股價同步化是否會受到股權結構的影響?

Is Stock Synchronization Affected by Board Structure?

許晉寧(Chin-Ning Hsu)

指導教授 ： 倪衍森

淡江大學/商管學院/管理科學學系企業經營碩士在職專班/碩士(2016年)

https://doi.org/10.6846/TKU.2016.00616

摘要

本次研究以2010至2014年的台灣50成分股為研究樣本，並探討股價同步化是否受到股權結構變數、公司財報變數以及一些控制變數的影響。其中，本研究發現經理人持股越高的公司，與董事長兼總經理持股越高的公司有高度的相關性，其股價同步化愈高，然而董監事持股較高之上市公司與股價同步呈顯著負相關 ; 此外，就產業而言，銀行業的虛擬變數與股價同步呈現顯著正相關，而電子虛擬變數與股價同步則呈現顯著負相關，此外，公司規模越大的公司亦有股價同步化的現象。

關鍵字

股權結構 ； 財報報表 ； 股價同步化

並列摘要

This study employs the constituent stocks of Taiwan 50 from 2010 to 2014 as our samples, and then investigates whether stock price synchronization would be affected by board structure, financial statement, and other controlling variables. In this study, we reveal that manager holding ratio and CEO-duality would positively affect stock price synchronization, but director holding ratio might not affect stock price synchronization. In addition, the stock price synchronization are often shown on the firms falling into banking industry and the firms with higher firm scales; whereas, the stock price synchronization are not revealed on the firms falling into electronic industry.

並列關鍵字

Board Structure ； Financial Statement ； Stock Synchronization

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