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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 吳琮璠 | |
dc.contributor.author | Chih-Hsien Yeh | en |
dc.contributor.author | 葉志賢 | zh_TW |
dc.date.accessioned | 2021-05-17T09:17:17Z | - |
dc.date.available | 2012-08-15 | |
dc.date.available | 2021-05-17T09:17:17Z | - |
dc.date.copyright | 2012-08-15 | |
dc.date.issued | 2012 | |
dc.date.submitted | 2012-07-26 | |
dc.identifier.citation | 王鈺貞,2011,上市櫃公司股權分割(Equity Carve-Outs)宣告效果及長期股價績效之表現,國立臺北大學會計學系碩士論文。
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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/6743 | - |
dc.description.abstract | 本研究探討公司進行權益分割後,產生之宣告效果,並探討公司進行權益分割背後之誘因。本研究以2002年至2011年於公開資訊觀測站中,以重大訊息公告進行權益分割之公司共69筆公告為樣本,以事件研究法計算宣告之異常報酬。本研究擬定六項誘因,評估產生異常報酬之主要誘因為何。六項誘因包括產業特性、產業聚焦、稅制優惠、出售股權、初次上市、資本支出。此外本研究亦分析盈餘管理程度對異常報酬率之影響。
本研究之實證結果顯示,對短期的投資人而言,若公司進行權益分割之又因為產業特性、稅制優惠、及出售股權時,市場的多為負面反應。而對長期來說,分割誘因為出售股權、資本支出時,則給予正向的反應。但若誘因為初次上市及盈餘管理實,則給予負向之反應。另外本研究將電子業及非電子業分別進行長期異常報酬分析,發現非電子業對於稅制優惠、初次上市、及資本支出三種誘因有正向影響,但若分割誘因屬於產業聚焦則有負向影響。本研究並發現進行權益分割之電子業公司其盈餘管理程度較非電子業高。 | zh_TW |
dc.description.abstract | The study investigates the association between announcement effects and incentives of equity carve-outs. The sample includes 69 equity carve-outs material information announcements published on Market Observation Post System from 2002 to 2011. The study analyzes the impacts of short-term and long-term abnormal returns on incentives and also evaluates the incentives attributed to abnormal returns. The study identifies six types of equity carve-outs incentives including industry characteristic, industrial focus, tax deduction, share sales, initial public offering, and capital expenditures. Moreover the study also analyzes the impacts of degree of earnings managements on abnormal returns.
The study finds that industrial characteristic, tax deduction and share sales attribute to short-term abnormal returns. The aforementioned incentives have negative effects on short-term abnormal returns. On the other hand, share sales and capital expenditures have positive effects on the long-term abnormal returns. The rest incentives- initial public offering and earnings managements would have negative effects on the long-term abnormal returns to the companies. Lastly, the study discusses samples separately depending on industrial characteristic electronic and non-electronic industry. The study finds that tax deduction, initial public offering and capital expenditure have positive effect in non-electronic industry, and industrial focus with negative effect. The study also finds that the degree of earnings managements in electronic industry is higher than non-electronic industry. | en |
dc.description.provenance | Made available in DSpace on 2021-05-17T09:17:17Z (GMT). No. of bitstreams: 1 ntu-101-R99722035-1.pdf: 1027466 bytes, checksum: c3d98ee7759a66afe6f0862cd85fd6f4 (MD5) Previous issue date: 2012 | en |
dc.description.tableofcontents | 口試委員會審定書 I
誌謝 I 中文摘要 II 英文摘要 III 圖目錄 V 表目錄 VI 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 4 第三節 研究架構 5 第二章 文獻探討 6 第一節 分割策略之文獻探討 6 第二節 權益分割誘因與假說發展 9 第三節 分割之法律規定 15 第四節 分割之會計處理 26 第三章 研究方法 31 第一節 研究假說 31 第二節 變數定義 36 第三節 多元迴歸實證模型 46 第四節 研究樣本與資料來源 48 第四章 實證結果與分析 50 第一節 單變量分析 50 第二節 相關分析 58 第三節 多元迴歸分析 60 第五章 結論與建議 71 第一節 研究結論 71 第二節 研究限制 74 第三節 研究建議 75 參考文獻 76 | |
dc.language.iso | zh-TW | |
dc.title | 權益分割誘因與重大訊息宣告效果 | zh_TW |
dc.title | Equity Carve-Outs Incentives and Announcement Effects | en |
dc.type | Thesis | |
dc.date.schoolyear | 100-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 許文馨,王怡心 | |
dc.subject.keyword | 分割,權益分割,事件研究法,宣告效果,盈餘管理, | zh_TW |
dc.subject.keyword | Divestiture,Equity carve-outs,Event study,Announcement effect,Earnings management, | en |
dc.relation.page | 79 | |
dc.rights.note | 同意授權(全球公開) | |
dc.date.accepted | 2012-07-27 | |
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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