董監持股質押對現金增資之資訊內涵及經營績效關係之研究

A Study of Information Content of Seasoned Equity Offering and Firm Performance on Pledged Shares of Directors

黃明珠(Mi-Chu Hung)

指導教授 ： 胡為善

中原大學/商學院/會計研究所/碩士(2005年)

https://doi.org/10.6840/cycu200500425

摘要

本研究針對1999至2003年辦理現金增資之上市櫃公司，透過以公司現金增資繳款截止日前一個月內董監持股質押之情形，加以研究分析董監持股質押比率（金額）之變動率與股價變動兩者之關係，並進一步探討董監持股質押比率（或質押金額）與公司經營績效之關係。主要目的希望透過董監質押行為是否可視為一個訊號因子之探討，提供給投資人一個選擇之依據，本研究結果發現：
1. 公司現金增資時，董監在現金增資繳款截止日前一個月內之持股質押金額變動率，與公司股價變動呈顯著正向相關。但無明顯的證據顯示在高科技產業，董監質押行為與公司股價有顯著關係。
2. 無明顯的證據顯示在股市股價下跌及景氣變動時，現金增繳款截止日前一個月董監事股權質押行為與公司股價相關。
3. 董監事持股質押比例與經營績效為顯著負相關，但董監事持股質押金額與經營績效則為不顯著地負相關。

關鍵字

董監事持股質押金額 ； 經營績效 ； 董監事持股質押比例 ； 現金增資

並列摘要

This study attempts to analyze the relationship between the changed amount or the percentage of the pledged stock of directors and supervisors exercised at one month ahead of the deadline of the seasoned equity offering. Furthermore, this work investigates the relationship between the amount changed or the percentage of the pledged shares of directors and supervisors and the firm’s operating performance. The objective of this work is to provide a signaling factor to investors by examining the pledged share amount of directors and supervisors. The finding are summarized as follows：
1. The empirical results indicate that the change percentage of the pledged stock of directors and supervisors which was implemented one month ahead of the deadline of the seasoned equity offering has a significantly positive relation with the stock price. However, there is no significant relationship between the pledged stock amount of the directors and supervisors and stock prices of the high-tech companies.
2. There is no significant relationship between the pledged stock of directors and supervisors implemented one month ahead of the seasoned equity offering and the company’s stock price during the bear market and the change of economic conditions.
3. The result indicates that there is a significantly negative relation between the pledged share ratio of directors and supervisors and firm’s operating performance, but there is no significant relationship between the pledged share amount of the directors and supervisors and firm’s operating performance.

並列關鍵字

operating performance ； pledged share ratio of directors and supervisors ； pledged share amount of the directors and supervisors ； the seasoned equity offering

參考文獻

高蘭芬（2002）董監事股權質押之代理問題對會計資訊與公司績效之影響，國立成功大學會計學研究所碩士論文。

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