上市公司名稱變更之原因及其與股票價格波動關係之探討

綜觀過去的研究，將公司名稱變更視為單一事件進行異常報酬率之探討，所討論之原因也僅侷限於公司轉型、借殼上市或消除負面之形象，未有研究將更名原因進行分類探討。基此，本研究旨在建構上市公司名稱變更原因之類型模型，並探討投資者各類型之原因的投資人購買意願及其與股票價格波動關係。本研究從論述展望理論與效率市場假說對公司名稱變更事件的適宜性做為討論基礎，提出投資者對公司名稱變更事件的認知會影響對該公司股票購買意願，以至於公司名稱變更事件對該公司股票有異常報酬之命題。本研究透過文獻探討去進行歸納並收集2011年至2020年期間的台灣股票市場變更公司名稱之股票以建構公司名稱變更原因之分類模型，及採取事件研究法進行各類型原因之平均異常報酬率分析，並採用問卷調查去收集資料，以了解投資人對各類型公司名稱變更原因之事件的購買意願。研究結果顯示，投資者在面對不同原因的公司名稱變更事件時，所採取的投資意願也不同；公司名稱變更事件證實有異常報酬產生，各類型公司名稱變更事件之原因與其平均異常報酬率亦有所不同。購買意願與平均異常報酬率呈現相反現象，此說明當投資者對購買意願高的原因類型，其平均報酬率則不佳。

關鍵字

公司名稱變更；效率市場假說；展望理論；事件研究法

並列摘要

Looking at past comprehensive research, the discussions of abnormal returns, is considering a company name change as a single event, and the reasons discussed are limited to company transformation, backdoor listing, or elimination of negative images only without the root causes investigated by category. From the foundation of this viewpoint, this research aims to construct more types of reason models, and explore investors’ purchase intentions for their correlation with stock price volatility. The research proposes to use the impact of prospect theory, the efficient market hypothesis and the suitability of the impact on investors' perceptions of the company name change. This research summarizes and collects Taiwan stocks from 2011 to 2020 through literature research to construct a classification model of the reasons for the company name change. Meanwhile, it adopted the event research method to analyze the average abnormal return rate for various types of reasons, and a questionnaire survey is used to collect the results for the willingness to buy the company's stock. The research results show that when investors face company name change events for different reasons, The investment willingness to take is also different; the company name change event confirmed that abnormal returns were generated. The various reasons of company name change event is also different from its average abnormal return. Purchase Intention and Average abnormal rate of return shows the opposite phenomenon, which shows that when investors have high purchase intentions, their average rate of return is not good.

並列關鍵字

Company name change ； Efficient market hypothesis ； Prospect theory ； Event study method

參考文獻

一、中文部分

Google Scholar

王輕舟（2017）。我國上市公司股票更名效應的實證研究。Advances in Computer Science Research(ACSR), volume 61 7thInternational Conference on Education, Management, Computer and Society(EMCS 2017)，1500-1507。