美國上市公司融資撤銷宣告對同產業競爭者影響之研究

Intra-Industry Effects of Corporate Security Withdrawals

黃嘉威

指導教授 ： 陳聖賢 ； 賀蘭芝

元智大學/管理學院/財務金融學系/碩士(2002年)

摘要

本論文研究公司宣告融資撤銷時對其同產業的競爭者有何影響,一般來說,普通股與可轉債的撤銷對宣告者來說是呈現一個正向的股價反應,而一般債的撤銷則為負向的反應。而實證結果指出,其競爭對手在面對撤銷宣告時,其股價會與宣告者的反應相同,但是反應的程度較小,由上述可以得知,蔓延效果是大於競爭效果。另外,本研究同時也針對IPOs (Initial Public Offerings) 撤銷來做分析,其實證結果指出,在宣告撤銷的時候其競爭者的股價為一正向的反應。橫繼面分析中,在普通股與合併普通股與可轉債的樣本中,宣告者本身的累積異常報酬和赫芬達指數是顯著為正的,而撤銷原因的虛擬變數是顯著為負的。而在一般債的樣本中,只有宣告者本身的累積異常報酬是顯著的且為正。特別地,產業成長性和相似程度在合併普通股與可轉債的樣本中是顯著為正的。

關鍵字

融資撤銷 ； 宣告事件 ； 產業效果 ； 事件研究 ； 產業競爭者

並列摘要

A procedure is in this study investigates the effect of withdrawal announcements of corporate security offerings on the stock price of rival firms. On average, although firms announcing withdrawal offering experience a significantly positive stock price reaction for common stock and convertible debt, portfolios of rival firms in the same industry experience a significant and contemporaneous positive stock price reaction, but convertible debt is not significant. However, the withdrawal announcement of straight debt offering is negative stock price reaction for announcer and its industry rival firms will react negatively as well. The result supports that the contagion effect dominates the competitive effect. In addition, I also examined the IPOs (Initial Public Offerings) effect of rivals when it is announced withdrawal; the result indicated that the average abnormal return is positive and significant. The cross-sectional analysis indicate that the Announcers’ CAR is significantly positive correlation with their rivals’ CAR. In addition, the Herfindahl Index is positive and statistically significant and the dummy variable of withdrawal reasons is negative and statistically significant for common stock offering and combine common stock with convertible debt offerings. Specifically, Industry Growth Rate and Degree of Similarity are positive and statistically significant for combing common stock with convertible debt offerings samples.

並列關鍵字

Withdrawal Offerings ； Announcement ； Intra-Industry Effect ； Event-Study ； Rival Firm

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