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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 陳國泰 | |
dc.contributor.author | Chung-Ping Chiang | en |
dc.contributor.author | 蔣中萍 | zh_TW |
dc.date.accessioned | 2021-06-17T00:13:53Z | - |
dc.date.available | 2017-08-10 | |
dc.date.copyright | 2012-08-10 | |
dc.date.issued | 2012 | |
dc.date.submitted | 2012-07-09 | |
dc.identifier.citation | 一、 中文文獻
王曉雯、李書行、吳明政,2011,資本支出宣告與產業資訊移轉:由知識資本與價值鏈之影響論析,管理與系統,第十八卷第二期,頁175-206。 沈中華、李建然,2000,事件研究法-財務與會計實證研究必備,1版,台灣,華泰文化。 劉正田,2001,研發支出資本化之會計基礎股票評價,會計評論,第33期,頁1-26, 賴鈺城、李崑進、莊世金、陳盈仁,2010,投資人對於研發與資本支出之回應,人文暨社會科學期刊,第六卷第二期,頁85-98。 二、 英文文獻 Abarbanell, J. and B. Bushee. 1997. Fundamental analysis, future earnings, and stock prices. Journal of Accounting Research 35(1): 1-24. Ali, A. and P. Zarowin. 1992. The Role of Earnings Levels in Annual Earnings-Returns Studies. Journal of Accounting Research 30(2): 286-296. Barron, O., C. Kile, and T. O’Keefe. 1999. MD&A quality as measured by the SEC and analysts’ earnings forecasts. Contemporary Accounting Research 16(1): 75-109. Botosan, C. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72 (3): 323-349. Bryan, S. H. 1997. Incremental Information Content of Required Disclosures Contained in Management Discussion and Analysis. The Accounting Review 72 (2):285-301. Clarkson, P. M., J. L. Kao, and G. D. Richardson. 1999. Evidence That Management Discussion and Analysis (MD&A) is a Part of a Firm's Overall Disclosure Package. Contemporary Accounting Research 16(Spring): 111-134. Cole, C. J. and C. L. Jones. 2004. The Usefulness of MD&A Disclosures in the Retail Industry. Journal of Accounting, Auditing & Finance 19 (4): 361-386. Cready, W. M. and P. G. Mynatt. 1991. The Information Content of Annual Reports: A Price and Trading Response Analysis. The Accounting Review 66(2): 291-312 Davis, A., J. Piger, and L. Sedor. 2008. Beyond the numbers: An analysis of optimistic and pessimistic language in earnings press releases. Working paper, University of Oregon and The University of Washington. Diamond, D. and R. Verrecchia. 1991. Disclosure, liquidity, and the cost of capital. The journal of Finance 46: 1325-1355. Kerstein, J. and S. Kim. 1995. The incremental Information Content of Capital Expenditures. The Accounting Review 70(3): 513-526. Kothari, S. P., X. Li., and J. E. Short. 2009. The Effect of Disclosures by Management, Analysts, and Business Press on Cost of Capital, Return Volatility, and Analyst Forecasts: A Study Using Content Analysis. The Accounting Review 84 (5): 1639-1670. Larcker, D. F. 1983. The Association between performance plan adoption and corporate capital investment. Journal of Accounting and Economics 5(1): 3-30. Lev, B. and R. Thiagarajan. 1993. Fundamental information analysis. Journal of Accounting Research 31(2): 190-215. McConnell, J. J. and C. J. Muscarella. 1985. Corporate Capital Expenditure Decisions and the Market Value of the Firm. Journal of Financial Economics 14(3): 399-422. McConnell, J. J. and H. Servaes. 1995. Equity ownership and two faces of debt. Journal of Financial Economics 39: 131-157. Morbey, G. K. 1989. R&D Expenditures and Profit Growth. Research Technology Management 32(3): 20-23. Morbey, G.. K. and R. M. Reirhner. 1990. How R&D Affects Sales Growth, Productivity and Profitability. Research Technology Management 33(3): 11-14. Pava, M. L. and M. Epstein. 1993. MD&A as an investment tool: User beware! Journal of Accountancy (March): 51-53 Sun Yan. 2010. Do MD&A Disclosures Help Users Interpret Disproportionate Inventory Increases? The Accounting Review 85 (4): 1411-1440. Trueman, B. 1986. The Relationship between the Level of Capital Expenditures and Firm Value. Journal of Financial and Quantitative Analysis 21(2): 115-129. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/65862 | - |
