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題名 台灣家族控制企業與私有資訊交易之分析:以融券放空為例
Family-Controlled Firms and Informed Trading in Taiwan: Evidence from Short Sales
作者 林淑鈴
Lin, Shu Ling
貢獻者 顏錫銘
林淑鈴
Lin, Shu Ling
關鍵詞 家族控制企業
私有資訊交易
融券放空
Family-Controlled Firms
Informed Trading
Short Sales
日期 2013
上傳時間 3-Feb-2015 10:17:32 (UTC+8)
摘要 本研究在探討家族、非家族控制企業與私有資訊交易之關係，私有資訊交易是以當未預期盈餘為負時，在每季盈餘宣告前之異常融券放空為判斷依據。我們希望了解家族控制企業相對於非家族控制企業是否存在較多之私有資訊交易。實證結果指出當未預期盈餘為負時，在每季盈餘宣告前，家族控制企業相較於非家族控制企業確實存在較多異常融券放空之現象。另外，我們從實證結果亦發現當未預期盈餘為負時，則家族成員涉入經營程度愈高、家族盈餘分配權愈低以及股份盈餘偏離程度愈高之公司，在每季盈餘宣告前，其融券放空之行為相對於其他企業會比較多，由此推論出家族控制特性與所有權結構和隱含資訊之融券放空行為有關。此外，研究結果亦指出巨量融券放空可以用來預測股票未來之異常報酬，但家族控制企業之巨量融券放空相對於非家族控制企業並沒有提供較多有用資訊來預測股票未來之超額報酬。
We investigate the relation between the information content of short sales and organization structure. We want to know that informed trading occurs more readily in family-controlled firms than in nonfamily firms. Our analysis indicates that family-controlled firms experience substantially greater abnormal short sales prior to negative earnings shocks than nonfamily firms. The analysis also indicates that family-controlled firms sustain marginally less abnormal short sales prior to positive earnings surprises than nonfamily firms. Supplementary testing indicates that characteristics of family control and ownership intensify informed short selling. Further analysis suggests that high short-selling tend to be informative in predicting future returns. However, we find that high short-selling in family-controlled firms do not contains more useful information in forecasting stock returns than nonfamily firms.
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林穎芬、劉維琪，2003，從高階主管薪酬的研究探討代理理論在台灣的適用程度，管理學報，20(2) ，365-395。
金昌民，2004，公司治理在家族企業之應用-宏傳電子股份有限公司實例探討，國立台灣大學會計學研究所未出版碩士論文。
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張伊婷，2012，以盈餘宣告事件探討賣空是否具有資訊，國立高雄第一科技大學金融研究所未出版碩士論文。
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證券商辦理有價證券買賣融資融券業務操作辦法
有價證券得為融資融券標準

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描述 碩士
國立政治大學
財務管理研究所
101357010
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101357010
資料類型 thesis
dc.contributor.advisor 顏錫銘zh_TW
dc.contributor.author (Authors) 林淑鈴zh_TW
dc.contributor.author (Authors) Lin, Shu Lingen_US
dc.creator (作者) 林淑鈴zh_TW
dc.creator (作者) Lin, Shu Lingen_US
dc.date (日期) 2013en_US
dc.date.accessioned 3-Feb-2015 10:17:32 (UTC+8)-
dc.date.available 3-Feb-2015 10:17:32 (UTC+8)-
dc.date.issued (上傳時間) 3-Feb-2015 10:17:32 (UTC+8)-
dc.identifier (Other Identifiers) G0101357010en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/73235-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 101357010zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) 本研究在探討家族、非家族控制企業與私有資訊交易之關係，私有資訊交易是以當未預期盈餘為負時，在每季盈餘宣告前之異常融券放空為判斷依據。我們希望了解家族控制企業相對於非家族控制企業是否存在較多之私有資訊交易。實證結果指出當未預期盈餘為負時，在每季盈餘宣告前，家族控制企業相較於非家族控制企業確實存在較多異常融券放空之現象。另外，我們從實證結果亦發現當未預期盈餘為負時，則家族成員涉入經營程度愈高、家族盈餘分配權愈低以及股份盈餘偏離程度愈高之公司，在每季盈餘宣告前，其融券放空之行為相對於其他企業會比較多，由此推論出家族控制特性與所有權結構和隱含資訊之融券放空行為有關。此外，研究結果亦指出巨量融券放空可以用來預測股票未來之異常報酬，但家族控制企業之巨量融券放空相對於非家族控制企業並沒有提供較多有用資訊來預測股票未來之超額報酬。zh_TW
