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研究生:李柏慶
研究生(外文):Bo-Ching Li
論文名稱:股東對於高階主管異動之反應
論文名稱(外文):Stockholder Reactions to CEO Changes in Taiwan Corporations
指導教授:張琬喻張琬喻引用關係
指導教授(外文):Woan-Yuh Jang
學位類別:碩士
校院名稱:國立臺灣科技大學
系所名稱:企業管理系
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:105
中文關鍵詞:事件研究法高階主管異動股價
外文關鍵詞:Event StudyCEO changeStock Price
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高階主管在公司扮演著一個非常重要的角色,公司經營的成敗皆會受到影響,當高階主管績效不佳時,該主管可能必須面臨被更換的命運。而公司高階主管更換時,市場的反應將會是如何?另外在公司高階主管更換之後,公司的經營績效又會呈現何種變化?國外學者對於探討股東對高階主管異動之反應,並無一致的定論,因此本研究想了解在國內股東對高階主管異動之反應。
本研究是運用事件研究法對全體樣本、高階主管異動原因、新接任者來源與宣告前績效表現,進行高階主管異動宣告效果驗證。而樣本中高階主管異動的宣告時間點以工商時報、經濟日報或中時晚報,所刊登的消息為準並以最早出現的報導日為宣告日,研究期間從民國86年1月至90年2月總共130個樣本。本研究結論如下:
1. 全體樣本方面,台灣上市上櫃公司高階主管異動訊息在宣告當時,會對公司股價產生負面的影響,且具有短期(宣告後30個交易日內)負面的持續效果。
2. 高階主管異動原因不同,市場會有不同反應。
3. 接任者來源不同,市場不會有不同反應。
4. 宣告前績效表現不同,市場會有不同反應。
CEO plays an important role in the field of operation and performance of the corporation. CEO will be likely to change if the performance is poor. How the stock market reacts to the turnover? After the turnover, how the corporate performance goes on? There is no identical conclusion of stockholder reactions to CEO changes in foreign researches. We want to understand the effects of stockholder reactions to CEO changes in Taiwan Corporation.
This study uses the event study to test the stockholder reactions to CEO changes in Taiwan corporations for all samples, different departure reason, different performa- nce and source of new CEO. According to the newspapers, the date of CEO turnover announcement depends on the earliest date of it. There are 130 samples from 1998 to 2002/5.
The empirical study shows that the investors have strong negative reaction to all samples of CEO turnover announcement and have different reactions under different departure reason and different performance of CEO turnover announcement. But have the same reaction under different source of new CEO.
第壹章 緒論 1
第一節 研究動機 1
第二節 研究目的 2
第貳章 文獻探討 5
第一節 代理問題 5
第二節 管理階層異動宣告 7
第三節 接任者來源 16
第四節 其他 19
第參章 研究設計 26
第一節 資料來源及選取標準 26
第二節 樣本分組與描述 29
第三節 研究假說 34
第四節 研究方法 36
第肆章 實證結果分析與探討 47
第一節 全體樣本之資訊內涵 47
第二節 分類樣本之資訊內涵 50
第伍章 結論與建議 74
第一節 結論 74
第二節 研究限制與建議 78
附錄 79
參考文獻 100
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3. 蔡坤方 (1996),「事件研究法論-以台灣股票市場日資料為例」,碩士論文,國立中央大學財務管理研究所。
4. 莊忠柱等 (1999),「主管更迭的股東財富效果-以台灣上市公司董事長更迭為例」,台北銀行月刊,第29卷第6期,頁80-96。
5. 楊善富 (2000),「台灣上市公司高階主管持股比例、績效與離職關係之實證研究」,碩士論文, 國立中正大學會計學研究所。
6. 李淑玲 (2001),「重要管理階層更迭之股東財富效果」,國立中正大學財務金融研究所。
7. 陳建宏 (2001),「公司經理人異動對股東財富與公司經營績效影響之研究」,碩士論文,朝陽科技大學財務金融系碩士班。
8. 張家智 (2001),「相對績效評量與總經理離職、薪酬之實證研究-考慮產業競爭程度」,碩士論文,國立中正大學會計學研究所。
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