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標題: | 宣告資產出售對出售公司的競爭者及上下游的影響 The Wealth Effect of Asset Sales Announcement on Seller’s Rival, Customer, and Supplier |
作者: | Shu-Yu Hsieh 謝叔妤 |
指導教授: | 陳聖賢 |
關鍵字: | 資產出售,上下游, asset sales,customer,supplier, |
出版年 : | 2006 |
學位: | 碩士 |
摘要: | 本篇論文主要目的在討論當公司宣告資產出售時,對該公司的競爭者以及上下游廠商所可能產生的股價影響。利用美國由1990年到2003年進行資產出售的273家公司為樣本,分別檢驗efficiency deployment (focus) hypothesis 以及finance hypothesis.利用整體樣本所得到的超額報酬結果發現,當公司宣布資產出售時,對其競爭者以及下游廠商會產生正面股價影響,而對下游廠商則會產生負面股價影響。進一步利用分組資料來進行檢驗efficiency deployment (focus) hypothesis 發現當公司在出售資產後的營運集中度以及營運集中度提高時,對競爭者以及下游廠商有顯著的正面股價影響,而對於上游廠商則是有顯著負面影響,此結果支持efficiency deployment (focus) hypothesis 的推論。另一方面在finance hypothesis 的分組結果發現,當公司在進行資產出售後的負債程度下降,對於競爭者並未發現顯著影響,對下游廠商則有顯著正面影響;其次對於上游廠商的部分則是有顯著負面影響。 This paper uses a sample of 273 asset sales from 1990 to 2003 to examine the wealth effect of asset sales announcement on rivals of the seller, and on firms in the divestiture industry’s supplier and customer industries. The abnormal returns to the overall sample of rival and customer are positive and significant while the supplier has a significantly negative stock price effect. The sub-sample of rivals provides an evidence to support the efficiency deployment (focus) hypothesis that the positive return comes from the positive demand shock. The positive abnormal return to the customer mainly derives from the improvement of production efficiency of seller. Since sellers redeploy their resources to their remaining division increases the production, the advantage of price decreasing brings positive returns to the customer. The negative returns to the sub-sample of suppliers support the finance hypothesis. As seller uses the proceeds of asset sales to repay their debt and lower its leverage level, seller earns a bargaining power against supplier and has a negative wealth effect on supplier. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/23946 |
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顯示於系所單位: | 財務金融學系 |
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