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研究生:王泑云
研究生(外文):Yu-Yun Wang
論文名稱:資產減損之資訊內涵與內部人持股變動之關聯性研究
論文名稱(外文):A Study on The Association between Information Content of Asset Write-Downs and The Changes in Insiders' Shareholdings
指導教授:蔡柳卿蔡柳卿引用關係
指導教授(外文):Liu-Ching Tsai
學位類別:碩士
校院名稱:國立嘉義大學
系所名稱:企業管理學系
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
畢業學年度:100
語文別:中文
論文頁數:61
中文關鍵詞:資產減損內部人交易資訊內涵
外文關鍵詞:Asset write-downsInsider tradeInformation content
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摘要
本研究主要針對2004年1月1日至2010年12月31日共計7年之上市、櫃公司的內部人交易情形及資產減損相關財務資料進行迴歸分析,並以長期性之關聯性研究主要方法,主要進行相關議題探討:一、資產減損宣告之市場反應與內部人持股變動是否有顯著正向相關。二、資產減損宣告後之長期市場反應效果與資產減損宣告前內部人持股變動是否有顯著正向相關。實證結果發現:首先,針對假說一進行全體樣本檢測,發現資產減損宣告之市場反應與內部人持股變動確實有顯著正向相關,第二部分進一步將全體樣本區分內部人淨買入與淨賣出兩組樣本與股票報酬率進行迴歸分析,再次證明資產減損宣告之市場反應與內部人持股變動確實有顯著正向相關,因此,第一部分與第二部分皆可推論內部人可以預測資產減損對於公司營運的表現好壞,且內部人預測與市場反應相符合,藉此評估相關投資活動;最後分析各年度股票報酬率,可得知資產減損宣告後之長期市場反應效果與資產減損宣告前內部人持股變動有顯著正向相關,內部人預期資產減損所造成市場反應會持續一至兩年,證實進行資產減損並非即時性。

關鍵字:資產減損、內部人交易、資訊內涵
Abstract
The current research aims to investigate the following issues: (1) whether there is a significant relationship between the market returns of asset write-downs announcements and the changes in insiders’ shareholdings over the pre-announcement period, and (2) whether there is a significant relationship between the long-term market returns subsequent to asset write-downs announcements and the changes in insiders’ shareholdings over the pre-announcement period. Using a sample of listed and OTC firms with asset write-downs from January 1, 2004 to December 31, 2010, I conduct regression analyses to the above issues. According to the empirical evidence, this study finds that the market reaction of asset write-downs announcements is positively and significantly related to the changes in insiders’ shareholdings over the pre-announcement period. In addition, this study also finds the evidence supporting the positive relationship between long-term market returns of asset write-downs and the changes in insiders’ shareholdings over the pre-announcement period. These findings provide an implication that insider trading indeed plays an important role in conveying information to the market, particularly for those corporate decisions with ambiguous information nature.

Keywords: Asset write-downs, Insider trade, Information content
第一章 緒論 1
第一節 研究動機與目的 1
第三節 研究架構 3
第二章 文獻探討 5
第一節 資產減損之起源與相關規定 5
第二節 資產減損與股價反應關係 7
第三節 內部人交易之定義與相關實證研究 13
第三章 研究方法 18
第一節 研究假說 18
第二節 實證模型與變數衡量 20
第三節 資料來源與樣本 24
第四章 實證結果分析 26
第一節 敘述統計分析 26
第二節 相關分析 30
第三節 迴歸結果分析 32
第五章 結論與建議 46
第一節 研究結論 46
第二節 研究限制 49
第三節 研究建議 50
參考文獻 51

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8. 曹美娟(2006),我國企業資產減損之資訊內涵與決定因素研究,國立台北大學會計學研究所未出版博士論文。
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二、英文部分
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