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題名：不同類型公司 (專業經營vs.多角化) 舉債的財富效果
書刊名：臺大管理論叢
作者：陳一如 引用關係
作者(外文)：Chen, I-ju
出版日期：2011
卷期：21:2
頁次：頁315-347
主題關鍵詞：投資機會假說；自由現金流量假說；舉債；Investment opportunities hypothesis；Free cash flow hypothesis；Debt offering
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(1) 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:1
  • 共同引用共同引用:89
  • 點閱點閱:64
本研究提出投資機會假說與自由現金流量假說，利用事件研究法檢視1999年到2005年間台灣上市上櫃公司中不同經營型態(專業經營vs.多角化)的公司，宣告發行普通公司債後的股東財富效果。實證結果發現台灣上市上櫃公司宣告發行普通公司債後，專業經營公司有正的標準化累積超額報酬，但多角化公司宣告期間的累積超額報酬表現並不明顯，此實證結果支持投資機會假說。另外，本研究也進一步發現，當一成長機會低且自由現金流量高的多角化公司宣告發行公司債時，市場負面評價較不明顯，此結果顯示對代理問題較嚴重 (成長機會低且自由現金流量高) 的多角化公司而言，舉債可有效控制代理成本，並可有效提升公司會計績效。
Literature indicates that the multiple-segment firms have higher free cash flows and lower growth opportunities compared to the single-segment firms. It also has been long recognized that leverage helps control the agency costs problem associated with potential corporate over-investment. Based on these findings, two hypotheses, including free cash flow and investment opportunities hypotheses, are proposed in this study to examine the effects of the different organization forms (single-segment vs. multiple-segment firms) on the announcement of public debt offering by Taiwan public traded firms between 1999 and 2005. Free cash flow hypothesis expects that announcement effect of debt offering is more positive for multiple-segment firms than for single-segment firms because the potential for debt offering to reduce over-investment problem should be higher for multiple-segment firms than for single-segment firms. However, single-segment firms on the other hand are predicted to have higher announcement return of debt offerings under the investment opportunities hypothesis. We find that consistent with the investment opportunities hypothesis, the stock market’s responses to the announcement of public debt offering are more favorable for single-segment firms than for multiple-segment firms. The overall findings after several robust checks suggest that leverage works to lessen the over-investment problem for multiple-segment firms.
期刊論文
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學位論文
1.江亮龍(2000)。臺灣地區上市公司舉債行為對長期股價報酬影響之研究(碩士論文)。國立台灣科技大學。  延伸查詢new window
2.林靜容(1991)。我國可轉換公司債發行之決定因素及其影響公司價值之實證研究(碩士論文)。國立中央大學。  延伸查詢new window
3.陳瓊蓉(2003)。上市公司監理機制，多角化策略與績效關聯性之研究(博士論文)。國立政治大學。new window  延伸查詢new window
4.許志豪(2009)。發行動機與公司成長性對上市公司發行普通公司債宣告效果影響之研究(碩士論文)。臺灣大學。  延伸查詢new window
5.吳儀玲(1993)。可轉換公司債發行公司之特徵探討(碩士論文)。國立臺灣大學。  延伸查詢new window
單篇論文
1.Villalonga, B.(2000)。Matching BITS to COMPUSTAT: Towards richer data for large sample research within firms，Anderson Graduate School of Management, University of California。  new window
其他
1.內政部中華民國統計資訊網(2004)。93年產業關聯表編製報告，http://www.stat.gov.tw， 2010/01/11。  延伸查詢new window
圖書論文
1.Stein, Jeremy C.(2003)。Agency, information and corporate investment。Handbook of the Economics of Finance。Amsterdam：North Holland/Elsevier。  new window
 
 
 
 
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