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研究生:賴苑茹
研究生(外文):Yuan-Ju Lai
論文名稱:On Equity Option Listing: Empirical Lights for Taiwan from US Experience
論文名稱(外文):On Equity Option Listing: Empirical Lights for Taiwan from US Experience
指導教授:葉錦徽葉錦徽引用關係
指導教授(外文):Jin-Huei Yeh
學位類別:碩士
校院名稱:國立中央大學
系所名稱:財務金融學系在職專班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2019
畢業學年度:107
語文別:英文
論文頁數:41
中文關鍵詞:股權選擇權股票選擇權上市標準事件研究法
外文關鍵詞:Equity option listingStock option listingListing criteriaEvent study
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本研究提供了美國股權選擇權上市對相關標的資產影響的證據,並提供了與亞洲市場和台灣相關數據。因為這些信息與資本市場的變化有關,機構投資者和監管機構可以從這些信息中獲益,並瞭解股票選擇權對標的股票的影響。本研究的結論是,股票選擇權的上市,並不會對市場產生不穩定影響或增加價格波動性,反而能夠改善標的股票的流動性和市場表現 ,此與過去相關研究證據一致,並顯示台灣可考慮放寬對市值和平均交易量的限制。另外,在考量成功上市的前提之下,選擇理想交易所上市是企業的重要發展策略;尤其是具有高成長潛力的公司,他們通常傾向於選擇較為寬鬆掛牌標準的證券交易所上市。具體而言,台灣應該推出更多股票期選擇權,讓台灣比起其他市場更具競爭力,成為企業上市的首選交易所。總而言之,若能調整股票選擇權掛牌標準,從挑選擁有理想永續特性公司,轉變為改善資本市場環境的標準,將有助於推動產業發展和提高企業可持續性。
This study presents evidence of the effects of equity option introductions on underlying assets in the United States and also provides data concerning the same with respect to Asian markets and Taiwan. Institutional investors and regulatory authorities can benefit from the information because it clarifies the effect of stock options on underlying stock insofar as such information is related to changes in the capital market. The study concluded that introducing options does not have a destabilizing effect on markets or affect the underlying stock’s vola-tility; rather, listing options improves the underlying stock’s liquidity and market performance. The evidence contained herein is consistent with that of related studies and suggests that Tai-wan should loosen restrictions on market capitalization and average trading volume. In addi-tion, selecting the ideal market in anticipation of a successful listing becomes a crucial business development strategy for enterprises. Particularly, for firms with high potential for growth, they tend to obtain listings on the stock exchanges with listing standards that are easier to sat-isfy. Taiwan should introduce more stock options to be more competitive with other markets in the quest to be the first-choice exchange for corporate listings. In summary, changing the options listing criteria from those that require achieving desirable permanent characteristics to those that only require improving market circumstances could eventually drive the develop-ment of the financial industry and improve enterprise sustainability.
摘要………………………………………………………………………………………………………………………………………i
Abstract ………………………………………………………………………………………………………………………ii
Acknowledgments……………………………………………………………………………………………………iii
Table of Contents…………………………………………………………………………………………………iv
List of Figures…………………………………………………………………………………………………………v
List of Tables…………………………………………………………………………………………………………vi
1 Introduction……………………………………………………………………………………………………………1
2 Data and Methodology………………………………………………………………………………………4
3 Literature review………………………………………………………………………………………………7
4 Results………………………………………………………………………………………………………………………11
4.1 Short-term effects on option listing in the United States………………………………………………………………………………………………………………………………12
4.1.1 Effect on Stock Liquidity:Trading Volume……………12
4.1.2 Effect on Price Volatility:Annualized Volatility……………………………………………………………………………………………………………………13
4.1.3 Effect on Stock Returns:CAR………………………………………………14
4.2 Evidence on Long-Term Effect of Option Listing……………………………………………………………………………………………………………………………18
4.2.1 Enterprise Sustainability Improvement for Start-Up Companies and Research Institutions…………………………………………18
4.2.2 Improving Market Conditions: Evidence from the Number of Analysts………………………………………………………………………………………………21
4.2.3 Volatility Effects on Large-Cap Stocks Are Not Significantly Different…………………………………………………………………………………23
4.2.4 Factors that Attract International Investor to Asian Markets……………………………………………………………………………………………………………23
5 Conclusion………………………………………………………………………………………………………………26
References……………………………………………………………………………………………………………………28
Appendix 1 Criteria for Listing Stock Option………………………………………………………………………………………………………………………………31
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