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研究生:顧婉蕾
研究生(外文):Wan-Lei Gu
論文名稱:訴訟損失、股票更名與企業價值之研究
論文名稱(外文):A Study on the Litigation Loss, Stock Name Chang-ing and Enterprise Value
指導教授:董澍琦董澍琦引用關係
口試委員:葉宗穎林昆立
口試日期:2017-07-24
學位類別:碩士
校院名稱:國立中興大學
系所名稱:財務金融學系所
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:2017
畢業學年度:105
語文別:中文
論文頁數:40
中文關鍵詞:訴訟訴訟損失股票更名企業價值
外文關鍵詞:lawsuitlitigation lossname change of the listed companiesenterprise value
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在國內外資本市場上,廣泛存在著上市公司股票更名的現象。據統計,美國資本市場超過30%的上市公司存在股票更名歷史。近年來,中國上市公司也掀起了一場股票更名浪潮,2016年共有144家上市公司股票更名,而在五年之前,股票更名的上市公司僅為35家。上市公司股票名稱是上市公司社會聲譽的天然載體,凝聚了上市公司的歷史業績和經營成果。那麼,是什麼原因導致越來越多的上市公司對股票進行更名處理的呢?從成本收益相權衡的角度看,上市公司聲譽不佳是其更名的重要原因,而訴訟事件往往會導致上市公司巨額訴訟損失,並造成聲譽不佳。因此,上市公司訴訟事件為我們研究公司訴訟損失與股票更名的關係以及股票更名的作用提出了天然的樣本。
本文以上市公司借貸、擔保訴訟為例,以2001年~2014年期間以被告方身份出現的421家上市公司為研究樣本,實證考察了訴訟損失與上市公司股票更名的相關性,以及股票更名的經濟效應。本文得到的主要結論如下:第一,借貸、擔保訴訟期間,上市公司的股價顯著下跌,表明上市公司訴訟糾紛造成了上市公司的訴訟損失。第二,上市公司借貸、擔保訴訟造成的訴訟損失越大,上市公司股票更名的可能性越大。第三,上市公司借貸、擔保訴訟造成的訴訟損失越大,上市公司企業價值降低的幅度越大,且上市公司股票更名並不能緩解訴訟損失對企業價值的負面影響。第四,上市公司借貸、擔保訴訟引發的訴訟損失會對公司產品市場、信貸市場和資本市場造成負面衝擊,上市公司股票更名可以緩解公司訴訟對資本市場的衝擊,但是不能緩解公司訴訟對產品市場和信貸市場的衝擊。
本文的實證結果表明,上市公司更名是一種市值管理“伎倆”,不能從根本上改善公司財務績效。因此,本文建議證券監管部門出臺法令對上市公司股票更名加以規範。
The name change behavior of listed companies widely exists in both the do-mestic capital market and capital market abroad. According to statistics, more than 30% of the listed companies in US share name change history. In recent years, China’s listed companies also set off a wave of name change behavior. For example, there are 144 companies changed its name in the year of 2016, while just five years before the number was 35. The name of a company mirrors its business reputation and has fundamental effects on its performance. It is reasonable to expect companies to be more likely change their names once they are exposed to litigation loss. And the lawsuits often leads to large litigation loss of the listed companies, as a result, the lawsuits offer us a natural samples to study the rela-tionship between reputation damage and the section of name change behavior.
Using a sample of 421 listed companies who was in related to borrowing and guarantee lawsuit and played as the defendant from 2001 to 2014, this paper em-pirical examines the correlation between the litigation loss from the lawsuit and name change of listed companies. Further, we study the economic effect of be-havior of name change of the listed companies. This paper finds: (1) during the period of borrowing and guarantee lawsuit, the listed company’s share price dropped significantly, which shows that the lawsuit cause litigation loss of the listed companies. (2) The more litigation loss from borrowing and guarantee law-suit, the big of the change that the listed company changed its name. (3) The more litigation loss from borrowing and guarantee lawsuit, the greater decline of the enterprise value of the listed company. And the name change behavior of listed companies does not alleviate the negative effect. (4) The borrowing and guarantee lawsuit cause a negative effect to the product market and credit market and capi-tal market of the listed companies. The behavior of name change of the listed companies may relieve the negative effect of capital market, while does not relieve the negative effect of product market and credit market.
The empirical results show that name change of the listed companies is just a tool to manage enterprise market value and can’t improve financial performance of the listed companies fundamentally. Therefore, this article suggested that the securities regulators should introduce laws to standard name change of the listed companies.
第一章 緒論 1
第一節 研究背景 1
第二節 文獻回顧 2
第三節 研究架構與流程 6
第二章 理論分析與假說 8
第一節 名詞定義 8
第二節 理論基礎 9
第三節 研究假說 11
第三章 樣本描述與模型建構 14
第一節 樣本描述 14
第二節 模型建構 15
第四章 實證結果與分析 21
第一節 敘述性統計分析與相關係數檢驗 21
第二節 多元邏輯回歸結果與分析 25
第三節 多元線性回歸結果與分析 27
第四節 穩健性檢驗 32
第五章 結論與建議 35
第一節 主要結論與建議 35
第二節 研究的侷限性 35
第三節 未來的研究方向 36
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英文文獻 38
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