Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/30979
|
| Title: | 母子公司架構可否增進公司籌資彈性
Does a Parent-Subsidiary Structure Enhance Financing Flexibility? |
| Authors: | 許心婷
Hsu,Shin-Ting |
| Contributors: | 顏錫銘
許心婷
Hsu,Shin-Ting |
| Keywords: | 現金增資
海外存託憑證
事件研究法
母子公司
SEO
DR
EVENT STUDY
PARENT-SUBSIDIARY STURCTURE |
| Date: | 2006 |
| Issue Date: | 2009-09-14 |
| Abstract: | 本研究就台灣上市母子公司之現金增資發行與新股發行海外存託憑證進行事件研究與發行個體的選擇研究，是否在母子公司的架構下因為發行個體的選擇會為公司帶來不同的宣告效果影響，進而提升公司籌資彈性。
在事件研究上，宣告發行新股對發行公司而言在發行公司為母公司時有負向的效果，子公司則可能因為成長機會存在而不顯著為正；對非發行公司而言，則無顯著價格效果存在，可見宣告效果僅存在於發行公司。與國外Vijh (2006)的實證研究結果相符。但母子公司架構下，母公司的管理階層仍有就發行個體作選擇。管理階層傾向選擇前期股價高估程度較高之公司進行新股發行；在子公司有資金缺口時傾向以子公司作為發行個體，然而在母公司有資金缺口時則不一定選擇以母公司為發行個體，可能因子公司通常為成長型公司，此時選擇以子公司發行對子公司股價影響程度較低。
This study examines if parent-subsidiary structure is capable of enhancing a company’s financial flexibility by influencing the announcement effects of issuing SEOs and DRs in Taiwan.
The event studies under the parent-subsidiary structure in Taiwanese companies show that:
1) When issuing companies are the parent company, issuing companies have negative announcement effect.
2) When issuing companies are the subsidiary company, issuing companies have non-significant positive effect, probably due to high growth potential of subsidiaries.
3) For non-issuing companies under parent-subsidiary structure, the evidence shows that there are no significant effects.
Yet under parent-subsidiary structure, the executives do choose the issuing entity between parent and subsidiaries. Executives lean to choose more overvalue entity as issuing companies. And choose subsidiary to issue stocks when subsidiary do have positive deficit. But when parent company has deficit executives are not significantly choosing parent company to issue stock. This may be due to the reason that subsidiaries are usually with higher growth potential and result in less announcement effect on the stock price. |
| Reference: | 一、 中文部分
1. 沈中華、李建然，1991，「事件研究法：財務與會計實證研究必備」，華泰出版。
2. 林貞吟，1990，「現金增資宣告的再探討」，國立中央大學財務管理研究所碩士論文。
3. 高貴美，2002，「現金增資宣告效果因素探討」，國立中山大學財務管理研究所碩士論文。
4. 高麗雲，2004，「企業衍生動機、衍生策略與母子公司間控制機制關係之研究—以電子資訊業為例」，中原大學企業管理研究所碩士論文。
5. 陳安琳、黎萬琳、陳振遠，2001，「成長潛力、內部人交易與現金增資之宣告效果」，財務金融學刊Vol.9, 1-25。
6. 陳隆麒、郭敏華、管瑞昌，1997，「管理本土化大型計畫之子計畫：上市公司發行可轉換公司債暨現金增資對股價影響之比較研究」，行政院國科會科資中心。
7. 郭峰邑，2001，「不同產業與市場趨勢下現金增資宣告對股價的影響」，國立東華大學企業管理研究所碩士論文。
8. 游至偉，1991，「企業融資宣告與股價關係之實證研究」，國立中山大學企業管理研究所碩士論文。
9. 曾煥祥，1994，「上市公司現金增資與股價關連性之實證研究」，國立台灣大學會計研究所碩士論文。
10. 廖清芳，1996，「上市公司現金增資與發行海外存託憑證對股價影響之實證研究」，國立台灣大學國際企業學研究所碩士論文。
11. 謝書正，1998，「上市公司現金增資與股價關係之實證研究」，國立中興大學企業管理研究所碩士論文。
12. 謝方宜，2002，「現金增資與資訊不對稱關係之研究」，國立中山大學財務管理研究所碩士論文。
二、 英文部分
1. Ambarish, Ramasastry, Kose John, and Joseph Williams, 1987, Efficient signaling with dividends and investments, Journal of Finance Vol 42, 321-343
2. Asquith, Paul, and David Mulins, 1986, Equity Issues and Offering Dilution, Journal of Financial Economics 15, 61-89
3. Claessens, S., S.Djankov, J. Fan, and L. H. P. Lang, 2000, The Separation of Ownership and Control in East Asian Corporation, Journal of Financial Economics 58, 81-112
4. Claessens, S., S.Djankov, J. Fan, and L. H. P. Lang, 1999, Expropriation on minority shareholders : Evidence from East Asia, Policy research working paper 2088, The World Bank.
5. Foerster, S. and Karolyi, G.A.,1999, The Effects of Market Segmentation and Illiquidity on Asset Prices: Evidence from Foreign Stocks Listing in the U.S., The Journal of Finance Vol.54, 981-1013
6. Frank, Murray Z., and Vidhan K. Goyal, 2003, Testing the Pecking Order Theory of Capital Structure, Journals of Financial Economics 67, 217-248
7. Galai, D. and R. Masulis, 1976, The Option Pricing Model and The Risk Factor of Stock, Journal of Financial Economics 3, 53-81
8. Karolyi, G. A, 1998, Why Do Companies List Shares Abroad?: A Survey of the Evidence and Its Managerial Implications, Financial Markets, Institutions and Instruments Vol 7 1-61
9. Karpoff, Jonathan M. 1987, The Relation between Price Changes and Trading Volume: A Survey, Journal of Financial and Quantitative Analysis 22, 109-126
10. Jensen, M.C. and W.H. Meckling, 1976, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics 11, 305-360
11. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, 1999, Corporate Ownership around the World , The Journal of Finance Vol 54, 471-517
12. Leland, H.D. Pyle, 1977, Information Asymmetries, Financial Structure, and Financial Intermediation, The Journal of Finance Vol 32, 371-387
13. Myers, Stewart C. and Nicholas S. Majulf, 1984, Corporate Investment and Financing Decisions When Firm Have Information That Investor Do Not Have, Journal of Financial Economics 13, 187-221
14. Nanda, Vikram, 1991, On the Good News in Equity Carve-outs, The Journal of Finance Vol 46, 1717-1737
15. Ross, Stephen, 1997, The Determination of Financial Structure: The Incentive-signaling Approach, Journals of Financial Economics 8, 23-40
16. Schipper, Katherine, and Abbie Smith, 1986, A comparison of equity carve-outs and seasoned equity offerings : Share price effects and corporate restructuring, Journal of Financial Economics 15, 153-186
17. Shleifer, A., 1986, Do Demand Curves for stocks slope down?, The Journal of Finance Vol 41, 579-590
18. Shleifer, A., and R.Vishny, 1997, A survey of corporate governance, The Journal of Finance Vol 52, 737-783
19. Slovin, Myron B., and Marie E. Sushka, 1997, The Implications of Equity Issuance Decisions Within a Parent-subsidiary Governance Structure, The Journal of Finance Vol 52,841-857
20. Vijh, Anand M., 2006, Does a Parent-Subsidiary Structure Enhance Financing Flexibility?, The Journal of Finance Vol 61, 1337-1360 |
| Description: | 碩士
國立政治大學
財務管理研究所
93357016
95 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0093357016 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| index.html | 0Kb | HTML2 | 231 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
