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研究生:楊博宇
研究生(外文):Po-Yu Yang
論文名稱:沒有資訊也有影響: 上市櫃公司產業變更、投資人注意力與市場反應
論文名稱(外文):Lack of information can also have an impact: Changing industry categories of listed companies, investor attention, and market reaction.
指導教授:翁培師翁培師引用關係
指導教授(外文):Pei-Shih Weng
口試委員:羅德謙蔡明宏
口試委員(外文):Te-Chien LoMin-Hung Tsay
口試日期:2019-01-20
學位類別:碩士
校院名稱:國立東華大學
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:2019
畢業學年度:107
語文別:中文
論文頁數:89
中文關鍵詞:公司產業變更投資人注意力過度反應
外文關鍵詞:Change of company’s industryInvestor attentionOverreaction
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投資人的注意力有限且容易被分散,很多時候,投資人面臨的不是資訊不足,而是擁有的資訊太多無法逐一解讀,造成股價延遲反應或是過度反應,是造成市場波動的一大原因。過去研究指出公司發出不具經濟意義、也不向市場傳遞新資訊的「非事件」宣告,也可以像具有經濟意義、包含新資訊的「事件」引起市場的震盪。由於公司產業變更這種既具有「非事件」特徵,同時又包含新的資訊的「事件」議題較少被拿來討論,可能使投資人誤解其經濟含意。本研究以台灣證券交易所的上市櫃股票作為研究標的,探討投資人注意力對公司宣告產業變更的關聯,以及投資人如何對此作出投資決策。研究結果發現,公司營業產業變更後對其獲利能力沒有明顯改變,卻會吸引投資人注意力影響市場,造成市場波動。
Investor's attention is limited and easily distracted. In many cases, what investors are facing with is not the lack of information, but too much information to pay attention, which leads to under- or overreaction to stock price and following market volatility. Previous studies found that the announcement of “non-events”—the events do not convey any new signal or information to the public—can cause market fluctuations as informative events. Among various corporate announcements, changing industry category can be viewed as a non-event but may also submit new information to the market. Such a case is rarely discussed in the literature and therefore difficult for investors to realize its economic implications. By all listed companies in the Taiwan stock exchange as the sample, this study seeks to explore how investors react to the announcement of the change in corporate industry category and the influence on the market. The research results show that the shift in the industry category for a company does not represent significant changes in its profitability, but still attract the attention of investors, affect the trading activities, and cause market fluctuations.
第一章、緒論...........1
第二章、文獻回顧.......5
第三章、研究方法.......9
第四章、實證結果.......13
第五章、結論...........27
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