政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/118533

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/118533

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文笔数/总笔数 : 109952/140887 (78%)
造访人次 : 46314162 在线人数 : 1307

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

搜寻范围

查询小技巧：

您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果

若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据

进阶搜寻

主页 ‧ 登入 ‧ 上传 ‧ 说明 ‧ 关于政大典藏 ‧ 管理

到手机版

政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 > Item 140.119/118533

请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/118533

题名:	401(k)退休金計劃中公司持股與公司績效之研究 A Study of the Relationship between the Company Stock Holdings of 401(k) Plan and Firm Performance
作者:	高郁翔 Kao, Yu-Hsiang
贡献者:	陳鴻毅 Chen, Hong-Yi 高郁翔 Kao, Yu-Hsiang
关键词:	401(k)退休金計畫非預期營收非預期盈餘營運績效股價報酬 401(k) plans Revenue surprises Earnings surprises Operating performance Stock return performance
日期:	2018
上传时间:	2018-07-10 15:34:02 (UTC+8)
摘要:	本研究主要探討401(k)退休金計畫的參與者是否利用其內部資訊對401(k)退休金計畫中的公司持股進行操作。本研究對401(k)退休金計畫中的公司持股變化是否能預測公司之非預期營收、非預期盈餘、營運績效以及股價報酬。實證結果顯示公司股票占退休金計劃總投資金額的比率具有預測未來四季的非預期營收與盈餘的能力。此外，在價值型公司以及小型公司中，退休金計畫中之公司持股與以資產為計算基礎的營運績效具有高度正相關。然而，退休金計畫中之公司持股與公司之未來股價報酬相關性較弱。 This paper tries to investigate whether 401(k) plan participants apply the insider information to alter the company stock holding in their 401(k) plans. Specifically, this study examines whether the company stock holding in 401(k) plans can predict revenue surprises, earnings surprises, operating performance, and stock returns of firms. Empirical results show that, the percentage of company stock over total investments in the 401(k) plan is positively associated with earnings surprises and revenue surprises in the following four quarters. In addition, the company stock holding can predict asset based operating performance among value firms and small firms. However, there is a weak evidence that the company stock holdings is related to better stock returns.
參考文獻:	Agnew, J. (2006). Do Behavioral Biases Vary across Individuals? Evidence from Individual Level 401(k) Data. Journal of Financial and Quantitative Analysis, 41 (4), 939-962. Benartzi, S. (2001). Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock. The Journal of Finance, 56 (5), 1747-1764. Benartzi, Shlomo, and Richard H. Thaler. (2001). Naive Diversification Strategies in Defined Contribution Saving Plans. American Economic Review, 91 (1), 79-98. Ghosh, A., Gu, Z., and Jain, P. C. (2005). Sustained Earnings and Revenue Growth, Earnings Quality, and Earnings Response Coefficients. Review of Accounting Studies, 10 (1), 33-57. Huberman, G., and Jiang, W. (2006). Offering versus Choice in 401(k) Plans: Equity Exposure and Number of Funds. The Journal of Finance, 61 (2), 763-801. John Hancock Financial Services. (1999). The Sixth Defined Contribution Plan Survey. Jain, P. C., and Wu, J. S. (2000). Truth in Mutual Fund Advertising: Evidence on Future Performance and Fund Flows. The Journal of Finance, 55 (2), 937-958. Kayhan, A., and Titman, S. (2007). Firms’ Histories and Their Capital Structures. Journal of Financial Economics, 83 (1), 1-32. Jagadeesh, N., and Livnat, J. (2006). Revenue Surprises and Stock Returns. Journal of Accounting and Economics, 41 (1-2), 147-171. Patel, J., Zeckhauser, R., and Hendricks, D. (1991). The Rationality Struggle: Illustrations from Financial Markets. The American Economic Review, 81 (2), 232-236.
描述:	碩士國立政治大學財務管理學系 105357031
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0105357031
数据类型:	thesis
DOI:	10.6814/THE.NCCU.Finance.014.2018.F07
显示于类别:	[財務管理學系] 學位論文

文件中的档案:

档案	大小	格式	浏览次数
703101.pdf	2433Kb	Adobe PDF2	37	检视/开启

在政大典藏中所有的数据项都受到原著作权保护.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

DSpace Software Copyright © 2002-2004 MIT & Hewlett-Packard / Enhanced by NTU Library IR team Copyright © - 回馈