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研究生:陳宏棋
研究生(外文):Chen Hung Chi
論文名稱:轉投資子公司通過上櫃審議及上櫃對母公司股價報酬率之影響
論文名稱(外文):The influence of the Subsidiary''s Passing the OTC Scrutiny System and Its Officially Going into OTC on the Parent Company''s on the Parent Company''s Premium
指導教授:古永嘉古永嘉引用關係
指導教授(外文):Goo Yeong-Jia
學位類別:碩士
校院名稱:國立中興大學
系所名稱:企業管理研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:1998
畢業學年度:86
語文別:中文
中文關鍵詞:轉投資上櫃審議母公司
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隨著經濟的快速發展,企業亦不斷的追求成長、擴大規模。而透過不同的成長方式,產生了不少的關係企業,在經濟活動、資金流通、業務銜接、產銷作業上相互關連,甚至於基於風險與利潤的考量,從事多角化與國際化,形成一事業群。表面為各自獨立的法人與經濟組織,實際上則為一規模龐大的企業體。而國際環境變動日益激烈,企業為求保有競爭優勢,必須透過證券發行市場來向社會大眾募集資本,以擴大企業規模、充裕企業資本、使產業升級與體質穩健,股票集中交易市場已逐年成長而成為企業募集長期資金最佳的選擇之一。而集團企業將旗下事業部獨立出來,另外成立公司經營,已成為企業經營的另一種趨勢。企業股票上市上櫃固然有將公司利潤分享給大家,亦會將經營風險轉嫁給投資大眾,因此為了投資人利益,欲上市上櫃之企業必須具備有一定的獲利能力與發展遠景,上市與上櫃審議制度便應運而生。而企業的轉投資公司或事業部獨立而出的新公司,在通過上市上櫃審議後,對母公司在各方面的助益頗大,投資人是否會因此項預期,而造成母公司股價在通過審議的宣告前後有異常報酬,這問題會因各集團企業致力於推動子公司上市上櫃而日漸受重視,值得加以探究。而早期轉投資該新上市上櫃股票的母公司,其已上市上櫃的股票價格,是否會在轉投資子公司正式掛牌上市上櫃前後,股票價格因此受影響而有異常報酬,值得加以討論。故本研究以多變量時間數列之介入模型來分析因轉投資子公司通過上櫃審議及上櫃對母公司報酬率之影響。探討通過審議之宣告以及掛牌上櫃是否具資訊效果,並同時針對全體樣本運用AR與CAR之方式。以下便是本研究分析之結果:1.對個別母公司而言,絕大部份時間投資人無法獲得異常報酬。2.對全體母公司而言,在宣告通過上櫃審議前的第8、11、15日可獲得異常報酬;在宣告通過上櫃審議後的第2、16、18日可獲得異常報酬。3.對全體母公司而言,在上櫃前的第17、22日可獲得異常報酬;在掛牌上櫃後則無法獲得異常報酬。4.對全體母公司而言,在通過上櫃審議之宣告前無資訊效果,無法獲得異常報酬。5.對全體母公司而言,在通過上櫃審議後一週半至兩週半有資訊效果,可獲得異常報酬。6.對全體母公司而言,在正式掛牌上櫃之前無資訊效果,無法獲得異常報酬。7.對全體母公司而言,在正式掛牌上櫃後一週半至三週內有資訊效果,可獲得異常報酬。8.母公司持股比例較高者,在通過上櫃審議之宣告後2至11日,其累積異常報酬相對較高。9.母公司持股比例不同者,在正式掛牌上櫃當日至後22日,其累積異常報酬並無顯著不同。
Along with economics developing, enterprises are pursuing growth and expansion scale. Different ways of growth and expansion result in different related businesses, which are connected with each other in economic activities, capital flow, business connection and producing - selling activities. Taking risk and profits into consideration, enterprises are also engaged in portfolio and internationalization, thus forming a business group. On the surface, they are independent corporate entities, while in fact, they are one large-scale business unity. The international environment has changed radically. To maintain competitive advantages, enterprises must accumulate capital from the public through issuing securities so that they may expand business scale, increase capital, promote industry level, and stabilize enterprise quality. The centralized stock market has become one of the best choices for enterprises to collect long-term capital in recent years. And there is also a tendency for group enterprises to transform their subsidiary departments into independent companies. Although by making their stock into market and OTC, enterprises share their profits with the public, they also transfer their managing risk to inventors. Therefore, for the benefit of the inventors, those enterprises that want to make their stock into market or OTC must have the ability to make profits and the perspective to develop. That is why there is the scrutiny system for such enterprises. It will benefit the parent company a lot if the company of transferred investment or the new branch company can pass the scrutiny system. Whether, because of investors'' expectation, the stock of the parent company will have abnormal premium before or after the declaration of passing the scrutiny is worth exploring. And before and after the transferred investing subsidiary formally go into market or OTC, whether the stock price of the parent company will be influenced or not is anotherinteresting topic. The present study intends to analyze the influence of the subsidiary''s passing the scrutiny system and its formally gettinginto OTC on the parent company''s premium by applying the interference model of the mutilvariable time series. It will also study whether the declaration of passing scrutiny and its official operation into OTC have information effects. To summarize all these relations, this study contains estimates of the AR and CAR for all samples. The empirical results are as follows:1. For the individual parent company, most of the time, inventors can not obtain abnormal premium.2. For all parent companies, they can have abnormal premium on the eighth, eleventh and fifteenth days before the declaration of passing OTC scrutiny;and on the second, sixteenth and eighteenth days after the declaration.3. For all parent companies, they can have abnormal premium on the seventeenth and twenty-second days before officially going into OTC; while not abnormal premium after it.4. For all parent companies, there is not information effect before the declaration of passing the OTC scrutiny and inventors cannot obtain abnormal premium.5. For all parent companies, there is information effect after one-and-a-half weeks to two-and-a-half weeks and inventors can obtain abnormal premium.6. For all parent companies, there is not information effect before officially goint into OTC and inventors cannot obtain abnormal premium.7. For all parent companies, there is information effect after one-and-a-half weeks to three weeks and the inventors can obtain abnormal premium.8. Parent companies with higher percentage of stock share over their subsidiaries have higher accumulated abnormal premium between the second to eleventh days before the declaration of passing OTC Scrutiny.9. Parent companies with different percentages of stock share do not have significantly different abnormal premium after the first totwenty -second days of officially going into OTC.
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