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題名 台灣上市生技公司重大訊息揭露與投資人關係研究
Research on Relationship between Disclosure of Important Information and Investor Relations of Biotechnology Stock Companies作者 劉席瑋 貢獻者 郭維裕
劉席瑋關鍵詞 台灣上市生技公司
揭露重大訊息
投資人關係
Taiwan biotechnology stock companies
Disclosure of important information
Investor relations日期 2017 上傳時間 13-Sep-2017 14:29:47 (UTC+8) 摘要 本研究的目的是要瞭解台灣上市生技公司揭露重大訊息與投資人關係的現況，進而分析並討論不同個人背景變項在揭露重大訊息與投資人關係上之差異情形，以及揭露重大訊息與投資人關係之相關情形，最後探討揭露重大訊息與投資人關係之預測情形。本研究係採立意抽樣方式進行問卷調查，正式問卷施測共計發出500份，有效問卷為325份。本研究將所搜集的資料分別以描述統計分析、單因數變異數分析、皮爾森積差相關和多元逐步回歸分析等進行資料分析處理。 從本研究之資料分析中獲得下列結論：一、投資人對整體揭露重大訊息與整體投資人關係的看法均介於中上程度的水準。二、不同背景變項的投資人所覺知之揭露重大訊息在「婚姻狀況」、「年齡」、「教育程度」和「投資年資」上具有顯著差異。三、不同背景變項的投資人所覺知之投資人關係在「性別」、「年齡」、「教育程度」和「投資年資」上具有顯著差異。四、台灣上市生技公司揭露重大訊息各構面與投資人關係各構面均呈正相關，且均達顯著差異水準。五、揭露重大訊息與投資人關係間達顯著相關，且揭露重大訊息各向度對投資人關係具有中等程度的預測力。 最後依據研究過程與結論，提出具體建議，作為投資人、上市生技公司以及未來研究者的參考。
The purpose of this research is to understand the current status of the disclosure of important information and investor relations of the biotechnology stock companies, and then analyze and discuss the difference of different personal background variables on the disclosure of important information and investor relations, and the correlation between the disclosure of important information and investor relations, and finally discusses the prediction status of the disclosure of important information towards the investor relations. This research adopts questionnaire sampling, and 500 pcs of formal questionnaires were issued, so that 325 pcs were valid. Besides, this research carries out information analysis on the collected material through descriptive statistics, one-way analysis of variance, Pearson product-moment correlation, multiple stepwise regression analysis, etc. From the information analysis on this research, the following conclusion can be achieved: 1.The biotechnology stock investor’s perspective on the whole disclosure of important information and investor relations is above the average level. 2.The disclosure of important information perceives by the biotechnology stock investor with different background variables has remarkable difference on marital status, age, education background, and annual salary. 