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研究生:朱漢興
研究生(外文):Hann-Shing Ju
論文名稱:成長機會與資訊不對稱對轉投資宣效果影響之研究
論文名稱(外文):The Impacts of Growth Opportunity and Information Asymmetry on Announcement of Diversification
指導教授:黃旭輝黃旭輝引用關係
指導教授(外文):Hse-Huei Huang
學位類別:碩士
校院名稱:朝陽科技大學
系所名稱:企業管理系碩士班
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:2002
畢業學年度:90
語文別:中文
論文頁數:71
中文關鍵詞:多角化轉投資成長機會資訊不對稱可支配現金流量
外文關鍵詞:diversificationgrowth opportunityasymmetric informationfree cash flow
相關次數:
  • 被引用被引用:13
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  • 下載下載:46
  • 收藏至我的研究室書目清單書目收藏:1
本研究係選取民國85年至民國89年上市、上櫃公司市多角化轉投資的宣告為研究樣本,共計56筆樣本,以事件研究法探討轉投資的宣告是否會使股價產生累積異常報酬率的效果,從公司成長機會、資訊不對稱及可支配現金流量的角度,以迴歸分析探討其對轉投資宣告的財富效果是否有顯著的解釋能力。並利用資訊不對稱、成長機會及可支配現金流量等三項變數與轉投資同業或異業之互動效果,進一步檢視變數平均值的高低程度與與轉投資同業或異業在事件窗口的累積異常報酬率。其實證結果顯示:
1.異業轉投資宣告之財富效果小於同業。
2.資訊不對稱越大轉投資宣告之財富效果越差。
3.沒有證據顯示可支配現金流量越大轉投資宣告之財富效果越差。
4.公司成長機會越大轉投資宣告之財富效果越差。
5.公司成長機會高轉投資同業宣告之財富效果佳;但沒有證據顯示公司成長機會低轉投資異業宣告之財富效果佳。
6.可支配現金流量越大異業轉投資宣告之財富效果越差。
7.資訊不對稱越大異業轉投資宣告之財富效果越差。
This study used event study to observe the influence of cumulative abnormal return on announcement of diversification. The firms collected were 56 from the Taiwan Security Exchange or the OTC between 1996 and 2000. Using regression analysis to explore wealth effect of growth opportunity, asymmetric information and free cash flow on announcement of diversification, and to analysis interactive effect on same or different industry of event windows. All samples are classified into low or high value groups from growth opportunity, asymmetric information and free cash flow, and analysis interactive effect on same or different industry of investment announcement. The empirical results are:
1.Different industry of investment announcements had less wealth effect than same industry.
2.Investment announcements of high asymmetric information had less wealth effect.
3.Investment announcements of high free cash flow had no significant negatively cumulative abnormal return.
4.Investment announcements of high growth opportunity had less wealth effect.
5.Same industry of investment announcements of high growth opportunity had more wealth effect. There had no wealth effect of different industry of investment announcements of low growth opportunity.
6.Different industry of investment announcements of high free cash flow had less wealth effect.
7.Different industry of investment announcements of high asymmetric information had less wealth effect.
第壹章 緒論 1
第一節 研究動機與目的 1
第二節 研究範圍與研究限制 4
第三節 研究流程與論文架構 5
第貳章 文獻探討 7
第一節 相關理論回顧 7
第二節 多角化轉投資之文獻回顧 10
第參章 研究方法 16
第一節 研究假說 16
第二節 研究變數之操作性定義與衡量 20
第三節 研究樣本選取及資料來源 25
第四節 研究方法 27
第肆章 實證結果與分析 31
第一節 轉投資宣告對股價的反應 31
第二節 轉投資宣告之迴歸分析 43
第三節 轉投資同異業之互動效果分析 58
第伍章 結論與建議 63
第一節 研究結論 63
第二節 建議 66
參考文獻 67
一、中文部分
1.江毓潔,「從代理理論的觀點探討股權結構與公司多角化的關係」,國立中正大學財務金融研究所未出版碩士論文,民國86年6月。
2.余易明,「集團企業多角化價值與融資優勢之時間趨勢研究」,國立中央大學企業管理研究所未出版碩士論文,民國87年6月。
3.林永塗,「台灣上市公司股權結構、企業特性與轉投資之研究」,國立中正大學企業管理研究所未出版碩士論文,民國82年6月。
4.林伊華,「公司績效不佳後採行反應動作之實證研究」,私立東海大學管理研究所未出版碩士論文,民國89年6月。
5.吳佩琪,「台灣地區集團企業多角化真實效果-公司價值與會計績效研究」,國立中正大學財務金融研究所未出版碩士論文,民國85年6月。
6.吳建輝,「集團企業多角化型態與代理成本關聯性之研究」,私立東海大學管理研究所未出版碩士論文,民國89年6月。
7.胡斌成,「集團企業多角化策略對內部上市公司系統風險影響之研究」,國立政治大學企業管理研究所未出版碩士論文,民國79年6月。
8.竟�貞,「從轉投資揭露資訊探討台灣股票上市公司之財務危機」,私立淡江大學財務金融研究所未出版碩士論文,民國89年6月。
9.徐箴宜,「多角化與國際化對企業經營績效影響之實證研究」,國立成奶j學國際企業研究所未出版碩士論文,民國90年6月。
10.陳麗雯,「企業轉投資與其系統風險關係之研究」,國立台灣大學財務金融研究所未出版碩士論文,民國84年6月。
11.黃仲生,「多角化對公司價值影響之實證研究」,國立中山大學財務管理研究所未出版碩士論文,民國85年6月。
12.蔡文怡,「臺灣地區紡織業上市公司轉投資活動之研究」,國立政治大學企業管理研究所未出版碩士論文,民國81年6月。
13.劉全益,「臺灣地區集團企業多角化與其進入策略之研究」,國立成奶j學企業管理研究所未出版碩士論文,民國80年6月。

二、英文部分
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11.Fluck, Z. and A. Lynch, 1999, "Why Do Firms Merge and Then Divest? A Theory of Financial Synergy," Journal of Business 72, 319-346.
