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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/58798


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    题名: 銀行現金增資對自有資本適足率變動的宣告效果之研究
    The announcement effects of seasoned equity offering on change of the capital adequacy ratios of financial holding companies in Taiwan
    作者: 游恩慈
    Yu, En Tzu
    贡献者: 張興華
    吳啟銘
    游恩慈
    Yu, En Tzu
    关键词: 現金增資
    資本適足率
    金融業
    日期: 2012
    上传时间: 2013-07-11 16:53:44 (UTC+8)
    摘要: 近年來金融環境變化劇烈，而金融危機發生的頻率也日益頻繁。金融危機發生時最容易先被關注的金融產業也是與我們日常生活最息息相關的。政府機關也因為金融業的重要性，往往將它列管為特許行業或施加一些規範去控管它的風險程度，例如近年所採納的Basel協議等。所以了解金融業的穩健程度與解決其中的資訊不對稱問題就變成當今重要的課題之一。
    一直以來，現金增資都被視為是解決內部與外部之間資訊不對稱的一個重要的管道，而國外有C.N.V. Krishnan (2010) 做了相關的研究，它們去了解資本適足率低的銀行現金增資與資本適足率高的銀行現金增資對於外部投資人來說是否有不一樣的解讀與反應。結果發現，這兩者並非如直覺般的有差異，兩者在宣告期間都有負面的宣告效果，且兩者的差異在統計上並沒有很顯著。
    但我們可以知道不同的政府對於監管的態度與策略並不太一致，所以了解台灣與美國間是否有差異便是本篇論文的一個目的。我們實證假說認為資本適足率低的銀行現金增資應有負面的效果，因為他使用了較多昂貴的資本，而資本適足率高的現金增資則會有一個正面的反應，因為這些現金增資往往都是拿來做較有利益的用途，抵銷了原本的宣告負面效果。實證結果顯示，在資本適足率低的銀行現金增資在宣告期有一個負面的反應，但是在某些事件期下，資本適足率高的銀行現金增資在台灣卻有一個顯著的正面宣告效果。 我們事後也對這個現象做了進一步的分析，推測應該是這個樣本中大部分的現金增資都拿來做為長期投資與放款的用途，抵銷了現金增資給人的負面效果。除此之外，我們也發現現金增資後的ROA有往上增加的趨勢，投資人也或許預測到了這樣的現象進而給予正面的肯定，此部分的結果也與我們的假說相呼應。
    參考文獻: 王克陸,黃思瑋,陳建偉, 2006. 現金增資前後營業績效變化與自由現金流量假說
    張飴芬, 2012. 台灣新上市櫃公司特徵對其首次現金增資時程及績效影響之探討
    沈中華, 李建然. 台灣經濟新報事件研究法使用手冊
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    描述: 碩士
    國立政治大學
    金融研究所
    98352008
    101
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0098352008
    数据类型: thesis
    显示于类别:[金融學系] 學位論文

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