3.The investor relations perceive by the biotechnology stock investor with different background variables has remarkable difference on gender, age, education background, and annual salary.4.Each perspective of the disclosure of important information and investor relations of the biotechnology stock investors presents positive correlation, and reaches the level of obvious difference.5.The correlation between the disclosure of important information and investor relations is remarkable, and each dimension of the disclosure of important information has medium degree of predictive power towards the investor relations. Finally, according to the research process and conclusion, it puts forward specific suggestions as the reference for the competent authorities and biotechnology stock investors, and future researchers.參考文獻 一、中文部份王麗珍（2004）。盈餘宣告資訊效果與公司股價行為之研究。未出版碩士論文，私立銘傳大學財務金融在職專班，台北市。朱嘉文(2001)。企業網路報導決定因素之研究。未出版碩士論文，國立台灣大學會計學研究所，台北市。林寶珍（2004）。上市公司減資方式與其股價異常報酬關係之研究。未出版碩士論文，私立東吳大學國際貿易學系，台北市。林素雯（2003）。除權交易日與宣告日前後的股價異常報酬分析。未出版碩士論文，私立龍華科技大學商學與管理學研究所碩士班，台北市。林植蔭（2001）。企業線上財務及非財務資訊報導之探索性研究，未出版碩士論文，中國文化大學會計研究所，台北市。胡力中（2003）。企業購併成敗與股價變化的關聯性研究－以台灣上市（櫃）企業為例。未出版碩士論文，私立中原大學企業管理研究所，桃園市。洪崇熙（2004）。資訊科技投資多宣告窗口認定與股價異常報酬關聯性之研究。未出版碩士論文，國立雲林科技大學企業管理學系，雲林縣。柯芳枝(1997)，公司法論，台北市：三民書局。茹茂智（2004）。公司調降財測與股價波動關聯性之研究。未出版碩士論文，私立東吳大學企業管理學系，台北市。吳麗皙（2001）。公司資訊揭露與投資者信念關係之研究。未出版碩士論文，私立中國文化大學國際企業管理研究所，台北市。陳昱亨（2001）。創業家與投資者關係之研究：程序公平理論之應用。未出版碩士論文，高雄第一科技大學金融營運研究所，高雄市。陳欣伶（2003）。台灣股利發放形式之價格效果與其影響因素。未出版碩士論文，國立中正大學企業管理研究所，嘉義縣。楊光華（1995）。機構投資人與公司管理，政大法學評論，pp53。葉銀華、李存修、柯承恩(2002)，公司治理與評等系統(初版)，台北市：商智文化事業股份有限公司。葉昶志（2004）。裁員宣告對股價之影響－以美國公司為例。未出版碩士論文，國立成功大學企業研究所，台南市。黃靖雅（2004）。修正式無保留意見之資訊內涵－運用Ohlson 模型。未出版碩士論文，國立成功大學會計學系，台南市。劉倩妏(2003）。以投資人關係為目的之資訊揭露，未出版碩士論文，國立中正大學企業管理研究所，嘉義縣。劉敏禎（2002）。企業赴海外直接投資之訊息宣告對股票報酬影響研究－以台灣上市公司在大陸投資為例。未出版碩士論文，國立東華大學國際企業研究所，花蓮市。劉佳怡（2000）。我國企業即時財務揭露決定因素及資訊內涵之探討。未出版碩士論文，東海大學管理研究所，台中市。二、英文部份Akhigbe, A., Madura, J., & Tucker, A. 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國立政治大學
經營管理碩士學程(EMBA)
103932185資料來源 http://thesis.lib.nccu.edu.tw/record/#G1039321852 資料類型 thesis dc.contributor.advisor 郭維裕 zh_TW dc.contributor.author (Authors) 劉席瑋 zh_TW dc.creator (作者) 劉席瑋 zh_TW dc.date (日期) 2017 en_US dc.date.accessioned 13-Sep-2017 14:29:47 (UTC+8) - dc.date.available 13-Sep-2017 14:29:47 (UTC+8) - dc.date.issued (上傳時間) 13-Sep-2017 14:29:47 (UTC+8) - dc.identifier (Other Identifiers) G1039321852 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/112646 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經營管理碩士學程(EMBA) zh_TW dc.description (描述) 103932185 zh_TW dc.description.abstract (摘要) 本研究的目的是要瞭解台灣上市生技公司揭露重大訊息與投資人關係的現況，進而分析並討論不同個人背景變項在揭露重大訊息與投資人關係上之差異情形，以及揭露重大訊息與投資人關係之相關情形，最後探討揭露重大訊息與投資人關係之預測情形。本研究係採立意抽樣方式進行問卷調查，正式問卷施測共計發出500份，有效問卷為325份。本研究將所搜集的資料分別以描述統計分析、單因數變異數分析、皮爾森積差相關和多元逐步回歸分析等進行資料分析處理。 從本研究之資料分析中獲得下列結論：一、投資人對整體揭露重大訊息與整體投資人關係的看法均介於中上程度的水準。二、不同背景變項的投資人所覺知之揭露重大訊息在「婚姻狀況」、「年齡」、「教育程度」和「投資年資」上具有顯著差異。三、不同背景變項的投資人所覺知之投資人關係在「性別」、「年齡」、「教育程度」和「投資年資」上具有顯著差異。