內部關係人股票慈善贈與宣告對股東財富影響之研究

The Effect of Firm Insiders' Charitable Contributions of Stocks on Shareholders' Wealth

蔡淑婷(Shu-Ting Tsai)

指導教授 ： 葉春岑

長榮大學/管理學院/經營管理研究所(博)/碩士(2011年)

摘要

本研究以2001年至2009年申報轉讓為贈與之樣本數85筆中，採用事件研究法觀察內部關係人股票慈善贈與對股東財富之影響及贈與時其是否具掌控市場之擇時能力（timing）；若捐贈者具擇時贈與，則市場累積異常報酬圖型會呈現倒V字型，顯示其贈與前股價位於相對高點。我們並分別針對受贈對象、內部關係人之身份別、贈與轉讓時間、捐贈數量、捐贈股票之淨值及捐贈股票之產業別，討論市場對其捐贈行為反應之差異。
實證結果發現內部人股票慈善贈與，宣告日前有負向異常報酬；宣告日後有正向異常報酬。整體而言，內部人股票慈善贈與，在贈與宣告日前後相較下，會於股價相對高點做贈與。贈與給外部基金會者其正向股價累積異常報酬大於贈與內部基金會；長期而言贈與內部基金會較具擇時能力。贈與人身分兩者無差異；長期而言也無擇時贈與差別。贈與時點為12月分者兩者無差異；長期而言贈與時為非12月份者較具擇時能力。申報轉讓張數大於中位數與小於中位數，兩者無差異；長期而言股價擇時贈與也無顯著差異。申報轉讓佔其持股比率兩者無顯著差異；長期而言申報轉讓佔其持股比率低於中位數者較具擇時能力。股價淨值比低於中位數者其正向股價累積帄均異常報酬大於高於中位數者；長期而言股價淨值比高於中位數者較具擇時能力。捐贈股票為電子股者其正向股價累積帄均異常報酬大於非電子股；長期而言電子股較具擇時能力。

關鍵字

股票慈善贈與 ； 企業基金會 ； 申報轉讓持股 ； 擇時贈與

並列摘要

Based on 85 samples of filing as a contribution collected from 2001 to 2009, this study, by using the Event Study method, observes the effect of a firm’s insider charitable contributions of stocks on shareholder wealth, and whether shareholders have the market timing ability when making a contribution. If a contributor times the market in a charitable contribution, then the market cumulative abnormal return will show a reverse V shape, indicating that the stock price is at a relatively high level before contribution. We also discuss the difference of the market response to the contribution behavior in terms of donee, identification of firm insiders, timing of contribution, quantity of contribution, net asset value of stocks contributed, and the sector of stocks contributed.
It is found in empirical results that there exist a negative abnormal return before the declaration date and positive abnormal return after the declaration date when insiders make a charitable contribution of stocks. Overall, by choosing a date either before or after the declaration date, insiders will make the charitable contribution of stocks when the stock price is at a relatively high level. The positive stock price cumulative abnormal return for a contribution to external foundations is larger than that for contribution to internal foundations. In the long term, there exists a higher timing ability for contributions to internal foundations. There is no difference in terms of identification of contributors and no difference in terms of timing of charitable contributions in the long term. There is no difference when a contribution is made in December. In the long term, contributors who make contribution in months other than December have high timing ability. There is no difference in terms of the number of shares filed as transferred either more than the median or less than the median. In the long term, there is no significant difference in terms of
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timing of charitable contributions. There is no difference in terms of the ratio of transfer filing to the total shareholding. In the long term, the ratio of transfer filing to the total shareholding less than the median shows a higher timing ability. The positive stock price cumulative average abnormal return for the PB ratio lower than the median is higher than that for PB ratio higher than the median. In the long term, a PB ratio higher than the median shows higher timing ability. The positive stock price cumulative average abnormal return for the contribution by stocks of the electronic sector is higher than that for contribution by stocks other than the electronic sector. In the long term, the electronic sector shows higher timing ability.

並列關鍵字

Charitable Contributions of Stocks ； Enterprise Foundation ； Filing to Sell the Stockholdings ； Timing of Charitable Contributions

參考文獻

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