探討企業危機管理對投資者知覺價值與投資行為之影響-以新冠肺炎為例

Exploring the Impact of Corporate Crisis Management on Investors' Perceived Value and Investment Behavior- A Study of COVID-19

薛向榮(Hsiang-Jung Hsueh)

指導教授 ： 劉鴻陞

義守大學/管理學院/公共政策與管理學系/碩士(2022年)

摘要

公司企業長期資金主要籌措的地方來自資本市場即證券市場，而目前股票市場在 證券市場所佔的比重幾乎可言是證券市場的代名詞，若以財務的觀點而言，企業經營目 的在追求公司價值之極大化，也就是股東財富價值的最大化，股價除了反應出公司的未 來前景，同時也反應了公司的財務狀況及價值，故公司的價值可由市場的股票價值來衡 量，市場股價的波動常來自投資人對眾多不同因素預期的影響，但遭受突發的重大事件 之影響，在股價上的表現常是顯而易見的。本研究的研究對象針對公部門員工為對象， 採取便利抽樣方式，進行實地面對面問卷，發出問卷 300 份，有效問卷 270 份，有效問 卷回收率 90%。本研究結果:1.危機管理對知覺價值有顯著正向影響假設成立。2.知覺 價值對投資行為有顯著正向影響假設成立。3.危機管理對投資行為有顯著正向影響假設 成立。4.知覺價值在危機管理對投資行為之影響具有中介作用假設成立。以瞭解市場上 投資人面對此災難事件反映在投資行為上之態度為何，期望可為政府遭逢類似情況做決 策的參考，或者是對後進研究者能有所助益。

關鍵字

危機管理 ； 知覺價值 ； 投資行為 ； 新冠肺炎

並列摘要

The main source of long-term funds for companies is the capital market, that is, the securities market. The current share of the stock market in the securities market is almost synonymous with the securities market. From a financial point of view, the purpose of business operations is to pursue the value of the company. The maximization of the stock price is the maximization of the wealth value of shareholders. The stock price not only reflects the future prospects of the company, but also reflects the financial status and value of the company. Therefore, the value of the company can be measured by the value of the stock in the market. The fluctuation of the market stock price is often The impact of investors' expectations on many different factors, but the impact of sudden major events, the performance of the stock price is often obvious. The research object of this study is for employees of the public sector, using the convenience sampling method to conduct on-site face-to-face questionnaires, 300 questionnaires were issued, 270 valid questionnaires, and the effective questionnaire recovery rate was 90%. The results of this study: 1. The hypothesis that crisis management has a significant positive impact on perceived value is established. 2. Perceived value has a significant positive impact on investment behavior. The hypothesis is established. 3. The hypothesis that crisis management has a significant positive impact on investment behavior is established. 4. Perceived value plays a mediating role in the impact of crisis management on investment behavior. The hypothesis is established. In order to understand the attitude of investors in the market in the face of this catastrophic event reflected in their investment behavior, it is hoped that it can be a reference for the government to make decisions in a similar situation, or it can be helpful to backward researchers.

並列關鍵字

Crisis management ； perceived value ； investment behavior ； Covid-19

參考文獻

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