| dc.contributor.advisor | 陳隆麒<br>康榮寶 | zh_TW |
| dc.contributor.advisor | Long-Chi Chen<br>Jungpao Kang | en_US |
| dc.contributor.author (Authors) | 吳君誠 | zh_TW |
| dc.contributor.author (Authors) | Chun-Chen Wu | en_US |
| dc.creator (作者) | 吳君誠 | zh_TW |
| dc.creator (作者) | Chun-Chen Wu | en_US |
| dc.date (日期) | 2001 | en_US |
| dc.date.accessioned | 18-Sep-2009 18:49:49 (UTC+8) | - |
| dc.date.available | 18-Sep-2009 18:49:49 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-Sep-2009 18:49:49 (UTC+8) | - |
| dc.identifier (Other Identifiers) | B2002000014 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/36546 | - |
| dc.description (描述) | 博士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 企業管理研究所 | zh_TW |
| dc.description (描述) | 84355505 | zh_TW |
| dc.description (描述) | 90 | zh_TW |
| dc.description.abstract (摘要) | 由於經濟發展以致公司壯大，科技發展以致資訊流通，國際化及財務學術的發展以致公司財務操作技術提昇，自由化的發展以致金融工具多樣化及商業銀行競爭加劇。因此，以往公司資金融通主要透過商業銀行等中介機構的間接金融之情況逐漸改變；而由公司直接向投資人取得資金的直接融資則日益重要。而公司發行證券來進行直接融資時，是否能在現金增資、純粹債券或轉換公司債等證券中作適當的選擇，對於公司的存續與發展，以及投資人的財富都有十分重要的影響。但國內融資工具選擇模型的相關研究多只侷限於現金增資與債券的比較，並未將債券區分為純粹債券及轉換公司債。此外，對於台灣地區宣告發行現金增資時股價反應較純粹債券為佳，迴異於美國純粹債券宣告效果較現金增資為佳的情形，以往國內研究亦一直缺乏理論性的解釋。有鑑於上述原因，本研究擬利用成長價值與營運風險的觀點所建立的融資工具選擇理論模型，來探討台灣現金增資宣告股市反應較佳的可能原因。並以此一選擇模型為基礎，利用一致性的分析方法進一步對現金增資及轉換公司債這兩種融資工具的適用情況加以分析。藉由理論模式的設定與推導，提出以下三項命題：(一)當具成長價值且營運風險較低的公司，宣告發行債券時，股價會有正面的反應；(二)當具成長價值且營運風險較高的公司，宣告發行權益證券時，股價會有正面的反應；(三)具有成長價值的公司，若宣告發行轉換公司債來融資，會放射出其未來成長價值較高及營運風險較小的訊息，所以股價會有正面的反應。本研究在實證研究方面，對由三項命題所發展出來的三項研究假說加以驗證。以民國82年至民國89年間上市公司首次發行現金增資、純粹債券或轉換公司債的融資宣告事件為研究對象。實證結果多與三項假說的預期相符合，只是有些結果未達統計的顯著水準；顯示營運風險與成長價值應是上市公司融資選擇決策時所需考量的重要因素，而且，這兩個因素也會影響到投資人對融資宣告的反應。根據本研究的研究結論與研究限制，除對證券主管機關提出加強查核內線交易與資金用途，以及應要求上市公司提供及時且正確的重大資訊等建議外，亦提出對上市公司及後續研究的建議。第壹章 緒論…………………………………………….. 1第一節 研究動機與目的………………………………… 3第二節 研究範圍與限制………………………………… 6第三節 論文架構………………………………………… 9第貳章 文獻探討與個案訪談………………….....… 13第一節 融資選擇與股價關聯性的理論文獻………..… 14第二節 融資選擇與股價關聯性的實證文獻………..… 24第三節 成長機會與營運風險的相關文獻…………….. 31第四節 個案公司探討及對本研究的涵義…………..… 41第參章 理論模式…………………………………….... 47第一節 模式背景說明……………………………….… 49第二節 負債融資或權益融資的選擇……………….… 54第三節 現金增資或轉換公司債的選擇…………….… 63第四節 台灣股市特徵與融資選擇………………….… 70第肆章 研究設計…………………………………...… 75第一節 實證架構與研究假說……………………….… 76第二節 資料來源與樣本選擇……………………….… 82第三節 研究變數操作性定義……………………….… 95第四節 實證研究分析方法………………………….… 101第伍章 實證結果分析……………………………..... 113第一節 單變量分析……………………………………. 114第二節 迴歸分析…………………………………….… 136第三節 實證結果彙總與分析……………………….… 155第陸章 結論與建議………………………………...… 161第一節 結論………………………………………..…… 162第二節 建議………………………………………….… 164參考文獻……………………………………………..… 169附錄一 個案訪談內容………………...…………….. 179附錄二 繪圖表示的累積異常報酬率.……......…… 205 | zh_TW |
| dc.description.abstract (摘要) | Because of the developments in economics, technologies, internationalization, liberalization and financial academies, many listing firms change their way of raising capitals from indirect financing into direct financing. The popular securities the listing firms used in direct financing includes stocks, straight bonds, and convertible bonds. Which security should be the most appropriate one is a very important decision affected the future of the firm and the wealth of the investors deeply.The related domestic studies on the security choices issue have two holes. One is treating the straight bonds and convertible bonds as same securities, the other is lacking in providing theoretical explanations of the different stock price responses in Taiwan and in American on the financing announcement.In this study, we built up a theoretical model to analyze the relations between securities choices and stock price responses from the perspectives of growth values and operation risks. Three propositions were derived from the theoretical model, and in return three hypotheses were developed. After that, we use event study and regression analysis to test the hypotheses. The empirical results are same as the hypotheses anticipated, though some of them are insignificant statistically. | en_US |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#B2002000014 | en_US |
| dc.subject (關鍵詞) | 融資選擇 | zh_TW |
| dc.subject (關鍵詞) | 宣告效果 | zh_TW |
| dc.subject (關鍵詞) | 事件研究 | zh_TW |
| dc.subject (關鍵詞) | 營運風險 | zh_TW |
| dc.subject (關鍵詞) | 成長價值 | zh_TW |
| dc.subject (關鍵詞) | Securities Choices | en_US |
| dc.subject (關鍵詞) | Announcement Effect | en_US |
| dc.subject (關鍵詞) | Event Study | en_US |
| dc.subject (關鍵詞) | Operation Risk | en_US |
| dc.subject (關鍵詞) | Growth Value | en_US |
| dc.title (題名) | 上市公司融資選擇與股價關聯性之研究 | zh_TW |
| dc.title (題名) | A Study on the Relations between Securities Choices and Stock Price Responses | en_US |
| dc.type (資料類型) | thesis | en |
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