| dc.contributor.advisor | 黃智聰 | zh_TW |
| dc.contributor.advisor | Huang, Jr Tsung | en_US |
| dc.contributor.author (Authors) | 林事達 | zh_TW |
| dc.contributor.author (Authors) | Lin, Shi Da | en_US |
| dc.creator (作者) | 林事達 | zh_TW |
| dc.creator (作者) | Lin, Shi Da | en_US |
| dc.date (日期) | 2007 | en_US |
| dc.date.accessioned | 14-Sep-2009 12:39:27 (UTC+8) | - |
| dc.date.available | 14-Sep-2009 12:39:27 (UTC+8) | - |
| dc.date.issued (上傳時間) | 14-Sep-2009 12:39:27 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0095921031 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/31977 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 行政管理碩士學程 | zh_TW |
| dc.description (描述) | 95921031 | zh_TW |
| dc.description (描述) | 96 | zh_TW |
| dc.description.abstract (摘要) | 本文主要目的是在探討，當企業決定其融資方式，改變資本結構後，究竟是否會造成投資人對該企業經營獲利前景的改變，而反應在企業的股票價格上，尤其在「不同聯貸資金用途」上，是否會改變投資人、股東對於該企業風險程度的認定。本文利用事件研究法(Event Study Method)進行分析，研究期間自2005年至2007年止，針對台灣上市(櫃)公司完成聯貸簽約資料，刪除估計期未滿160天者後，有效樣本共140筆，其中營運週轉金(Working Capital)資金用途者有36筆；借新還舊(Refinancing)資金用途者有71筆；資本支出(Capital Expenditure)資金用途者有33筆。 本研究之實證結果發現，若資金用途為營運週轉金者，於聯合貸款宣告後，並沒有顯著異常報酬差異；若資金用途為借新還舊者，於聯合貸款宣告後，具有顯著的正向異常報酬差異；若資金用途為資本支出用途者，於聯合貸款宣告後，具有顯著負向異常報酬差異。 關鍵詞：聯合貸款、事件研究法、異常報酬 | zh_TW |
| dc.description.abstract (摘要) | The main purpose of this study is to discuss whether investors will change their anticipation on the perspective of a company, which is reflected on its stock price when the company decides on its financing method and thus changes its capital structure, and especially whether investors and shareholders will change their recognition on risk-taken levels of the company in light of different purposes of syndicated loans. This study employs Event Study Method and focuses on the listed and over-the-counter companies in Taiwan dated from Year 2005 through Year 2007. The valid sample size amounts to 140 companies after removing those companies whose estimation period is less than 160 days. Of the 140 sample companies, 36 are working capital related, 71 are refinancing related, and 33 are capital expenditure related. The empirical results of this study indicate that, upon announcement of syndicated loans, there are no significant positive abnormal returns if the loans are used as working capital, there are significant positive abnormal returns if the loans are used as refinancing, and there are significant negative abnormal returns if the loans are used as capital expenditure. | en_US |
| dc.description.tableofcontents | 第一章 緒論....…………………………………………………………5 第一節 研究動機、背景與目的…………………………………………5 第二節 研究架構與進行流程………………………………..…………11 第二章 理論探討與相關文獻回顧………………………………..…13 第一節 融資理論………………………………………………………..14 第二節 實證文獻………………………………………………………..18 第三章 現況分析………………..……………………………………21 第一節 聯合貸款之定義、特性、參與者、程序、類型…..…………21 第二節 國際聯合貸款之發展…………………………………………..34 第三節 台灣聯貸業務現況探討與發展趨勢分析…………..…………37 第四節 聯貸次級市場現況探討………………………………………..45 第四章 研究設計與研究方法.…….…………………………………50 第一節 研究設計………………………………………………………..50 第二節 研究方法………………………………………………………..55 第五章 實證結果分析…………..……………………………………59 第一節 聯合貸款之重大訊息公告資訊內涵…………………………..59 第二節 聯合貸款額度大、小之重大訊息公告資訊內涵……………..69 第六章 結論與政策建議………..……………………………………76 第一節 結論……………………………………………………………..76 第二節 政策建議………………………………………………………..79 參考文獻…………………………..……………………………………80 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0095921031 | en_US |
| dc.subject (關鍵詞) | 聯合貸款 | zh_TW |
| dc.subject (關鍵詞) | 事件研究法 | zh_TW |
| dc.subject (關鍵詞) | 異常報酬 | zh_TW |
| dc.subject (關鍵詞) | Syndicated loan | en_US |
| dc.subject (關鍵詞) | Event Study | en_US |
| dc.subject (關鍵詞) | Abnormal return | en_US |
| dc.title (題名) | 台灣聯合貸款宣告對股價之影響~不同聯貸資金用途效果之探討 | zh_TW |
| dc.title (題名) | The Effect on stock price upon announcement of syndicated loans in Taiwan ─ the study on the effect of different purposes of syndicated loans | en_US |
| dc.type (資料類型) | thesis | en |
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