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    政大機構典藏 > 商學院 > 企業管理學系 > 學位論文 >  Item 140.119/83137
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/83137


    Title: 我國上市公司撤資行為之研究
    The Effects of Divestiture on Seller Firms` Operating Performance and Shareholders` Wealth: Taiwan Evidence
    Authors: 江馥永
    Chiang, Fu-Yung
    Contributors: 陳隆麒
    楊子江

    江馥永
    Chiang, Fu-Yung
    Keywords: 撤資
    資產出售
    資產分割
    Divestiture
    Sell-off
    Split-off
    Date: 2000
    Issue Date: 2016-03-31 13:25:50 (UTC+8)
    Abstract: 本研究之研究目的旨在探討國內上市公司進行撤資活動對其股價與未來營運績效所產生的影響。研究期間為民國八十年一月一日至八十六年十二月三十一日,經搜集相關資料後共取得57個符合條件的撤資樣本。本研究以撤資宣告日前31日至宣告日前120日為市場模式之估計期,而以撤資宣告日前300日至宣告日後30日為事件觀察期,採用事件研究法分析撤資賣方公司的撤資宣告效果。除此之外,本研究亦以五日累積異常報酬為依變數,而以公司規模、撤資規模、撤資損益、公司財務狀況、股票市場多空為自變數進行橫斷面複迴歸分析,試圖找出影響累積異常報酬的因素,最後並利用簡單迴歸模型進一步比較公司撤資前後之營運績效是否有顯著差異,經由實證分析後得到以下研究結論:
    Reference: 一、中文部分
    1. 沈中華、張大成,事件研究與移動貝他,台大管理論叢第四卷第一期,民國八十二年五月,頁1-35
    2. 林炯垚,財務管理-理論與實務,華泰書局,民國七十九年二月
    3. 陳隆麒,自願性資產出售宣佈對於股東財富影響的研究,管理評論,民國七十六年七月,頁141-156
    4. 陳隆麒,現代財務管理-理論與應用,華泰書局,民國八十一年二月
    5. 徐偉傑,上市公司發行權益相關證券之融資效果資訊內涵-異質條件變異數分析法,政治大學財金所碩士論文,民國八十四年六月
    6. 徐燕山,投資學,三民書局,民國八十四年十一月
    7. 管夢欣,長期性資產出售交易與盈餘操縱行為之關聯性實證研究,台灣大學會計研究所碩士論文,民國八十二年六月
    8. 顏月珠,實用統計方法-圖解與實例,三民書局,民國七十八年十月
    9. 顏錫銘,台灣企業國際財務管理,翰蘆出版社,民國八十五年一月
    10. 張嘉宏,我國上市公資產出售與股價之關係,國立政治大學財務管理研究所碩士論文,民國八十五年六月
    11. 謝劍平、周昆,投資銀行,華泰書局,民國八十五年四月
    二、英文部分
    1. Afshar, K. A, R. J.Taffler and P. S. Sudarsanam, ”The Effect of Corporate Divestments on Shareholder Wealth: The UK Evidence”, Journal of Banking and Finance, 16, 1992, pp. 115-135.
    2. Alexander G. J., P. G. Benson, and J. M. Kampmeyer, ”Investigation the Valuation Effect of Announcements of Voluntary Corporate Selloffs”, The Journal of Finance, 39, 1984, pp503-517.
    3. Bey R. and G. Pinches, ”Additional Evidence of Heteroscedasticity in the Market Model”, Journal of Financial and Quantitative Analysis, 15, 1980, pp299-322.
    4. Boudreaux,J. K.,”Divestiture and Share Price”, Journal of Financial and Quantitative Analysis, 11, 1975 ,pp.619-626.
    5. Brown S.J. and Warner J.B., ”Using Daily Stock Returns: the Case of Event Studies”, Journal of Financial Economics, 14,1985, pp3-31.
    6. Brown K., L. Lockwood, and S. Lummer, ”An Examination of Event Dependency and Structural Change in Security Pricing Model”, Journal of Financial and Quantitative Analysis, 20, 1985, pp315-334.
    7. Comment and Jarrell,”Corporate Focus and Stock Returns”, Journal of Financial Economics, 37, 1995, pp67-87.
    8. Gadad, A.M, “The Effects of Divestiture on the Seller Firm`s Operating Performance and Shareholder’s Wealth:UK Evidence”,Ph.D., 1998, Universith of Essex.
    9. Hite G. L., J. E. Owers, and R. C. Rogers, ”The Market for Interfirm Asset Sales: Partial Sell-offs and Total Liquidations”, Journal of “ Financial Economics, 18, 1987, pp229-252.
    10. Jain P., ”The Effect of Voluntary Sell-off Announcements on Shareholder Wealth”, Journal of Finance, 40, 1985, pp209-224.
    11. John K. and E. Ofek, ”Asset Sales and Increase in Focus”, Journal of Financial Economics, 37, 1995, pp105-126.
    12. John K., L. Lang, and J. Netter, ”The Voluntary Restructuring of Large Firms in Response to Performance Decline”, Journal of Finance, 47, 1992, pp891-918.
    13. Klein, A., 1986, “The Timing and Substance of Divestiture Announcements:Individual, Simultaneous and Cumulative Effects”, The Journal of Finance, 3, July 1986, pp.685-697.
    14. Kaplan S. and M. S. Weisbach, ”The Success of Acquisitions: Evidences from Divestitures”, Journal of finance, 47, 1992, pp107-139.
    15. Lang L., A. Poulsen, and R. Stulz, ”Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion”, Journal of Financial Economics, 37, 1995, pp3-37.
    16. Miles, J. A. and Rosenfield J. D., “The Effect of Vountary Spin-off Announcements on Shareholders’ Wealth”, The Journal of Finance, 5, 1983, p.1597-1606.
    17. Ofek E.,”Capital Structure and Firm Response to Poor Performance: An Empirical Analysis”, Journal of Financial Economics, 34, 1994, p3-31.
    18. Rosenfeld J. D.,”Additional Evidence on the Relation Between Divestiture Announcements and Shareholder”, The Journal of Finance, 39, 1984, p1437-1447.
    19. Sicherman, W. N., and R H. Pettway, “Acquisition of Divested Assets and Shareholders”, The Journal of Finance, 5, 1987, pp.1261-1273.
    Description: 碩士
    國立政治大學
    企業管理學系
    87355003
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2002001986
    Data Type: thesis
    Appears in Collections:[企業管理學系] 學位論文

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