dc.description.abstract | 近年來公司債已成為公開發行公司融資募集資金的主要管道之一。相較於發行股票,發行公司債可以避免因股本膨脹而稀釋股東獲利盈餘,也可避免造成公司經營權變動。除此之外,公司債的利息支出也可達到節稅效果。然而,發行公司債必然會提高公司的負債比率,改變公司的股權結構,對公司影響深遠。本論文研究公司發行公司債募集資金用途之不同,對公司未來營運績效之影響。同時利用事件研究法,探討公司發行公司債是否給予投資者額外的資訊價值,並且於證券市場產生累積異常報酬。本研究以民國95年至99年間發行公司債之上市公司為研究對象,將募集資金用途分為三類,具有生產性之舉債、不具有生產性之舉債及不確定用途之舉債。研究結果分述如下:
一、 當公司發行具有生產性之公司債時,對公司當年及未來第2年營業收入成長率具有顯著的正向影響。當公司發行不具有生產性之公司債時,對公司未來第2年營業收入成長率具有顯著的負向影響。當公司發行公司債所募得之資金用途不明確時,對公司當年營業收入成長率具有影響,但對未來第1年至第3年營業收入成長率則無顯著的影響。 二、 當公司發行具有生產性用途公司債之宣告時,其證券市場會顯著地產生正向的累積異常報酬。當公司發行不確定用途公司債之宣告時,其證券市場會顯著地產生正向的累積異常報酬。但發行不具有生產性用途公司債之宣告並無顯著地產生負向的累積異常報酬。 三、 當公開說明書提供於投資大眾時,證券市場並沒有顯著的產生累積異常報酬。可能原因係因為同樣的事件對於證券市場的效果已於公司宣告時發生。因此,公開說明書之內容,並沒有提供投資人額外的資訊。 | zh_TW |
dc.description.abstract | One of the major channels that companies raise funds is by issuing corporate bonds. Issuing bonds could avoid changes of the right to corporate management and get money without diluting shareholder’s earning. Moreover, the interest expense of the bonds could save the tax. However, the debt rate will rise and the financial structure will change. In order to analyze the effects of bonds issuance on future performance, the usages of the bonds are classified into three groups, productive financing, non-productive financing and uncertain usage financing. This study also uses event study method to examine whether the announcement of bonds issuance result in cumulative abnormal return. The results are as follows:
1. Productive financing significantly increases the sales growth rate in the year of bonds issuance and the second year after that. Non-productive financing significantly decreases the sales growth rate in the second year after the bonds issuance. 2. The announcement of productive financing and uncertain usage financing result in significantly positive cumulative abnormal return. However, the announcement of non-productive financing does not cause significant negative effect on cumulative abnormal return. 3. The issuance of prospectus does not cause any significant cumulative abnormal return. Probably, the effects are revealed on the day of announcement. Therefore, the prospectus does not provide extra information for investors. | en |
dc.description.provenance | Made available in DSpace on 2021-06-17T00:13:53Z (GMT). No. of bitstreams: 1 ntu-101-R98722027-1.pdf: 5458010 bytes, checksum: c3d9ac4fb4a546bb2b5b18e63ede7f35 (MD5) Previous issue date: 2012 | en |
dc.description.tableofcontents | 中文摘要 I
英文摘要 II 目錄 III 圖目錄 IV 表目錄 V 第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究架構 2 第二章 文獻探討 4 第一節 公司資本結構及股權與負債之權衡 4 第二節 我國對發行公司債之相關法令 5 第三節 相關實證研究 8 第三章 研究方法及假說 12 第一節 研究假說 12 第二節 資料來源與樣本選取 15 第三節 實證模型 18 第四章 實證結果與分析 24 第一節 未來營收成長率之實證結果 24 第二節 稅前淨利成長率之實證結果 41 第三節 公告日之事件研究法實證結果 57 第四節 公開說明書提供日之事件研究法實證結果 61 第五章 結論與建議 65 第一節 研究結論 65 第二節 研究建議與限制 67 參考文獻 70 | |
dc.language.iso | zh-TW | |
dc.title | 上市公司發行公司債對股價及公司未來績效之影響 | zh_TW |
dc.title | The Effect of Corporate Bond Issuance on Stock Price and Future Performance | en |
dc.type | Thesis | |
dc.date.schoolyear | 100-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 林世銘,黃美祝 | |
dc.subject.keyword | 公司債,生產性之融資,事件研究,宣告日,公開說明書, | zh_TW |
dc.subject.keyword | Corporate Bonds,Productive Financing,Event Study,Announcement,Prospectus, | en |
dc.relation.page | 72 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2012-07-09 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 會計學研究所 | zh_TW |
顯示於系所單位: | 會計學系 |
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