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| Title: | 公司形象與處分效果之關聯性分析
The relation analysis of corporate image and investor’s disposition effect |
| Authors: | 黃冠華
Huang, Guan-Hua |
| Contributors: | 李志宏
Lee, Jie-Haun
黃冠華
Huang, Guan-Hua |
| Keywords: | 行為財務學
公司形象
處分效果
Behavior Finance
Corporate image
Disposition effect |
| Date: | 2018 |
| Issue Date: | 2018-07-03 17:25:12 (UTC+8) |
| Abstract: | 本文主要探討公司形象對於投資人處分效果的影響，並考量盈餘宣布為正之消息面因素與公司規模大小是否會進一步對於公司形象與投資人處分效果之間的關聯性產生影響。本文衡量處分效果的方式採Weber and Camerer(1998)所提之處分係數來衡量投資人處分效果的大小，而公司形象方面利用天下雜誌1994年至2016年所公布之標竿企業為標準，曾獲選為標竿企業者即為本研究所定義之形象好的公司，另挑選相對應無得獎的公司為形象普通的公司，比較兩者處分效果差異。實證結果發現，形象好的公司相對於形象普通的公司，處分效果顯著來的小，與本文預期形象好的公司，由於投資人後悔趨避程度小，會降低其處分效果。考量盈餘宣布為正之消息面因素，發現投資人受光環效應影響，面對形象好的公司，其處分效果仍相對形象普通的公司小；最後，本文也做了穩健性檢定，發現形象好的公司並非因為其規模較大而處分效果較低，進一步驗證公司形象確實會影響投資人的處分效果；在研究方法上，也進一步考量投資人持有成本與賣方啟動之交易量計算處分效果，最後所做出結果雖然考量盈餘宣布為正之消息面因素並不顯著，但在一般情況下形象好之公司處分效果仍低於形象普通之公司，且同樣不受規模因子干擾，證實公司形象仍對於投資人處分效果存在影響性。
In this paper we discuss the influence of the corporate image on investor’s disposition effect, and whether the announcement of positive earnings and firm’s size would further have impact on the relationship between the corporate image and investor’s disposition effect. Our measurement of disposition effect is disposition coefficient suggested by Weber and Camerer(1998), and we defined the corporate good image by the results of 1994 to 2016 Taiwan’s most admired firms from CommonWealth magazine. Besides, we also selected corresponding firms which were not included in our good image samples as firms with common image. First, our empricial results found that compared to corporate with common image, the disposition effect of firms with good image is significantly smaller. The outcome is expected because investors have lower degree of regret aversion on good image firms, which would decrease disposition effect. Second, considering the announcement of positive earnings, we found that disposition effect of firms with good image is still lower than firms with common image because of halo effect. Last, our study also do the robustness check, and we found that the disposition effect of firms with good image is smaller than firms with common image is not because of size but corporate image. In terms of research methods, the factor of the investor’s holding costs and the amount of transaction initiated by the seller are also taken into consideration. Although the final results are not significant considering the announcement of positive earnings, disposition effect of companies with good image in general is still lower than that of an ordinary company, and it is also not affected by size factors. It is confirmed that the company’s image still has influence on the disposition of investors. |
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| Description: | 碩士
國立政治大學
財務管理學系
105357029 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105357029 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.Finance.006.2018.F07 |
| Appears in Collections: | [財務管理學系] 學位論文
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