四、台灣上市生技公司揭露重大訊息各構面與投資人關係各構面均呈正相關，且均達顯著差異水準。五、揭露重大訊息與投資人關係間達顯著相關，且揭露重大訊息各向度對投資人關係具有中等程度的預測力。 最後依據研究過程與結論，提出具體建議，作為投資人、上市生技公司以及未來研究者的參考。 zh_TW dc.description.abstract (摘要) The purpose of this research is to understand the current status of the disclosure of important information and investor relations of the biotechnology stock companies, and then analyze and discuss the difference of different personal background variables on the disclosure of important information and investor relations, and the correlation between the disclosure of important information and investor relations, and finally discusses the prediction status of the disclosure of important information towards the investor relations. This research adopts questionnaire sampling, and 500 pcs of formal questionnaires were issued, so that 325 pcs were valid. Besides, this research carries out information analysis on the collected material through descriptive statistics, one-way analysis of variance, Pearson product-moment correlation, multiple stepwise regression analysis, etc. From the information analysis on this research, the following conclusion can be achieved: 1.The biotechnology stock investor’s perspective on the whole disclosure of important information and investor relations is above the average level. 2.The disclosure of important information perceives by the biotechnology stock investor with different background variables has remarkable difference on marital status, age, education background, and annual salary. 3.The investor relations perceive by the biotechnology stock investor with different background variables has remarkable difference on gender, age, education background, and annual salary.4.Each perspective of the disclosure of important information and investor relations of the biotechnology stock investors presents positive correlation, and reaches the level of obvious difference.5.The correlation between the disclosure of important information and investor relations is remarkable, and each dimension of the disclosure of important information has medium degree of predictive power towards the investor relations. Finally, according to the research process and conclusion, it puts forward specific suggestions as the reference for the competent authorities and biotechnology stock investors, and future researchers. en_US dc.description.tableofcontents 第一章 緒論第一節 研究背景與動機 1第二節 研究目的與問題 4壹、 研究目的 4貳、 待答問題 5第三節 研究流程 5第四節 論文結構 6第五節 研究範圍與限制 7壹、 研究範圍 7貳、 研究限制 8第二章 文獻探討第一節 資訊揭露 9壹、 揭露資訊內容 9貳、 揭露資訊媒體 17參、 資訊揭露對投資人之影響 21肆、 資訊揭露之目的 26伍、 資訊揭露之方式 31陸、 資訊揭露之規範 34柒、 資訊揭露之原則 34第二節 投資人關係 38壹、 