影響全額交割股在恢復正常交易後的表現因素

Factors that affect the performances of full delivery securities after reinstated

楊智汎(Yang, Chihfan)

指導教授 ： 鄭揚耀

國立中正大學/管理學院/財務金融學系/碩士(2012年)

摘要

本研究針對2000年至2010年間被列入全額交割股票恢復正常交易之公司，將樣本公司分為全部恢復正常交易公司及恢復後正常交易公司和恢復正常交易後又再度列為全額交割甚至下市之公司，探討公司財務變數和公司治理變數對樣本公司在恢復正常交易後股價報酬率之影響
研究結果顯示，資產報酬率對全部樣本公司之股價報酬率呈現正向顯著的結果，顯示對全部樣本公司而言，資產報酬率越高，愈容易有較高的股價報酬率。當全額交割公司在恢復正常交易時，若財報上負債比率和董監事質押比率越高時或是總資產週轉率越低時，恢復正常交易公司再度被列入全額交割甚至下市的機率便會增加。全額交割股票在恢復正常時股價報酬率皆為正，無論往後是否會再度列入全額交割甚至下市，在恢復正常交易時，市場皆會給予正面評價，股價皆呈現正報酬。

關鍵字

全額交割

並列摘要

This study focuses on the securities in which the trading method had been changed to require full delivery and later reinstated during 2000 to 2010. The sample companies are divided into companies whose transactions of securities were all reinstated, companies reinstated and back to normal trading, and the reinstated companies went full delivery again, or even delisted. This study investigates the effect of corporate finance variables and corporate governance variables to the sample companies’return on stock value after reinstated normal trading.
The results show that return on assets (ROA) has a positive impact on the return of stock value in all of the sample companies. The results indicate that the higher the return on assets, the easier for companies to have better return on stock value. When those companies reinstated from full delivery,the higher the leverage ratio, or the higher the equity pledge ratio of directors and supervisors, or the lower the total assets turnover in the financial statement, the more the chances of those reinstated companies to go full delivery again, or even delisted. The securities changed to full delivery would have positive returns of stock value after reinstated. Whether went full delivery once more, or even delisted from transactions, those companies’securities would be given positive evaluation from the market, and would have positive returns on stock value.

並列關鍵字

full delivery securities

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