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引文資料
題名:
轉上市能增加媒體能見度嗎?
書刊名:
管理與系統
作者:
洪榮耀
/
馬黛
作者(外文):
Hung, Jung-yao
/
Ma, Tai
出版日期:
2006
卷期:
13:2
頁次:
頁181-200
主題關鍵詞:
上櫃轉上市
;
能見度
;
資本成長
;
盈餘成長
;
Exchange listing
;
Visibility
;
Growth of market capitalization
;
Growth of earnings
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(
4
) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:
3
共同引用:0
點閱:33
本文是國內首篇研究自中華民國櫃檯買賣中心移轉至台灣證券交易所之公司其媒體能見度變化,並以此變化來瞭解轉上市是否能增加公司能見度。我們針對1999, 2000, 2001及2003年台灣證券市場轉上市公司,以公司名稱被刊於平面媒體之次數做為公司媒體能見度指標,進行公司媒體能見度提升之相關分析。實證結果有三個主要發現, (1)公司藉由轉上市可提升其媒體能見度。 (2)上櫃時間長短及資本額大小與能見度效果互為反向。 (3)台灣證券市場轉上市公司之媒體能見度提升是與轉上市有關,而非來自盈餘成長或市值成長。本文結果可與Baker and Pettit (1982), Baker and Johnson (1990) 提出之管理者以能見度作為上市動機相互對應,並確認了Arbel and Strebel (1982, 1983), Carvel and Strebel (1987), Christie and Huang (1994) 及Baker et al. (1999b) 之較受忽略之公司轉上市效益較大之主張,但與Dharan and Ikenberry (1995), Baker et al. (1998) 及 Baker et al. (1999a) 指稱之盈餘成長或市值成長能增加公司能見度並不相同。
以文找文
This study is the first domestic paper to investigate the effect of media visibility on the firms switching trading location from the GreTai Securities Market (OTC) to the Taiwan Stock Exchange Corporation (TSEC). This paper analyzes the visibility improvement of the firms conducting exchange listing from 1999 to 2003, using media exposure as the indicator of a firm’s visibility. The empirical study has three main findings: (1) Exchange listing can improve media visibility. (2) The trading age in the OTC market and the capital scale have inverse influences on visibility effect. (3) The visibility effect of Taiwan’s exchange listed firms should be related to exchange listing, not growth of earnings or growth of market capitalization. The results of this paper correspond to the conclusion of Baker and Pettit (1982) and Baker and Johnson (1990) that management’s intention of exchange listing is visibility, and also confirm the finding of Arbel and Strebel (1982, 1983), Carvel and Strebel (1987), Christie and Huang (1994), and Baker et al. (1999b) that the exchange listing effect is higher on those relatively ignored firms. Nevertheless, our results differ from the finding of Dharan and Ikenberry (1995), Baker et al. (1998), and Baker et al. (1999a) that earnings or market capitalization growth can increase a firm’s visibility.
以文找文
期刊論文
1.
Arbel, A.、Strebel, P.(1982)。The Neglected and Small Firm Effects。Financial Review,17(4),201-218。
2.
Baker, H. K.、Petit, G.(1982)。Management's View of Stock Exchange Listing。Akron Business and Economic Review,13(2),12-17。
3.
Baker, H. K.、Powell, G. E.、Weaver, D. G.(1999)。The Visibility Effects of AMEX Listing?。Quarterly Review of Economics and Finance,39(3),341-361。
4.
McConnell, J. J.、Sanger, G. C.(1987)。The Puzzle in Post-Listing Common Stock Returns。Journal of Finance,42(1),119-140。
5.
Van Horne, J. C.(1970)。New Listings and Their Price Behavior。Journal of Finance,25(4),783-794。
6.
Ying, L. K. W.、Lewellen, W. G.、Schlarbaum, G. G.、Lease, R. C.(1977)。Stock Exchange Listing and Securities Returns。Journal of Financial and Quantitative Analysis,12(3),415-432。
7.
Dharan, B. G.、Ikenberry, D. L.(1995)。The Long-Run Negative Drift of Post-Listing Stock Returns。Journal of Financial Management,21,73-86。
8.
Baker, H. K.、Spitzfaden, J.(1982)。The Impact of Exchange Listing on the Cost of Equity Capital。Financial Review,17(3),128-138。
9.
Baker, H. K.、Power, G. E.、Weaver, D. G.(1998)。The Effect of NYSE Listing on a Firm's Media Visibility。Journal of Economics and Finance,22(1),19-28。
10.
Baker, H. K.、Johnson, M. C.(1990)。A Survey of Management Views on Exchanges Listing。Quarterly Journal of Business and Economics,29(4),3-20。
11.
Bhardwaj, Ravinder K.、Brooks, LeRoy D.(1992)。Stock Price and Degree of Neglect as Determinants of Stock Returns。Journal of Financial Research,15(2),101-112。
12.
Baker, H. Kent、Powell, Gary E.、Weaver, Daniel G.(1999)。Does NYSE Listing Affect Firm Visibility?。Financial Management,28(2),46-54。
13.
Mitchell, Mark L.、Mulherin, J. H.(1994)。The impact of public information on the stock market。Journal of Finance,49(3),923-950。
14.
Kadlec, Gregory B.、McConnell, John J.(1994)。The Effect of Market Segmentation and Illiquidity on Asset Prices: Evidence from Exchange Listings。The Journal of Finance,49(2),611-636。
15.
Christie, W. G.、Huang, R. B.(1994)。Market Structures and Liquidity: A Transaction Data Study of Exchange Listings。Journal of Financial Intermediation,3(3),300-326。
16.
顧廣平、林蒼祥(20010900)。我國股票上櫃轉上市前後之價格行為。亞太社會科技學報,1(1),83-104。
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17.
Arbel, A.、Strebel, P.(1983)。Pay attention to neglected firms。Journal of Portfolio Management,9(2),37-42。
18.
Merton, Robert C.(1987)。A simple model of capital market equilibrium with incomplete information。The Journal of Finance,42(3),483-510。
19.
Thompson, R. B.、Olsen, C.、Dietrich, J. R.(1987)。Attributes of News about Firms: An Analysis of Firm-specific News Reported in the Wall Street Journal Index。Journal of Accounting Research,25,245-274。
20.
Barry, C. B.、Brown, S. J.(1986)。Limited Information as Source of Risk。The Journal of Portfolio Management,12,66-72。
21.
Carvell, S. A.、Strebel, P.(1987)。Is there a Neglected Firm Effect?。Journal of Business Finance & Accounting,14,279-290。
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