臺灣博碩士論文加值系統

股票投資一直是國內多數投資者投資理財工具之一，根據台灣證交所截至2010年底上市櫃上市的企業共有1322家，其中約有499家企業資本額小於10億，小型股佔全體上市櫃企業約37.75%，小型股特點為股本小，股價表現通常波動較大，再者因在外流通股數較少，大股東持股變化對股價影響將會更加明顯，本研究主要藉由集保所的月之股權分散表，來探討大股東持股在三個月與六個月期間的變化，對未來公司股價與月營收的影響。研究結果顯示:(1) 當大股東不論持股在三個月或六個月期間，只要持股變化比例超過20%以上，對於未來三個月的股價會有顯著性，至於5%~10%與10%~20%區間並無顯著。(2) 大股東不論持股期間在三個月或是六個月，其持股變化對於未來三個的月營收並無顯著性。研究結果將提供外部投資者一個選股的評估機制作為其投資選擇的一參考指標。

The one of most investment and financial tools in Taiwan is stock market. According to the statistic of TSE, there are 1322 listed companies, in which 499 firm’s capitals are less than 1 billion, in the end of 2010. The small caps which is 37.75% of entire listed companies on TSE, has small shares and frequently stock price fluctuating. Because of less outstanding circulating stocks, the impact of stock price fluctuating will be more obvious when the blockholder shareholding ratio shifting. In this study, it will investigate how it effect on stock price and firm’s revenue when blockholder shareholding ratio shifted within 3 months and 6 months via depository account auery from TDCC. The result shows: (1). The blockholder shareholding ratio shifting duration with 3 months and 6 months, the shareholding shifting ratio above +-20%, that it would have significant difference at stock price for coming 3 months. But the shareholding ratio at +-5%~10% and +-10% ~20% would have no significant difference. (2). The blockholder shareholding ratio shifting duration with 3 months and 6 months, and shareholding shifting ratio at +-5%~10% and +-10% ~20% above +-20% that would have no significant difference at firm’s revenue for coming 3 months. The result of this study will be a useful reference for investors who would like to estimate the investment performance.

目錄
摘要
ABSTRACT
誌 謝
目 錄
表目錄
圖目錄
第壹章 緒論
第一節 研究背景與動機
第二節 研究目的
第三節 研究流程與架構
第貳章 文獻探討
第一節 大股東持股與公司價值
第二節 股權結構與公司價值
第三節 內部關係人交易
第參章 研究設計
第一節 研究架構
第二節 研究樣本
第三節 研究假說
第四節 研究變數定義
第五節 統計分析方法
第肆章 實證分析
第一節 敘述性統計
第二節 獨立樣本T檢定
第伍章 結論與建議
第一節 研究結論
第二節 研究建議
參考文獻
附錄

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