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研究生:李季格
論文名稱:台灣上市公司總經理特性對總經理更換 宣告效果影響
論文名稱(外文):The Announcement Effect of CEO Characteristics to Turnover of Listed Companies in Taiwan
指導教授:吳啟銘吳啟銘引用關係
學位類別:碩士
校院名稱:國立政治大學
系所名稱:企業管理研究所
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:103
語文別:中文
論文頁數:68
中文關鍵詞:宣告效果總經理特性事件研究法總經理更換
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本研究希望能藉由股票市場對於公司宣告總經理更換之反應,了解市場對台灣上市公司更換總經理之總經理特性看法是否能反映出總經理適任與否。
本研究以2005年至2014年於證交所公開資訊觀測站之重大訊息公告專區宣告更換總經理之台灣上市公司為研究樣本,結合台灣經濟新報TEJ+自公司年報與發布消息所彙整出與總經理特性之相關資訊,再透過事件研究法計算個別公司更換總經理的宣告效果。
本研究首先探討市場對公司更換總經理之整體看法為何,再透過複迴歸分析進一步探討更換總經理之新任總經理是否由董事長兼任、總經理是否由內部最終控制者成員出任、卸任總經理之在位期間長短、卸任總經理是否離開公司、卸任總經理之選任時持股百分比等因素對宣告效果的影響。
實證結果有以下發現:(一)更換總經理前經營績效表現良好之公司,而新任總經理之職雖然非由董事長出面兼任,但公司之新任總經理仍是由內部最終控制成員中進行選派時,會帶給市場顯著負面宣告效果(二)當新任總經理由董事長兼任,且公司過去經營績效表現良好時,若卸任總經理離開公司,會對公司造成負面宣告效果,這顯示市場認為公司過去經營績效表現良好與總經理之良好管理能力有關,故當新任總經理由董事長兼任使得經營權與所有權合一時,不但會影響董事會監控之獨立性又無法將卸任總經理之優秀才能保留延續,故卸任總經理又離開公司對公司來說是個壞消息。

第一章 緒論 8
第一節 研究背景與動機 8
第二節 研究目的 9
第三節 研究架構 10
第二章 文獻回顧與假說發展 12
第一節 文獻回顧 12
第二節 假說發展 16
第三章 研究方法 19
第一節 資料來源與樣本蒐集 19
第二節 樣本分類與分布 20
第三節 事件研究法 26
第四節 複迴歸分析之模型 32
第四章 實證結果分析 43
第一節 累積異常報酬率檢定分析 43
第二節 複迴歸分析 49
第五章 結論與建議 60
第一節 研究結論 60
第二節 研究限制與建議 61
參考文獻 63

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