投資人種類 38貳、 投資人關係定義 40參、 投資人關係之目的與功能 41肆、 投資人關係之執行 43伍、 以企業觀點之投資人關係 45陸、 小結 47第三節 資訊揭露與投資人關係 48第三章 研究方法第一節 研究架構 52第二節 研究假設 53第三節 研究對象 54壹、 樣本選取 54貳、 抽樣實施 54第四節 研究工具 54壹、 揭露訊息量表 55貳、 投資人關係量表 55參、 背景變項 56第五節 研究程序 57壹、 確定研究主題 57貳、 文獻資料蒐集 57參、 擬定研究計畫 57肆、 問卷量表編製 58伍、 正式問卷施測 58陸、 資料處理分析 59柒、 撰寫論文資料 59第六節 資料處理與分析 59壹、 資料處理 59貳、 統計分析 60第四章 結果與討論第一節 揭露重大訊息和投資人關係之現況分析 63壹、 樣本基本資料分析 63貳、 揭露重大訊息之描述統計分析 66參、 投資人關係之描述統計分析 66第二節 揭露重大訊息和投資人關係之差異性分析 67壹、 背景變項和揭露重大訊息之差異性分析 67貳、 背景變項和投資人關係之差異性分析 73第三節 揭露重大訊息和投資人關係之相關分析 78壹、 揭露重大訊息各項度間之相關分析 78貳、 投資人關係各項度間之相關分析 79參、 整體揭露重大訊息和投資人關係之相關分析 80肆、 揭露重大訊息個層面和投資人關係之相關分析 80第四節 揭露重大訊息對投資人關係之預測分析 82壹、 揭露重大訊息對投資人關係個層面之預測分析 83貳、 揭露重大訊息對整體投資人關係之預測分析 88第五章 結論與建議第一節 結論 91壹、 揭露重大訊息和投資人關係之現況分析 91貳、 揭露重大訊息和投資人關係之差異性分析 92參、 揭露重大訊息和投資人關係之相關性分析 93肆、 揭露重大訊息對投資人關係之預測分析 95第二節 建議 97壹、 如何評估新藥公司的價值 97貳、 給上市公司之建議 99 參、 給未來研究者之建議 100參考文獻 101 附錄:正式問卷 109 zh_TW dc.format.extent 2685260 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1039321852 en_US dc.subject (關鍵詞) 台灣上市生技公司 zh_TW dc.subject (關鍵詞) 揭露重大訊息 zh_TW dc.subject (關鍵詞) 投資人關係 zh_TW dc.subject (關鍵詞) Taiwan biotechnology stock companies en_US dc.subject (關鍵詞) Disclosure of important information en_US dc.subject (關鍵詞) Investor relations en_US dc.title (題名) 台灣上市生技公司重大訊息揭露與投資人關係研究 zh_TW dc.title (題名) Research on Relationship between Disclosure of Important Information and Investor Relations of Biotechnology Stock Companies en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文部份王麗珍（2004）。盈餘宣告資訊效果與公司股價行為之研究。未出版碩士論文，私立銘傳大學財務金融在職專班，台北市。朱嘉文(2001)。企業網路報導決定因素之研究。未出版碩士論文，國立台灣大學會計學研究所，台北市。林寶珍（2004）。上市公司減資方式與其股價異常報酬關係之研究。未出版碩士論文，私立東吳大學國際貿易學系，台北市。林素雯（2003）。除權交易日與宣告日前後的股價異常報酬分析。未出版碩士論文，私立龍華科技大學商學與管理學研究所碩士班，台北市。林植蔭（2001）。企業線上財務及非財務資訊報導之探索性研究，未出版碩士論文，中國文化大學會計研究所，台北市。胡力中（2003）。企業購併成敗與股價變化的關聯性研究－以台灣上市（櫃）企業為例。未出版碩士論文，私立中原大學企業管理研究所，桃園市。洪崇熙（2004）。資訊科技投資多宣告窗口認定與股價異常報酬關聯性之研究。未出版碩士論文，國立雲林科技大學企業管理學系，雲林縣。柯芳枝(1997)，公司法論，台北市：三民書局。茹茂智（2004）。公司調降財測與股價波動關聯性之研究。未出版碩士論文，私立東吳大學企業管理學系，台北市。吳麗皙（2001）。公司資訊揭露與投資者信念關係之研究。未出版碩士論文，私立中國文化大學國際企業管理研究所，台北市。陳昱亨（2001）。創業家與投資者關係之研究：程序公平理論之應用。未出版碩士論文，高雄第一科技大學金融營運研究所，高雄市。陳欣伶（2003）。台灣股利發放形式之價格效果與其影響因素。未出版碩士論文，國立中正大學企業管理研究所，嘉義縣。楊光華（1995）。機構投資人與公司管理，政大法學評論，pp53。葉銀華、李存修、柯承恩(2002)，公司治理與評等系統(初版)，台北市：商智文化事業股份有限公司。葉昶志（2004）。裁員宣告對股價之影響－以美國公司為例。未出版碩士論文，國立成功大學企業研究所，台南市。黃靖雅（2004）。修正式無保留意見之資訊內涵－運用Ohlson 模型。未出版碩士論文，國立成功大學會計學系，台南市。劉倩妏(2003）。以投資人關係為目的之資訊揭露，未出版碩士論文，國立中正大學企業管理研究所，嘉義縣。劉敏禎（2002）。企業赴海外直接投資之訊息宣告對股票報酬影響研究－以台灣上市公司在大陸投資為例。未出版碩士論文，國立東華大學國際企業研究所，花蓮市。劉佳怡（2000）。我國企業即時財務揭露決定因素及資訊內涵之探討。未出版碩士論文，東海大學管理研究所，台中市。二、英文部份Akhigbe, A., Madura, J., & Tucker, A. 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