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研究生:黃文秀
研究生(外文):Huang, Wen-Hsiu
論文名稱:我國上市櫃企業註冊地與股價暴跌風險之關聯
論文名稱(外文):The Crash Risk of Foreign and Domestic Issuers in Taiwan
指導教授:葛俊佑葛俊佑引用關係
指導教授(外文):Ko, Chun-You
口試委員:郭俐君陳岳鴻
口試委員(外文):Kuo, Li-ChunChen, Yueh-Hung
口試日期:2019-06-18
學位類別:碩士
校院名稱:東吳大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
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:73
中文關鍵詞:海外來臺第一上市櫃資訊透明度股價暴跌風險
外文關鍵詞:Foreign ListingInformation TransparencyStock Price Crash Risk
相關次數:
  • 被引用被引用:1
  • 點閱點閱:298
  • 評分評分:
  • 下載下載:51
  • 收藏至我的研究室書目清單書目收藏:1
2008年我國通過「海外企業來臺掛牌一二三計畫」,正式開放外國企業來臺第一上市櫃,2010年首家海外來臺第一上市櫃企業於我國掛牌。部份海外來臺第一上市櫃企業之註冊國家、上市櫃市場與主要營運區域分屬三地,投資人難以瞭解企業全貌,使企業與投資人間可能存有較嚴重的資訊不對稱,因此本研究欲探討我國上市櫃企業之註冊地是否會影響股價暴跌風險。
本研究參考Chen, Hong, and Stein (2001)與Hutton, Marcus, and Tehranian (2009)之研究方法,使用股價報酬負偏態係數(NCSKEW)與股價暴跌之虛擬變數(CRASH)衡量股價暴跌風險,以2010年至2017年作為樣本期間。實證結果顯示,相較於我國一般上市櫃企業,海外來臺第一上市櫃企業與股價暴跌風險具正向顯著關聯,顯示海外來臺第一上市櫃企業之股價暴跌風險較高。研究結果得幫助投資人瞭解註冊地所致的資訊風險,並提供予企業及主管機關於訂定資訊揭露政策時,將註冊地納為參考。

Since 2008, Taiwan government has begun the project for promoting foreign companies primary listing in Taiwan, and the first foreign company was initial public offering in 2010. Because foreign companies primary listing in Taiwan registered abroad and most of their main operating locations are not in Taiwan, it is more difficult for investors to understand the whole picture of the companies, thus, serious information asymmetry may occur between foreign companies and investors.
Using data initial public offering between 2010 and 2017, this study investigates whether the crash risk of foreign and domestic issuers in Taiwan is different. Following Chen, Hong, and Stein (2001) and Hutton, Marcus, and Tehranian (2009) using negative coefficient of skewness (NCSKEW) and dummy variable of crash (CRASH) as measures of crash risk, the empirical results show that foreign issuers have higher crash risk. The implications of this study could help investors to realize the information risk related to the registration place, and could provide as the reference to companies and regulators when setting the policy of information disclosure.

摘要 I
Abstract II
謝辭 III
目錄 IV
表目錄 V
圖目錄 VI
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與貢獻 3
第二章 文獻探討與假說發展 5
第一節 跨國上市企業之資訊環境 5
第二節 資訊透明度相關研究 8
第三節 股價暴跌風險之相關文獻 10
第四節 研究假說 13
第三章 研究方法 14
第一節 實證模型 14
第二節 變數衡量 15
第三節 研究樣本 20
第四章 實證結果 26
第一節 敘述性統計 26
第二節 相關係數表 29
第三節 實證分析 32
第四節 敏感性測試 37
第五節 增額測試 43
第五章 研究結論與建議 62
第一節 研究結論 62
第二節 研究限制與建議 63
參考文獻 64


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