臺灣博碩士論文加值系統

　　本研究使用事件分析法來探討股票市場對航空公司宣布撤銷航線的反應。因為航空業的特性，撤銷航線往往會對社會造成重大的影響。之前的研究已經分析了股票市場對公司宣布終止產品線、專案和工廠營運的反應。這些研究結果顯示，在投資人對宣佈公司的營運狀況有完全資訊的情況下，股票市場對宣告終止的事件會有正向的反應。相反的，在投資人對宣佈公司的營運狀況沒有完全資訊的情況下，股票市場則會有負向的反應。

　　本研究中的樣本包含了從1983年到2003年間共89筆由18家航空公司宣告的資料。經由實證研究，本研究發現取消航線對航空公司股價的影響並不明顯。但撤銷原因和公司內部營運有關的宣告以及一次撤銷多條航線的宣告則會有較低的累積異常報酬。此外，本研究還發現了航空公司的成長機會和其累積異常報酬之間有負向的關係。

　This research examines the stock market reactions to the airline route-terminating announcements by using event study analysis. The uniqueness of the airline industry makes the route-terminating announcement an important issue to the society. Some previous studies already investigated the market reactions to terminating announcements of product, project or plant operation. The empirical evidence shows that when the investors have complete information about the operation of the announcing company, the termination announcements will be accompanied by positive market reactions. On the contrary, when the investors do not have complete information about the announcing company, the termination announcements will be accompanied by negative market reactions.
　
　The sample in this study is composed of 89 announcements made by 18 airlines from 1983 to 2003. Based on the empirical findings, no clear impact of route termination to the stock price can be found. But terminations that are related with firm specific reasons and that terminate multiple routes at the same time will have lower two days cumulative abnormal return. Also, there is a negative relation between the growth opportunity of airline and two days cumulative abnormal return.

1. Introduction………………………………………………………1
2. Literature Review…………………………………………………2
3. Hypothesis………………………………………………………4
3-1. Market reaction to the route-terminating decision………………4
3-2. Market reactions to route terminations citing different reasons…6
3-3. Market reactions to terminations of domestic routes and inter- national routes…………………………………………………7
3-4 Market reactions to terminations of routes linked with hub and those did not……………………………………………………9
3-5 Market reaction to number of routes terminated………………11
4. Samples............................................................................................12
5. Methodology……………………………………………………15
6. Empirical evidence………………………………………………18
6-1 Entire sample………………………………………………18
6-2 Subsamples………………………………………………………20
6-3 Regression analysis……………………………………………24
7. Conclusion………………………………………………………26
8. Managerial implication……………………………………………27
9. Limitation and Future Research…………………………………28
10. Reference………………………………………………………30

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