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研究生:陳世弘
研究生(外文):Shih-Hung Chen
論文名稱:大股東持股與股價表現、公司經營績效短期觀點之研究
論文名稱(外文):The study of relationship between large shareholder holding ratios、change in stock price and company’s short-term performance
指導教授:朱美珍朱美珍引用關係
指導教授(外文):Mei-Chen Chu
學位類別:碩士
校院名稱:銘傳大學
系所名稱:資訊管理學系碩士在職專班
學門:電算機學門
學類:電算機一般學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:中文
論文頁數:57
中文關鍵詞:大股東持股比例經營績效
外文關鍵詞:holding ratiosPerformanceThe Large Shareholder
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過去多數學者探討大股東持股與公司績效的關聯性,並未將股價變化的因素納入考量。倘若大股東持股的增減準則是在於股價變化所產生的,如此其所代表的意義將是有所差異性。因此,本研究以2010年4月至2011年10月之台灣上市公司作為主要研究對象,再以大股東持股變化為標準,取其持股比例漲跌幅最大各100家公司數作為本研究之對象,主要探討大股東持股與股價兩者間之增減變化的四種類型,進而利用統計方法預測未來三個月與一年期間公司經營績效是否有利多或利空的狀況。研究結果顯示:(一) 在未來期間三個月時,不論大股東持股及股價變化如何,對公司經營績效皆無顯著差異性;(二) 在未來期間一年時,當大股東持股減少但是股價卻上漲的情況下,公司經營績效較差。研究結果擬提供投資者對投資標的公司其大股東持股比率變動與股價變化對未來經營期間公司經營績效是否顯著差異性作為投資者投資決策之重要參考依據。
The factor of stock price fluctuation had not been taken into the consideration in the past studies which are researching into the correlation between the large shareholder and company’s performance. If the cause of large shareholder increase or decrease stock holding ratios was on the strength of stock price fluctuation, it would stand for different meaning. Therefore, the main objects of this study are the companies, whose largest shareholder holding fluctuated, and take both of one hundred companies with the largest increase and decrease of the holding ratios, listed on the Taiwan Stock Exchange from April 2010 to October 2011, look into the fluctuation relationship between the large shareholder holding ratios and stock price, and divided research samples into four sigmas and use statistical analysis to predict the company’s performance in the coming three month and one year which are profitable or non-profitable in short term.The results of this study indicate as follows: 1. For the next three months, neither large shareholder holding nor stock price would make notable changes on operating performance. 2. For the coming year, operating performance would go down as the result of lessen large shareholder holding and higher stock price. The result will be taken as substantial information for investors to make decision as they can understand how large shareholder stock hold ratio shifting and stock price fluctuating will impact company’s performance in the future.
中文摘要
英文摘要
誌謝
目錄
表目錄
圖目錄
第壹章 緒論
第一節 研究背景與動機
第二節 研究目的
第三節 研究流程及架構
第貳章 文獻探討
第一節 公司治理
第二節 股權結構
第三節 內部人交易與資訊不對稱
第參章 研究設計
第一節 研究架構
第二節 研究範圍、期間與資料來源
第三節 研究變數
第四節 研究假說
第五節 研究方法
第肆章 實證分析
第一節 敘述性統計分析
第二節 單一樣本T 檢定分析
第伍章 結論與建議
第一節 結論
第二節 建議
參考文獻
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二、國外文獻
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