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研究生:王晸文
研究生(外文):Wang, ChenWen
論文名稱:企業現金增資後績效之探討-以融資限制之觀點
論文名稱(外文):Evidence of Firm Performance after SEO - From Financial Constraints Aspect
指導教授:詹家昌詹家昌引用關係
指導教授(外文):Chan, ChiaChung
口試委員:林丙輝李春安張永和
口試委員(外文):Lin, BingHueiLi, ChunAnChang, YungHo
口試日期:2012-06-28
學位類別:碩士
校院名稱:東海大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
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:36
中文關鍵詞:現金增資融資限制系統風險
外文關鍵詞:SEOFinancial ConstraintSystematic Risk
相關次數:
  • 被引用被引用:5
  • 點閱點閱:352
  • 評分評分:
  • 下載下載:36
  • 收藏至我的研究室書目清單書目收藏:5
雖然過去有關現金資資的文獻有許多,且在觀察現金增資所帶來的影響時,大多以資訊不對稱的觀點來解釋。本文亦以此理論為基礎,然係以融資限制公司為研究對象,希望觀察現金增資後,在市場反應與系統風險上是否有異。本文首先建立模型分析,並將融資限制公司的異常報酬來源分解成兩個部分,一是市場對融資限制公司在現金增資時的反應不足,而二則是反應融資限制公司在現金增資後系統風險的變化。在實證結果方面,顯示高融資限制公司在現金增資後的系統風險顯著下降。在市場反應方面,也發現高融資限制公司在現金增資後,市場具有較為正面的反應。
Although there are many literatures talk about SEO, and when observed the influence what SEO brings , most of them explain it from the aspect of information asymmetry. Our paper is base on this theory and using financial constraint firms as empirical sample. We want to observe what the differences between market reaction and systematic risks after SEO. We construct model analysis first, then we separate the excess return of financial constraint firms into two parts according to our models: one is the under reaction from market, the other one is the change of systematic risks after SEO. From empirical evidences, we found out that systematic risks of highly financial constraint firms will decrease significantly after SEO. On the other hand, after SEO, market will have more positive reaction on financial constraint firms.
壹、前言                               1
貳、模型分析                             6
 一、非條件限制下,融資限制與非融資限制公司SEO後之異常報酬模型  6
 二、條件限制下,融資限制與非融資限制公司SEO後之異常報酬模型   7
 三、建立驗證的假說                         9
參、研究方法                             11
 一、資料選取方法                          11
 二、研究方法與變數定義                       11
  1.融資限制的估計                        11
  2.控制變數定義                         12
肆、實證結果與分析                          15
伍、結論                               30
陸、參考文獻                             32

沈中華、王建安,2000,「融資限制對公司投資的影響」,經濟論文。

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