家族控制公司與融券賣出行為之分析

Family Controlled Firms and Short Sales Behavior:Evidence from Taiwan

楊格炘(Ko-Hsin Yang)

指導教授 ： 詹佳縈

元智大學/管理學院/商學碩士班(財務金融學程)/碩士(2012年)

摘要

此論文在探討公司家族持股與內部人交易之間的關係，而內部人交易則以盈餘較預期盈餘負差異前之異常融券放空做評估。分析指出家族持股較高的公司，在盈餘(盈餘和預期盈餘有負差異)宣告前有較多的異常融券放空。若家族持股超過23.5%，則該公司盈餘(盈餘和預期盈餘有負差異)宣告前之異常融券放空較盈餘宣告後多。除此之外，分析也指出國內法人持股較高的公司和外資持股較高的公司，在盈餘(盈餘和預期盈餘有負差異)宣告前都有較多的異常融券放空。若國內法人股超過23%，則該公司盈餘(盈餘和預期盈餘有負差異)宣告前之異常融券放空較盈餘宣告後多。

關鍵字

家族控股公司 ； 融券賣空 ； 內部人交易

並列摘要

We investigate relationship between family ownership of company and informed trading. We focus on family ownership in companies, and we measure informed trading on abnormal short sales before negative earnings surprises. Our analysis indicates that high family ownership companies experience more abnormal short sales before negative earnings surprises. There are more abnormal short sales pre-announcement than post-announcement when family ownership larger than 23.5 percent. This analysis provides the evidence that informed trading is existed in companies with high family ownership, especially higher than 23.5 percent. Further analysis suggests that the firms with either high local company ownership or high foreign ownership, firms experience more abnormal short sales before negative earnings surprises. There are more abnormal short sales pre-announcement than post-announcement when local company ownership larger than 23 percent. This analysis provides the evidence that informed trading is existed in companies with either high local company ownership or high foreign ownership as well.

並列關鍵字

family controlled firms ； short sales ； informed trading

參考文獻

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