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Please use this identifier to cite or link to this item: http://ir.lib.stu.edu.tw:80/ir/handle/310903100/427

Title: 全額交割宣告對股價影響之研究
An Evident Research About the Full Delivery Announcenents Influence the Stock Prices
Authors: 連兆龍
Chao-Lung Lien
Contributors: 陳麗惠
Li-Hui Chen
經營管理研究所
Keywords: 全額交割;事件研究法;資訊內涵
Full Delivery;Event Study;Information Contents
Date: 2007
Issue Date: 2011-05-23 13:39:30 (UTC+8)
Publisher: 高雄市:[樹德科技大學經營管理研究所]
Abstract: 全額交割制度為台灣股票市場所特有,透過縮短交割期限及事先備齊款券
的方式,來保障投資大眾權益,一般認為全額交割為財務危機的一種,因此
發生全額交割宣告時,股價會應聲下降,然而全額交割宣告發生的原因,不
全為財務因素,亦可能為股務或其他因素,本研究主要研究目的為了解不同
原因的全額交割宣告是否對股價有不同的影響,即所具備的資訊內涵是否有
所不同,並分析不同原因影響股價期間之差異,且透過影響股價期間說明台
灣股票市場之效率性。
本研究蒐集1962至2006年在台灣股票市場有全額交割宣告的公開上市
企業股價日資料,採用事件研究法進行標準化橫剖面異常報酬率檢定,以測
試全額交割宣告是否具有資訊內涵會影響股價,研究結果證實整體而言全額
交割宣告對股價報酬具有顯著性影響,區分不同全額交割宣告原因後,發現
重整、退票、淨值低於實收資本額一半、非無保留意見及重大訊息未說明亦
顯著影響股價報酬,但繼續經營有疑慮、股務處理不當與其他原因則不具顯
著性影響,且不同原因影響期間長短不同,並認為台灣股票市場為弱式效
率,本文之研究結果可提供政府與管理當局在面對全額交割宣告之相關決策
以及投資人選股之參考。
The fully delivery is the peculia system of Taiwan stock market. The system
safeguards the popular stockholders’ rights by shorten the delivery terms and
prior prepare enough funds and stock certificates. A general idea is the fully
delivery is one kind of financial crisis. As the fully delivery announcement arised,
the stock price was declining. But the causes of the fully delivery announcements
are not all finacial factors, also result from other non-financial factors. The
researching purposes of this paper were to examine whether the different factors
brought different stock prices influencing to the fully delivery announcements or
not, that is to evident whether the fully delivery announcements resulting from
different reasons with variant information contents and influence periods or not,
and to explain the efficiency of Taiwan stock market. This investigation gathered
the daily stock prices data of the listed enterprises which did announce fully
delivery in Taiwan stock market from 1962 to 2006, and adopted the event study
method to operate standardized-residual cross-sectional abnormal return test for
examining how the fully delivery announcements influence stock prices. The
researching results were the fully delivery announcements influenced the stock
returns obviously, and the different factors of announcements such as
reorganization asking, tickets refunding, net assets less than half of actual
gathered capital, no without reserved opinions and siganificant messages without
explainations influenced on stock returns notably; other factors such as doubty of
perpetual operation, stock affair improper handling and other reasons with
unsignificant influences; different factors with different influence periods; and
Taiwan stock market had weak efficiency. The results of this paper can be
excellent references for government and managers to make fully delivery
announcement decisions and for investors to choice optimal investment targets.
Appears in Collections:[經營管理研究所] 博碩士論文

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