用樂透股票檢視公司治理好與壞─以現金增資股票為例

Using the Lottery-type Stock View Corporate Governance ─Example for Seasoned Equity Offerings

黃政韋(Chen-Wei Huang)

指導教授 ： 王朝仕

國立臺中科技大學/商學院/企業管理系事業經營碩士班/碩士(2013年)

https://doi.org/10.6826/NUTC.2013.00115

摘要

公司治理是否穩健的營運，將導致其發行之股票具備讓投資人產生投機之風險，簡單來說，公司營運不佳，其發行之股票有可能成為樂透股，由於樂透股具備投機的風險性，因此，本研究擬定由公司發行之股票，來選出具備樂透特徵之股票，再透過樂透股票回顧是否公司治理不佳，導致其所發行之股票成為樂透股票。本研究亦希望能夠透過公司治理的角度，運用樂透股票之特性，針對樂透股票的長期績效進行分析，公司治理之好、壞，是否會導致樂透股票之產生。也因為投資人不希望投資市場化為充斥著投機風氣且蘊含高度風險之交易市場，因此，希望能夠以樂透股票來檢視公司治理是否穩健。本研究由台灣經濟新報資料庫採取265筆資料作為研究樣本，進行討論、分析，並透過現金增資股票做區分樂透與非樂透之現金增資股票，再由公司治理變數作探討，實證兩者之間關聯性，且公司治理不佳是否會是樂透股票形成之因素，並透過長期績效來檢視樂透股票是否適合長期持有。本研究實證結果顯示，公司治理不佳與樂透票具備關聯性，且公司治理變數可檢測現金增資股票是否具有樂透特徵，長期績效亦指出，樂透股票不適合長期持有，對此，本研究期望能給投資人一個做為參考依據。

關鍵字

樂透股 ； 公司治理 ； 現金增資股票

並列摘要

The soundness of corporate governance, operational, will result in its shares of stock that investors have generated speculative risk, in simple terms, the company operating poor, the issue of equity shares may become a lottery, lottery-type stocks have speculative because the risk. Therefore, this study proposed by the shares issued by the Company to elect the stocks with lottery features, and then review whether the stock through lottety-type stocks poor corporate governance, leading to their shares of stock to become lottery-type stocks. This study also hope that through the perspective of corporate governance, the use of lottery characteristics of the stocks for the long-term performance of the stock lottery analysis, corporate governance of the good, the bad, will lead to the generation lottery-type stocks. But also because investors do not want to invest into a market flooded with speculative and contains a high risk transaction market, therefore, want to be able to view the lottery stocks to the soundness of corporate governance. This study was supported by the Taiwan Economic Journal database to take 265 document (s) as sample for discussion, analysis, done through seasoned equity offerings distinction lottery-type seasoned equity offerings and non- lottery-type seasoned equity offerings, and then be explored by the corporate governance variables, both empirical correlation between, and poor corporate governance will be the formation of the factors lottery-type stocks and long-term performance through to view lottery-type stock is a suitable long-term holding. The empirical results show that corporate governance is poor and lottery-type stocks with relevant and corporate governance variables can detect whether the lottery characteristics or not. Long-term performance also pointed out that the lottery is not suitable for long-term holding stocks, which, in this expected to give investors a study as reference.

並列關鍵字

Lottery-type stocks ； corporate governance ； seasoned equity offerings

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