- 學位論文
資本支出宣告資訊內涵之探討－以台灣股票上市公司為研究對象
The Information Contents of Capital Investment －An Empirical Study on Taiwan Public Companies
摘要
隨著科技的進步及市場全球化的影響，企業的經營競爭越來越激烈，企業為達永續經營的目的，必須進行研發與更新產品、製程、設備、技術，這些皆需透過資本支出計劃來完成。 本文以台灣股票上市公司為對象，探討市場對公司資本支出宣告的反應，研究期間為民國八十九年至民國九十三年共計五年，有效樣本為 180 個。本研究採用事件研究法、Z＆T檢定、多元迴歸分析，就取得資料加以分析檢定公司宣告資本支出之資訊內涵及對股東財富是否具有顯著影響；並將研究結果與不同時期的其它研究結果加以比較，以探究在不同的經時濟環境時空下是否存有差異。本研究所獲得的結論如下： (1)公司宣告資本支出對股東財富有顯著正(負)向影響。 (2)非電子產業公司比電子產業公司有較顯著正(負)向的異常報酬。 (3)高、低 Tobin s Q 公司宣告資本支出對股東財富未達顯著影響 (4)高、低內部人士持股公司宣告資本支出對股東財富未達顯著影響。 (5)小規模公司比大規模公司有較顯著的正(負)向異常報酬。 (6)公司宣告資本支出增加金額大的公司比金額小的公司有較顯著異常報酬，。 此外與以前不同時期各學者研究結果差異之部分在於： (1) Tobin s Q 對公司資本支出宣告的影響並不顯著。 (2)非電子產業公司比電子產業公司有較顯著的異常報酬。 (3)小規模公司比大規模公司有較顯著的異常報酬。
並列摘要
With the influence of market globalization and the development of science and technology, the competitions among businesses are becoming more and more radical. Based on the purpose of everlasting operation, enterprises must continue to do technical researches and to conduct the revamping of products, processes, equipments and techniques. All of these activities should be achieved by the way of capital investment project. This study examined the market response to the announcement of capital investment decision and the effects to the stockholder’s wealth. In order to detect the differences in the different economic environments the comparison of the findings between this study and the others had also been performed. The samples included 180 listed companies in the Taiwan Securities Market between 2000 and 2004. Event- Study method, Z & T test and Multiple-Regression had been used to investigate the collected data. The findings of this study were as follows： (1)Significant positive abnormal returns on shareholder's wealth were presented after the announcement of capital investment decisions. (2)The non-electronic companies had more significant positive abnormal returns than the electronic companies. (3)Both the high Q and low Q companies had no significant abnormal returns. (4) Both the higher-insider and lower- insider companies had no significant abnormal returns. (5) The small-scale companies had more significant abnormal returns than the large-scale companies. (6) The large-amount capital investment decisions created more abnormal returns than the small-amount decision. The finding differences between this study and the others were as follow: (1)On the factor of Tobin’s Q, there were no significant abnormal returns presented in this study, but the others did. (2)In this study, the non-electronic companies had more significant positive abnormal returns than the electronic companies did, but the others did. (3) The abnormal returns of small-scale firms were significantly higher than those of large-scale firms, but the opposite findings showed on other studies. In general, the market responses on the announcement of the capital investment decisions were somehow different in the different economic environments.