dc.description.abstract (摘要) We investigate the relation between the information content of short sales and organization structure. We want to know that informed trading occurs more readily in family-controlled firms than in nonfamily firms. Our analysis indicates that family-controlled firms experience substantially greater abnormal short sales prior to negative earnings shocks than nonfamily firms. The analysis also indicates that family-controlled firms sustain marginally less abnormal short sales prior to positive earnings surprises than nonfamily firms. Supplementary testing indicates that characteristics of family control and ownership intensify informed short selling. Further analysis suggests that high short-selling tend to be informative in predicting future returns. However, we find that high short-selling in family-controlled firms do not contains more useful information in forecasting stock returns than nonfamily firms.en_US
dc.description.tableofcontents 謝辭
摘要
Abstract
目錄 1
圖目錄 3
表目錄 4
第一章 緒論 5
第一節 研究背景與動機 5
第二節 研究目的 7
第三節 研究架構 8
第二章 文獻回顧 9
第一節 家族控制企業 9
第二節 私有資訊交易 12
第三節 台灣融券信用交易制度 14
第四節 融券交易 18
第三章 研究方法 20
第一節 研究假說 20
第二節 資料來源、樣本選取標準及分佈情形 22
第三節 研究方法與變數說明 27
第四節 變數統計摘要 40
第四章 實證結果 44
第一節 未預期盈餘與融券放空之分析 44
第二節 家族特性與融券放空之分析 49
第三節 其他外部大股東與融券放空之分析 53
第四節 未來股票報酬與融券放空之分析 57
第五章 結論與建議 68
第一節 研究結論與貢獻 68
第二節 研究限制與後續研究建議 69
參考文獻 71		zh_TW
dc.format.extent 5537973 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101357010en_US
dc.subject (關鍵詞) 家族控制企業zh_TW
dc.subject (關鍵詞) 私有資訊交易zh_TW
dc.subject (關鍵詞) 融券放空zh_TW
dc.subject (關鍵詞) Family-Controlled Firmsen_US
dc.subject (關鍵詞) Informed Tradingen_US
dc.subject (關鍵詞) Short Salesen_US
dc.title (題名) 台灣家族控制企業與私有資訊交易之分析:以融券放空為例zh_TW
dc.title (題名) Family-Controlled Firms and Informed Trading in Taiwan: Evidence from Short Salesen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、 中文文獻
王育偉，2013，公司治理與非法內線交易和資本支出效率性關連性研究，國立中正大學財務金融研究所未出版碩士論文。
王睦順，2002，信用交易初學指引，台灣廣廈有聲圖書有限公司。
呂佳玲，林基煌，2008，Corporate governance, diversification strategy in mergers and acquisitions and performances for Taiwanese family firms，亞太經濟管理評論，11(2) ，107-134。
李永全，馬黛，2006，台灣家族公司負債融資成本之研究，管理評論，25(3) ，69-91。
李存修、葉銀華、柯承恩，2002，公司治理與評等系統，商智文化。
周行一、陳錦村與陳坤宏，1996，家族持股、聯屬持股與公司價值之研究，中國財務學刊，4 (1)，115-139 。
周燕玲，2001，台灣股票市場融券行為之實證研究，東海大學經濟系未出版碩士論文。
林嬋娟、張哲嘉，2009，董監事異常變動、家族企業與企業舞弊之關聯性，會計評論，48，1-33。
林穎芬、劉維琪，2003，從高階主管薪酬的研究探討代理理論在台灣的適用程度，管理學報，20(2) ，365-395。
金昌民，2004，公司治理在家族企業之應用-宏傳電子股份有限公司實例探討，國立台灣大學會計學研究所未出版碩士論文。
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證券商辦理有價證券買賣融資融券業務操作辦法
有價證券得為融資融券標準

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