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題名：當事件公司發生非預期財務危機時，我們相信治理好的同業公司
書刊名：管理評論
作者：沈中華 引用關係／池祥萱 引用關係
作者(外文)：Shen, Chung-hua／Chih, Hsiang-hsuan
出版日期：2007
卷期：26:4
頁次：頁77-98
主題關鍵詞：負向傳染效果；正向競爭效果；公司治理；Negative contagion effects；Positive competitive effects；Corporate governance
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(3) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:3
  • 共同引用共同引用:0
  • 點閱點閱:32
本文探討當公司無預警地宣布財務危機時，同業的股價反應以了解負向傳染效果或正向競爭效果是否存在，並進一步討論同業的公司治理是否加重或減緩上述效果。實證結果歸納如下。第一，當公司無預警宣布財務危機時，同業的股價顯著下跌，這表示負向傳染效果成立。第二，若公司惡化的財務狀況早已逐步揭露，則當公司宣佈財務危機時，同業的股價不會下跌，表示正向競爭效果成立。第三，如果同業的公司治理較佳（差），的確會減緩（加重）負向傳染效果。第四，如果同業的公司治理較佳（差），的確會加重（減緩）正向競爭效果。
This paper investigates the effects of unexpected firm financial distress announcements on the equity value of the peer firms to examine the negative contagion effects and the positive competitive effects. We further investigate whether these two effects are related to corporate governance. Our results can be summarized as follows. First, when the firms announce financial distress unexpectedly, peer firms' stock prices decline significantly, the negative contagion effects do exist. Second, when the firms announce financial distress expectedly, peer firms' stock prices don't decline significantly, positive competitive effects do exist. Third, this negative contagion effects are significantly larger (smaller) for the firms with bad (good) corporate governance. Finally, the positive competitive effects are significantly larger (smaller) for the firms with good (bad) corporate governance.
期刊論文
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16.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei(1999)。Corporate ownership around the world。Journal of Finance，54(2)，471-517。  new window
17.Dalton, Dan R.、Daily, Catherine M.、Johnson, Jonathan L.、Ellstrand, Alan E.(1999)。Number of directors and financial performance: a meta-analysis。Academy of Management Journal，42(6)，674-686。  new window
18.Yermack, David(1996)。Higher market valuation of companies with a small board of directors。Journal of Financial Economics，40(2)，185-211。  new window
19.Eisenberg, Theodore、Sundgren, Stefan、Wells, Martin T.(1998)。Larger board size and decreasing firm value in small firms。Journal of Financial Economics，48(1)，35-54。  new window
20.Lemmon, Michael L.、Lins, Karl V.(2003)。Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis。The Journal of Finance，58(4)，1445-1468。  new window
21.Agrawal, Anup、Knoeber, Charles R.(1996)。Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders。The Journal of Financial and Quantitative Analysis，31(3)，377-397。  new window
22.Lang, Larry H. P.、Stulz, René M.(1992)。Contagion and Competitive Intra-industry Effects of Bankruptcy Announcements。Journal of Financial Economics，32(1)，45-60。  new window
23.Jensen, Michael C.(1993)。The modern industrial revolution, exit, and the failure of internal control systems。The Journal of Finance，48(3)，831-880。  new window
24.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(2002)。Investor protection and corporate valuation。The Journal of Finance，57(3)，1147-1170。  new window
25.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。  new window
26.Beasley, Mark S.(1996)。An Empirical Analysis of the Relation between the Board of Director Composition and Finacial Statement Fraud。The Accounting Review，71(4)，443-465。  new window
27.Binder, J.(1998)。The Event Study Methodology Since 1969。Review of Quantitative Finance and Accounting，11，111-137。  new window
28.Dickinson, A.、Peterson, D. R.、Christiansen, W. A.(1991)。An Empirical Investigation into the Failure of First RepublicBank: Is There a Contagion Effect。Financial Review，26(3)，303-318。  new window
29.Chen, Z.、Li, D.、Moshirian, F.(2005)。China's Financial Services Industry: The Intra-industry Effects of Privatization of the Bank of China Hong Kong。Journal of Banking & Finance，29(8-9)，2291-2324。  new window
30.Glascock, J.、Karafiath, I.(1989)。Intra-Industry Effects of a Regulatory Shift: Capital Market Evidence from Penn Square。Financial Review，24(1)，123-134。  new window
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會議論文
1.Yeh, Y.、Lee, T.、Yeh, Y. H.、Lee, T. S.(2002)。Corporate Governance and Corporate Equity Investments: Evidence from Taiwan。0。  new window
圖書
1.沈中華、李建然(2000)。事件研究法--財務與會計實證研究必備。華泰文化事業公司。  延伸查詢new window
 
 
 
 
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