臺灣博碩士論文加值系統

本研究以台灣上市公司為研究對象，探討負面資訊公告事件對股價的影響，研究期間為2002至2014年，首先利用利用logistic模型分析影響負面資訊公告事件的因素，實證發現公司治理和代理問題仍是影響負面資訊公告事件的主要因素。
在負面資訊公告事件的宣告效果方面，市場對於負面的資訊公告事件有負面的股價反應。在影響負面資訊公告事件宣告效果方面，董事長內部化愈高的公司，負面資訊公告事件發生會有較大的負累積異常報酬發生，而外資持股比率和獲利能力愈高也會有較大的負累積異常報酬發生。

In this article, we observe the influence of the negative environmental and safety events on stock prices for Taiwan's listed companies, and the sample period is 2002 to 2014. We take use of the logistic model to analyze the factors that effected by the negative information disclosure events. From the empirical results, we find the corporate governance and agency problem are the key factors that affect the negative information disclosure events.
With the announcement effect of negative information disclosure events, the negative information disclosure events have a negative stock price effects and the internalization of the chairman results in a significant negative cumulative abnormal returns, and higher foreign ownership and profitability will have a greater negative cumulative abnormal returns, too.

目 錄
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 8
第二章 文獻探討 9
第一節 企業社會責任與公司價值 9
第二節 企業社會責任與經營績效 15
第三節 企業社會責任事件的宣告效果 18
第三章 資料來源與研究設計 20
第一節 資料來源 20
第二節 研究設計 21
第四章 實證結果與分析 25
第一節 影響負面資訊公告事件的因素 25
第二節 負面資訊公告事件的宣告效果 30
第三節 影響負面資訊公告事件宣告效果的因素 33
第五章 結論與建議 35
參考文獻....... 36




表 目 錄

表1 強化資訊揭露的相關法規 6
表2 公司治理資訊揭露的法規 7
表3負面資訊公告事件年度分配表 20
表4研究變數衡量 22
表5變數敘述統計 26
表6變數相關係數表 27
表7影響負面資訊公告事件的因素迴歸結果 29
表8資訊公告事件的宣告效果 31
表9不同窗口累積異常報酬檢定 33
表10影響負面資訊公告事件宣告效果的迴歸結果 34



 
圖 目 錄

圖1 我國證券市場資訊揭露架構圖 5
圖2資訊公告事件宣告平均異常報酬走勢圖 32
圖3資訊公告事件宣告平均累積異常報酬走勢圖 32

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