引進外資宣告對股價及經營績效之影響-以台灣上市上櫃金融股為例

入股台灣的外資機構，動機不同。外資普遍認為台灣金融業的前景可期，主要理由是金融體質佳、銀行股本低，如果有效的經營與管理將會有不錯的發展空間，故未來入股台灣金融機構的外資應該會愈來愈多。但究竟台灣的金融業在引進外資宣告之後是否有助於其股價表現與經營績效呢？為此，本研究的目的有兩個：(一) 利用事件研究法分析金融機構引進外資訊息宣告對股價是否有正向影響；(二) 藉由財務面因素來探討外資入股的金融機構其經營績效是否有正向影響。以民國95年至民國96年間外資入股台灣的金融機構為樣本，分析金融機構引進外資的宣告對股價及經營績效之影響。研究結果顯示，外資入股金融機構訊息的發布對金融機構股價有正向的影響；而經營績效方面，敘述性統計結果顯示外資入股金融機構之平均負債比率及平均總資產週轉率略高於非外資入股金融機構，其餘比率之平均數則是非外資入股金融機構高於外資入股金融機構。平均數差異檢定結果顯示外資入股金融機構之經營能力表現顯著優於非外資入股金融機構，而非外資入股金融機構之獲利能力表現與營收表現則顯著優於外資入股金融機構。Logistic Regression Model實證結果顯示外資入股金融機構的獲利表現較不如非外資入股金融機構，但在財務結構表現、償債能力表現、經營能力表現及營收表現均呈現外資入股金融機構優於非外資入股金融機構。

關鍵字

外資入股；事件研究法； Logistic Regression Model ；經營績效

並列摘要

Foreign institutional investors invest in the financial institutions of Taiwan, they have different motion. Foreign institutional investors generally think outlook of the financial industries of Taiwan for good development opportunities. The main reasons are Taiwan has good financial constitution and lower capital of banks. If effectively manage and administer, there will be nice development space on the financial industries of Taiwan. Therefore, there will be more and more foreign capital invested in the financial institutions of Taiwan in the future. After through the announcement of leading in foreign investment whether it can help the financial industries of Taiwan on stock price performance and business performance. Thus, there are two purposes on this research. First, to use event study analyzes the financial institutions announce leading in foreign investment whether it let stock price has positive influence. Second, to investigate the financial institutions announces leading in foreign investment whether it let business performance has positive influence by using financial factors. As the samples of the financial institutions of Taiwan leaded in foreign investment in 2006 to 2007, analyzed the financial institutions lead in the announcement of foreign investment about the influence of stock price and business performance. The research results indicate the financial institutions announce leading in foreign investment about stock price of theirs’ have positive influence. And at business performance, the statistic result of description shows average Debt ratio and average Total Asset Turnover ratio about the financial institutions leading in foreign investment are less higher than non-leading in foreign investment of them. And the average of other ratios is the financial institutions of non-leading in foreign investment higher than them of leading in foreign investment. Average difference test shows that the administration ability performance of the financial institutions of leading in foreign investment is significantly excellent than them of non-leading in foreign investment. The beneficial ability performance and business income performance of the financial institutions of non-leading in foreign investment are significantly excellent than them of leading in foreign investment. The empirical results of Logistic Regression Model show that advantage performance of financial institutions of leading in foreign investment is inferior to them of non-leading in foreign investment. But at financial structure performance, paying debt ability performance, administration ability performance and business income performance, all of them are that the financial institutions of leading in foreign investment are superior to them of non-leading in foreign investment.

並列關鍵字

Leading in Foreign Investment ； Event Study ； Logistic Regression Model ； Business Performance.

參考文獻

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1. Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6, pp. 78-159.

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引進外資宣告對股價及經營績效之影響-以台灣上市上櫃金融股為例

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