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題名：政治關係如何影響公司價值？
書刊名：管理評論
作者：沈中華 引用關係／朱浩民 引用關係／王佑鈞 引用關係
作者(外文)：Shen, Chung-hua／Chu, Hau-min／Wang, Yu-chun
出版日期：2014
卷期：33:4
頁次：頁1-19
主題關鍵詞：政治關係；股價報酬；投資人交易；公司價值；Political connections；Short-term stock returns；Investor trading；Firm value
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(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:0
  • 點閱點閱:64
政治關係是否帶給公司價值？若是，則政治關係如何影響公司價值？我們以2008年臺灣總統選舉為研究事件，藉由分析選舉前後公司橫斷面異常報酬率，以及三種不同類型投資人的股票交易情形來探討這個議題，並且同時檢驗選舉事件對與勝選政黨或敗選政黨有關係公司之價值影響為何。首先，我們發現與敗選政黨有關係的公司股價存在負的異常報酬，而與勝選政黨有關係的公司而則無，此結果支持我們的勝選假說。其次，敗選政黨的失利對報酬所產生的負面影響，高過於勝選政黨所帶來的正面影響，支持政黨輪替假說。最後，熟知政治關係價值的內部人，其交易行為與政治關係影響公司價值的方向一致，此結果支持政治交易假說。本文研究結果顯示政治關係對公司價值的確有所影響，而對政治關係較為熟稔的投資人較容易知悉這樣的關係對公司所帶來的價值，這些發現有助於瞭解政治關係影響公司價值的過程。
This study investigates whether and how political connections bring value to firms. One way to examine this issue is to check the responses of abnormal stock returns and investor trading for politically connected firms before and after the event of presidential election. We further examine the impacts of this event on the value of firms connected to the winning and losing parties. Data on stock price and shareholdings around the 2008 Taiwanese Presidential Election are used in this paper. First, we find that the firms connected to the losing party exhibit negative stock returns, whereas the firms connected to the winning party do not. This supports our winning party hypothesis. Moreover, the defeat of the ruling party has a greater negative impact on stock returns than the victory of the opposition party, lending credence to our party turnover hypothesis. Finally, sophisticated investors who understand the value of political connections are more likely to exhibit trading direction consistent with the value change, supporting our political trading hypothesis. Clearly, political connections bring value to firms, and the evidence helps us understand how political connections affect firm value.
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會議論文
1.Shen, Chung-Hua、Wang, Yu-Chun、Lin, Chih-Yung(2012)。Do Strong Corporate Governance Firms Still Require Political Connection, and Vice Versa?。2012 NTU International Conference on Finance，(會議日期: Dec 7, 2012)。  new window
2.Tsai, Chia-Hung(2008)。What Do the Polls Say? Predicting the Winner of the 2008 Taiwan Presidential Election。CDDRL Special Seminar，(會議日期: Mar. 13)。Stanford University。  new window
研究報告
1.Chauveau, Thierry、Nicolas, Nalpas(2009)。A Theory of Disappointment。ESC-Toulouse。  new window
2.Tsai, Chia-Hung(2008)。What Do the Polls Say? Predicting the Winner of the 2008 Taiwan Presidential Election。Stanford University。  new window
3.Shen, Chung-Hua、Wang, Yu-Chun、Lin, Chih-Yung(2012)。Do Strong Corporate Governance Firms Still Require Political Connection, and Vice Versa?。  new window
學位論文
1.張凱雯(2010)。董事政治關聯及政治獻金對企業價值之影響(碩士論文)。國立臺灣科技大學。  延伸查詢new window
2.陳岱佑(2007)。總統大選對有政商關係企業之股票異常報酬之影響(碩士論文)。國立政治大學。  延伸查詢new window
3.周明徹(2005)。政商關係對企業價值的影響(碩士論文)。國立清華大學。  延伸查詢new window
其他
1.聯合報民意調查中心(20080215)。總統大選本報民調。  延伸查詢new window
 
 
 
 
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