股型態、股東控制力與金融業公司股價表現之關聯性;The Relationship between Sanctions of FSC, Ownership Structures, Shareholder Control, and the Stock Performance of Financial Companies.

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题名:	裁罰、控股型態、股東控制力與金融業公司股價表現之關聯性;The Relationship between Sanctions of FSC, Ownership Structures, Shareholder Control, and the Stock Performance of Financial Companies.
作者:	陳奕達;Chen, Yi-Ta
贡献者:	產業經濟研究所在職專班
关键词:	裁罰;控股型態;股東控制力;偏離程度衡量指標;事件研究法;控制股東;Sanction;Ownership Structures;Shareholder Control;Separation of Share Right;Event Study;Controlling Shareholders
日期:	2025-01-17
上传时间:	2025-04-09 17:29:59 (UTC+8)
出版者:	國立中央大學
摘要:	本研究針對台灣上市櫃金融業，以2012至2023年金管會公告的裁罰事件為樣本，採事件研究法、羅吉斯迴歸分析（Logistic regression）、OLS迴歸分析及統計檢定，探討裁罰事件與公司股價表現、控股型態及股東控制力之關聯性，並比較控制股東與非控制股東裁罰事件對股價的影響差異。研究發現，裁罰事件公告前後一至兩日，公司股價通常會出現顯著異常報酬，且累積負報酬具持續性；若事件期提前至裁罰發生前15日，則顯示股價存在提前反應跡象，裁罰對市場與投資人為重要訊號。但針對控制股東裁罰事件，公告後的異常報酬率及累計異常報酬率皆不顯著。在控股型態與裁罰的分析中，家族控制型態與金字塔結構的公司裁罰風險較高，而股份控制權較高可降低裁罰機率；但席次控制權的提高則與裁罰風險呈正相關。專業經理人治理的控股型態獲市場與投資人正面支持，裁罰後股價表現相對較佳，顯示專業治理模式的價值。裁罰內容與股價表現的關聯性顯示，裁罰金額對股價波動為顯著正相關，顯示裁罰金額越高之利空消息越有可能在公告前被提早消化，使股價於公告後止跌回升。此外，股東控制力偏離程度指標未對股價表現產生顯著影響，顯示市場與投資人對此類資訊反應有限。 ;This study focuses on Taiwan′s publicly listed financial industry, using sanction announced by the Financial Supervisory Commission (FSC) from 2012 to 2023 as samples. It employs the Event Study, Logistic regression, OLS regression, and statistical tests to examine the relationship between sanction and stock performance, ownership structures, and shareholder control. Additionally, it compares the effects of sanction events involving controlling shareholders versus non-controlling shareholders on stock performance. The findings reveal that significant abnormal returns in stock prices are observed one to two days before and after the announcement of sanction, with cumulative negative returns persisting over time. When the event window is extended to 15 days prior to the sanctions, evidence of early reactions in stock prices emerges, suggesting that sanctions are a critical signal for the market and investors. However, for sanctions involving controlling shareholders, neither the post-announcement abnormal returns nor cumulative abnormal returns are statistically significant. In analyzing ownership structures and sanctions, the study finds that companies with family-controlled structure or pyramid ownership structure face higher sanction risks. In contrast, higher Voting right is associated with reduced sanction likelihood, while increased Board seat-control correlates positively with sanction risks. Companies governed by professional managers receive positive recognition from the market and investors, with relatively better stock performance after sanctions, highlighting the value of professional governance models. Regarding the relationship between sanction content and stock performance, the study identifies a significant positive correlation between fine of sanction and stock price volatility. This suggests that the negative news of higher penalties is likely to be absorbed earlier by the market, leading to stock price stabilization or recovery post-announcement. Moreover, indicators of separation of Share Right show no significant impact on stock performance, indicating limited market and investor responses to such information.
显示于类别:	[產業經濟研究所碩士在職專班 ] 博碩士論文

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