臺灣博碩士論文加值系統

本研究探討「訊息傳遞假說」研究現金增資宣告前的媒體曝光度對於現金增資宣告時股價反應的影響。我們的研究樣本為台灣的現金增資宣告公司，涵蓋期間從1996年至2011年間。研究結果顯示平均而言，在現金增資宣告前，媒體曝光度(正面報導)愈多的公司，其異常報酬率顯著較高，這與我們的「訊息傳遞假說」結果一致，我們的證據顯示市場投資人傾向視媒體曝光度為一項瞭解公司真實價值的管道。

This paper tests information signaling hypothesis by studying the impact of the pre-announcement media attention on share-price reaction during seasoned equity offerings (SEOs) announcements. In a sample of Taiwan firms that under take SEOs announcements from 1996 through 2011, we find that the average pre-announcement abnormal return for firms with pre-announcement media attention (positive) is significantly higher. Consistent with the information signaling hypothesis, our evidence suggests that market investors tend to view media attention as a channel to signal firms’ intrinsic value.

中文摘要 I
英文摘要 II
誌謝 III
目錄 IV
表目錄 V
壹、前言 1
貳、研究假說發展 7
參、樣本選取與媒體曝光度 9
一、事件研究法 9
二、樣本選取 10
三、樣本敘述統計量 10
四、控制變數 11
肆、媒體曝光度對於宣告時股價反應的影響 13
一、單變量分析 13
二、累積異常報酬率差異檢定 13
三、橫斷面迴歸分析 16
伍、結論 18
參考文獻 20
附錄 25
表目錄
表 1 樣本分配，以年度區分 25
表 2 樣本敘述統計量 26
表 3現金增資宣告時的累積異常報酬率，媒體曝光度(正面消息)公司V.S.媒體曝光度(正面消息)縮減公司 27
表 4 橫斷面迴歸分析 28

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