- 學位論文
「財務重點專區」對台灣上市公司股價之影響
The Impact of "Financial Emphasis Information Database" on Stock Price of Taiwan-Listed Companies.
摘要
近年來，許多投資人因資訊不對稱，或對其投資標的不熟悉，常有誤踩地雷股之情形出現，因而蒙受財產損失。因此，公司資訊之揭露程度就顯得更為重要。 2007 年 7 月 2 日，台灣證券交易所與櫃買中心為了強化上市上櫃公司資訊之揭露並提升公司資訊觀測站資訊揭露之效益，設置「財務重點專區」，藉著可表現出企業營運體質及財務結構概況之八大指標，協助投資人檢視及比較個別公司營運狀況，以達預警效果。 為此，本研究目的為探討「財務重點專區」上路後，對台灣上市公司股價是否產生異常報酬；並以八大指標為自變數，測試各指標對股價之影響。樣本期間自 2007 年 7 月 2 日至 2008 年 3 月 31 日止。將樣本分成警示名單公司、未列入警示名單公司及全體上市公司三類，以事件研究法之市場模式檢定異常報酬；並以複迴歸分析檢測各指標對股價個別影響。實證結果顯示，「財務重點專區」之實施，會對台灣上市公司帶來顯著異常報酬；產業別中，以電子類股影響異常報酬最深；各指標大多為股價帶來顯著負向之影響。
並列摘要
On July 2, 2007, Taiwan Stock Exchange (TSE) and GreTai Securities Market (GSM) set up the “Financial Emphasis Information Database” in order to intensify the disclosure of Listed and OTC companies’ information and advance the benefits of information disclosure in Market Observation Post System (MOPS). It help investors survey and compare operating situation with individual company by eight indexes which can show the operating constitution and financial structure of enterprises. The objectives of this study is to treat whether it will bring Taiwan-Listed companies abnormal return or not and to test each index’s influence on stock price. The research duration is from July 2, 2007 to March 31, 2008. Using the market model of event study to test abnormal return and examine individual effect of each index on stock price by multi-regression analysis. The empirical results of this study indicate that it will bring Taiwan-Listed companies significant abnormal return with carry out “Financial Emphasis Information Database.” The most effect of industries on abnormal return is electronic company. Almost each index produces significantly negative influence.