12.Hadlock, C., M. Ryngaert, and S. Thomas, 2001, "Corporate Structure and Equity Offerings: Are there Benefits to Diversification ? ," Journal of Business 74, 613-635.
13.Harford, J., 1999, "Corporate Cash Reserves and Acquisitions," Journal of Financial 54, 1969-1997.
14.Hyland, D.C. and J. D. Dilitz, 2002, "Why Firms Diversify: An Empirical Examination," Financial Management 31, 51-81.
15.Jensen, M. C. and W. H. Meckling, 1976, "Theory of the firm: managerial behavior, agency costs, and ownership structure," Journal of Financial Economics, 305-360.
16.Jensen, M. and R. Ruback, 1983, "The Market for Corporate Control," Journal of Financial Economics 11, 5-50.
17.Jensen, M., 1986, Agency cost of free cash flow, corporate finance, and takeovers, American Economic Review Papers and Proceedings 3, 323-329.
18.Kaplan, S. and M. Weisbach, 1992, "The Success of Acquisitions: Evidence from Divestitures," Journal of Finance 48, 107-138.
19.Lang, L. and R. Stulz, 1994, "Corporate Diversification and Firm Performance," Journal of Political Economy 102, 142-174.
20.Lamont, O. A. and Polk, C., 2002, "Does diversification destroy value ? Evidence from the industry shocks," Journal of Financial Economics 63, 51-57.
21.Lehn, K. and A. Poulsen, 1989, "Free cash flow and stockholder gains in going private transactions," Journal of Finance 44, 771-787.
22.Lewellen, W., 1971, "A Pure Financial Rationale for the Conglomerate Merger," Journal of Finance 26, 521-537.
23.Lewellen, W., C. Loderer, and A. Rosenfeld, 1989, "Mergers, Executive Risk Reduction, and Stockholder Wealth," Journal of Financial and Quantitative Analysis 24, 459-472.
24.Liebeskind, J. and T. Opler, 1995, The Cause of Corporate Refocusing: Evidence from the 1980s, University of Southern California, Working Paper.
25.Miller, M. H. and F. Modigliani, 1961, "Dividend policy, growth, and the value of shares," Journal of Business 34, 411-433.
26.Matsusaka, J., 1993, "Takeover Motives during the Conglomerate Merger Wave," RAND Journal of Economics 24, 357-379.
27.Morck, R., A. Shleifer, and R. Vishny, 1990, "Do Managerial Objectives Drive Bad Acquisitions ? ," Journal of Finance 45, 31-48.
28.Myers, Stewart, and Nicholas Majluf, 1984, "Corporate financing and investment descisions when firms have information that investors do not have," Journal of Financial Economics 13, 187-221.
29.Meyer M., Milgrom, P., and Roberts, J., 1992, "Organizational prospects, influence costs, and Ownership changes," Journal of Economics and Management Strategy 1, 9-35.
30.Oviatt, B. M., 1988, "Agency and Transaction Cost Perspectives on The Manager-Shareholder Relationship: Incentive for Congruent Interests," Academy of Management Review 13, 214-225.
31.Poter, M., 1987, "From Competitive Advantage to Corporate Strategy," Harvard Business Review 65, 43-59.
32.Ravenscraft, D. , 1987, The 1980s Mergger Wave: An Industrial Organization Perspective, in The Merger Boom: An Overview, edited by L. Browne and E. Rosengren, Boston: Federal Reserve Bank of Boston, 17-37.
33.Scharfstein, D. and J. Stein, 2000, "The Dark Side of Internal Capital Markets : Divisional Rent-Seeking and Inefficient Investment," Journal of Finance, 55, 2537-2564.
34.Servaes, H., "The value of diversification during the conglomerate merger wave," Journal of Finance 51, 1996, 1201-1225.
35.Shleifer A. and R. W. Vishny, 1989, "Management Entrenchment: The Case of Manager-Specific Investments," Journal of Financial Economics 25, 123-139.
36.Stein, J., 1997, "Internal Capital Markets and the Competition for Corporate Resources," Journal of Finance 52, 111-133.
37.Stulz, R.M., 1990, "Managerial discretion and optimal financing policies," Journal of Financial Economics 45, 379-396.
38.Williamson, O. E., 1970, Corporate Control and Business Behavior: An Inquiry into the Effects of Orginizational form on Enterprise Behavior," Prentice Hall, Englewood Cliffs, N.J.
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