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研究生:王智源
研究生(外文):Chih-Yuan Wang
論文名稱:台灣地區上市公司進行重整對股東財富之影響-考量「重整完成日/重整終止日」並經市場模式調整之實證結果
論文名稱(外文):The Impact of Corporate Reorganization on Shareholders’ Wealth-A Market-adjusted Empirical Analysis Taking into Account Reorganization Completion/Termination
指導教授:顏吉利顏吉利引用關係
指導教授(外文):Gili Yen
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:2005
畢業學年度:93
語文別:中文
論文頁數:53
中文關鍵詞:公司重整重整聲請法院裁定重整完成重整終止股東財富
外文關鍵詞:Reorganization-filingCourt decisionStockholders’ WealthCorporate reorganizationReorganization TerminationReorganization Completion
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本研究進一歩考量第三事件日(重整完成日/重整終止日) ,並採用經市場模式調整之事件研究法,以股價報酬率資料重行檢視公司進行重整對股東財富之影響,主要原因有三:(1)公司重整法規之訂定,主要目的是為了保護股東之權益,而股價報酬率則可用以反映股東財富之變動情形;(2)本研究採用經市場模式調整之事件研究法估算股東財富之變動情形,可與Yen, Chen & Lee (2003)之結果作一比較;(3)此外,本研究進一步考量第三事件日(重整完成日/重整終止日),期能對公司重整對股東財富之影響有更為深入之了解。
本研究蒐集,自民國55年我國公司重整制度建置起算至民國93 年年底為止,所有提出重整聲請之股票或公司債公開發行公司,針對經篩選符合本研究要求之36家重整聲請上市(16 家裁定獲准重整、8家遭到法院駁回、12家自行撤回)進行統計分析,獲致如下之主要實証發現:(1)公司重整之聲請,並未能產生「資產再生」效果。(2)另就法院裁定之結果而言,與預期相符,法院裁定重整廠商之股價表現與自行撤回廠商之股價表現並無明顯差異,且均優於法院裁定駁回廠商之股價表現。(3)就第三個事件日而言,與預期相符,重整完成廠商之股價表現明顯優於重整終止廠商之股價表現。
The present study makes market-adjusted estimates to reexamine the impact of corporate reorganization on shareholder wealth for three reasons: Firstly, the law of corporate reorganization is primarily meant to protect the interests of shareholders. Whereas, the availability of stock prices allow us to calculate the cumulative average returns as a means to estimate changes in shareholders’ wealth. Secondly, with market-adjusted estimates, the empirical results obtained in the present study can be compared with those of Yen, Chen and Lee (2003). Thirdly, by further considering the third event date (reorganization completion or reorganization termination), we can have a fuller understanding as to the impact of corporate reorganization on shareholders’ wealth.
After meticulously collecting the largest possible sample of reorganization-filing cases covering the period from the promulgation of corporate reorganization law in 1966 until 2004, the final sample includes 36 reorganization-filing listed firms—among them, 16 firms are approved by the court, 8 firms are dismissed by the court and 12 firms are withdrawn by themselves, respectively. The primary empirical findings are as follows: For the first event day of reorganization-filing, we have observed a continuous deterioration in stock prices. In other words, the notion of “asset rebirth” has not gained empirical support. For the second event day of court decision, based on the observation of both stock price movements and capital market estimates in its neighborhood, the approved group as expected has fared better when compared with the dismissed group. In other words, if the alternative is dismissal of petition for reorganization, we cannot reject the view that the court’s approval of corporate reorganization plan is beneficial to shareholders. For the third event date, stock prices are obvious better for the firms of completing reorganization than the firms of terminating reorganization.
第一章 緒論 1
第一節 研究主題與研究目的 1
第二節 研究流程與全文架構 3
第二章 公司重整制度概說及相關文獻探討 4
第一節 公司重整之法定程序 4
第二節 相關文獻回顧 13
第三章 研究設計 18
第一節 待驗證臆說之建立 18
第二節 研究方法 22
第四章 資料來源與樣本特性 24
第一節 資料來源 24
第二節 取樣標準 26
第三節 樣本蒐集與分類 27
第五章 實證分析 31
第一節 重整聲請之股東財富效果 31
第二節 法院裁定「重整聲請准駁」之股東財富效果 34
第三節 法院裁定「重整完成/重整終止」之股東財富效果 46
第六章 結論 49
參考書目 51
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6.張文武,「公司重整與股東財富— 台灣地區個案的再探討」,國立中央大學產業經濟研究所碩士論文,民國七十八年六月。

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32.Yen, G., C. Chen, and Y. Lee, 2003, “Corporate Reorganization, Court Decision, and Corporate Wealth: An Empirical Analysis”, in G. Yen, (ed.), Proceedings of 4th Annual National Conference on Management-related Topics, Taichung, Taiwan: Chaoyang University of Technology, pp.1-17.
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