有價證劵信託市場宣告效果

The Announcement Effect of Securities Trust

朱建霖(Chien-Lin Chu)

指導教授 ： 葉春岑

長榮大學/管理學院/經營管理研究所/碩士(2015年)

https://doi.org/10.6833/CJCU.2015.00180

摘要

本文利用事件研究法，探討我國上市、櫃公司董事長或總經理首次進行「有價證券信託」其市場反應。此策略是否傳遞公司正向訊息?亦或經理人運用該方式達成節稅或資產移轉?
經實證分析，「有價證券信託」能達成節稅效果，董事長或總經理首次進行「有價證券信託」傳遞公司長期的正面訊號，惟其股價短期績效並無顯著的正向累積異常報酬。「有價證券信託」的公司在長期績效上表現顯著較佳，且宣告比例愈大，其宣告效果愈大。

關鍵字

有價證劵信託 ； 持股轉讓 ； 股價報酬

並列摘要

Through an event-study analysis, this paper investigates the market reactions to CEOs and presidents of listed and over-the-counter firms issuing initial securities trust in Taiwan for the first time. The objective is to determine whether this strategy is adopted to transmit positive firm information, reduce taxes, or enable the transfer of assets.
Empirical results reveal that issuing a securities trust reduces taxes and enables CEOs and presidents to convey positive information about the long-term performance of their firm. However, the short-term performance of stock prices does not indicate remarkable cumulative abnormal returns. Firms issuing securities trust exhibit substantially higher long-term performance compared with nonissuing firms. In addition, the more frequent an announcement is issued, the stronger is the effect of the announcement.

並列關鍵字

Valuable Securities Trust ； Ownership transfer ； Stock returns

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