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研究生:黃志仁
研究生(外文):Huang, Chih-Jen
論文名稱:子公司操作母公司股票:操作行為,宣告效果與內部人交易
指導教授:俞明德俞明德引用關係沈仰斌沈仰斌引用關係
學位類別:博士
校院名稱:國立中央大學
系所名稱:財務金融研究所
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:2002
畢業學年度:90
語文別:英文
論文頁數:63
中文關鍵詞:子公司宣告效果內部人
外文關鍵詞:subsidiaryannouncement effectinsider
相關次數:
  • 被引用被引用:7
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  • 下載下載:268
  • 收藏至我的研究室書目清單書目收藏:2
本文首先針對子公司操作母公司股票(STPS)資料作有系統的檢視,並參考公開市場股票購回(open market repurchase)與釋股(seasoned equity offerings)的訊號假說作實證分析。發現STPS的操作行為與公開市場股票購回、釋股的訊號假說不一致。以大股東質押比例當作探討代理問題的變數,發現大股東質押比例與買入操作比例和淨操作比例呈正相關,顯示STPS的動機可能與鞏固大股東個人利益有關。證據顯示子公司的投資決策明顯受到母公司影響,具有「機構內部人」的角色特質。
本文驗證STPS的宣告效果,藉以探討市場投資人是否認為子公司具有傳遞內部訊息的角色。並參考有關公開市場股票購回的文獻,驗證此宣告效果的決定因素。發現子公司買回(賣出)母公司股票宣告日,母公司股價會有正(負)的宣告效果(但幅度不如公開市場股票購回),顯示市場認為子公司具有傳遞母公司訊息的角色。進一步驗證此宣告效果的決定因素,顯示(1)子公司賣出母公司股票程度越大,負的宣告效果越顯著;(2)子公司買回母公司股票樣本(-7, 0)的累積異常報酬與(-30, -8)的累積異常報酬呈負相關。上述兩項證據皆支持訊號假說(signaling hypothesis)。
最後,檢視母公司內部人在STPS的宣告日前後,是否有異常的取得或轉讓持股行為,並驗證內部人取得或轉讓持股的程度與STPS宣告效果之間的關聯性。顯示子公司買回母公司股票宣告之前,母公司內部人有顯著的取得自家股票行為。子公司買回(賣出)母公司股票程度越大,內部人取得(轉讓)持股程度也越大。此結果支持「內部人能事先預期STPS的程度,並將此訊息反應在自己個人的交易」的假說,也顯示母公司內部人對子公司的投資決策具有一定程度的影響力。本文也發現,之前母公司內部人取得(轉讓)持股越多,子公司賣出母公司股票負的宣告效果越小(越大),此結果與「互補訊號(complementary signaling)」假說一致。
第一章 緒論
第二章 資料特性與操作行為
壹 緒論 貳 研究假說、變數討論與研究方法
參 資料來源與資料特性
肆 實證結果
伍 結論與建議
第三章 宣告效果及其決定因素
1. Introduction
2. Sample and methodology
3. Empirical results
4. Determinants of announcement effects
5. Conclusions and discussion
第四章 內部人交易
1. Introduction
2. Data
3. Methodology and Results
4. Conclusions
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