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| Title: | 過往股價表現與董監事持股比率對資產出售宣告效果之影響
The Role of The Seller’s Stock Performance and Ownership in The Announcement Effect of Corporate Sell-offs |
| Authors: | 鄭閎駿
Cheng, Hung Chun |
| Contributors: | 吳啟銘
Wu, Chi Ming
鄭閎駿
Cheng, Hung Chun |
| Keywords: | 資產出售宣告效果
董監事持股比率
過往超額報酬率
公司經營績效
Announcement of sell-offs
Stockholding percentage of directors and supervisors
Cumulative abnormal return before announcement of sell-offs
Corporate operating performance |
| Date: | 2015 |
| Issue Date: | 2015-07-14 10:37:31 (UTC+8) |
| Abstract: | 資產出售能夠提升公司價值,然而提升的幅度應取決於資產能否移轉至能夠 更有效率使用之公司,或是賣方公司能夠藉由出售資產消除內部的負面綜效。本 研究假設過往績效良好之公司,相較於過往績效較差之公司,資產出售所帶來的 價值提升幅度有限,原因是既有資產已經被有效率的使用;此外,董監事持股比 率高的公司,在公司績效較差時,有能力以及動機改善經營,出售不效率之資產, 提升公司價值。
本研究以 2005 年至 2014 年期間台灣宣告資產出售之上市櫃公司作為樣本, 以宣告日前後之累積異常報酬作為被解釋變數,過往超額報酬率、董監事持股比 率、負債比率、資產報酬率、出售資產相對規模等作為解釋變數,探討各變數對 於資產出售宣告效果的解釋力。
實證結果有以下發現:(一) 資產出售前公司股價表現對於資產出售宣告效果 具顯著影響,這一點符合本研究之假設。(二) 董監事持股比率以及賣方公司之營 運集中度對於資產出售宣告效果的影響力不顯著。(三) 過往績效表現較差之賣方 公司,宣告效果優於過往績效表現較佳之賣方公司。(四) 經調整後之資產報酬率 對於資產出售的宣告效果具有解釋力,這一點和過往發現一致。 (五)經調整後之 出售資產規模對於資產出售的宣告效果具有解釋力,這一點和過往發現一致。(六) 經調整後之負債比率對於資產出售之宣告效果具解釋力,這點和過往發現一致。
Generally people think corporate sell-offs will enhance seller’s value, however how much will it works depends on whether the asset sold by corporate could transfer to the company who can use it more efficiently or the seller could eliminate the negative synergy by sell-offs. This research assumes that the level of value-added in sell-offs is more limited to companies who had better past performance than companies who performed worse in the past because the asset have been used efficiently. Furthermore, the higher percentage of stockholding of directors and supervisors, the more motivation and ability the corporate takes sell-offs. By disposing of the asset which is used inefficiently, the corporate’s value would advance.
The research collected samples from Taiwan listed companies who announced sell-offs during year 2005 through year 2014. In this paper, we regard cumulative abnormal return of announced day as dependent variable and take past 2yr excess return, ownership of directors and supervisors, debt ratio, return on asset and the relative scale of sold asset as independent variables. We try to figure out how these variables could explain the effect of announcement of sell-offs through multiple regression..
This research finds that: (1) Past 2-year excess return can significantly explain the announcement effect of sell-offs, which is consistent with our assumption. (2) Ownership of directors and supervisors, the industry focus of the company who do sell-offs have insignificant effect to the announcement of sell-offs. (3) Companies with negative past 2yr excess return can enjoy a better announcement effect than those with positive past 2yr return. (4) Adjusted relative scale of sell-offs asset has strong power to explain the announcement of sell-offs. (5) Adjusted debt ratio can explain the announcement of sell-offs well, which is also consistent with previous research. (6) Adjusted return on asset can explain the announcement of sell-offs well, too. |
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| Description: | 碩士
國立政治大學
財務管理研究所
102357015
103 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0102357015 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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