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題名:以公司托賓Q比率預測股價對公司投資變動的反應
書刊名:管理評論
作者:謝劍平
出版日期:1995
卷期:14:1
頁次:頁33-45
主題關鍵詞:托賓Q比率資本支出股東財富價值極大化Tobin's Q ratioCapital investmentStockholders' wealthMarket value maximization
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(2) 博士論文(2) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:2
  • 共同引用共同引用:0
  • 點閱點閱:33
這篇論文是在探討公司托賓Q比率對於資本支出宣告,與股票市場反應大小間的關係。結果發現,關於宣告之超常報酬率及Q比率之間存有強烈且顯著的正相關。研究結果顯示,一般而言增加投資的決策會使股東受益。因為高Q比率公司的股東財富比低Q比率公司增加的快。這事實隱含了市場價值極大化是公司實際投資的最主要動機。最後,作者也建議後續研究者可針對公司規模大小與情報釋放對資本投資變動的反應做進一步之探討。
This paper examines the relationship between Tobin's Q ratio and the magnitude of the stock market reaction to capital investment announcements. The paper finds a strong and significant positive relationship between the announcement related excess returns and the Q ratio. The results of the study show that on average shareholders benefited from decisions to increase investment. Since this enhancement of shareholder wealth was greater for high Q firms than for low Q firms, the evidence suggests that market value maximization be the dominant motivation for real investment in the companies examined. Finally, the author suggests that future research can investigate the relationship between firm size and information and the response of capital investment announcement.
期刊論文
1.Asquith, P.(1983)。Merger bids, uncertainty, and stockholder returns。Journal of Financial Economics,11(1),51-83。  new window
2.Hayashi, F.(1982)。Tobin's Marginal q and Average q: A Neoclassical Interpretation。Econometrica,50,213-224。  new window
3.Barry, C. B.、Brown, S. J.(1984)。Differential information and the small firm effect。Journal of Financial Economics,13(2),283-294。  new window
4.Blose, L. E.、Shieh, J. C. P.(1997)。Tobin's Q-Ratio and Market Reaction to Capital Investment Announcements。Financial Review,32(3),449-476。  new window
5.Brickley, J. A. T.(1983)。Shareholder Wealth, Information Signaling and the Specially Designated Dividend: An Empirical Study。Journal of Financial Economics,12(2),187-209。  new window
6.Lang, L. H. P.、Litzenberger, R. H.(1989)。Dividend announcement: Cash flow signalling vs. free cash flow hypothesis?。Journal of Financial Economics,24(1),181-191。  new window
7.McConnell, John J.、Muscarella, Chris J.(1985)。Corporate Capital Expenditure Decisions And The Market Value Of The Firm。Journal of financial economics,14(3),399-422。  new window
8.Asquith, Paul、Kim, Han(1982)。The impact of merger bids on the participating firms' security holders。Journal of Finance,37(5),1209-1228。  new window
9.Brickley, J. A.、Bhagat, A. S.、Lease, R. C.(1985)。The incentive effects of employee stock purchase plans。Journal of Financial Economics,14,195-215。  new window
10.Ciccolo, J.、Formm, G.(1979)。Q and the theory of investment。Journal of Finance,34,535-547。  new window
11.Dann, L.(1981)。Common stock repurchases: An analysis of return to bondholders and stockholders。Journal of Financial Economics,9(2),113-138。  new window
12.Galai, D.、Masulis, R.(1986)。The option pricing model and the risk factor of stocks。Journal of Financial Economics,3,53-82。  new window
13.Langetieg, T.(1978)。An application of a three-factor performance index to measure stockholder gain from merger。Journal of Financial Economics,6,365-383。  new window
14.Woolridge, J. Randall、Snow, Charles C.(1990)。Stock Market Reaction to Strategic Investment Decisions。Strategic Management Journal,11(5),353-363。  new window
15.Lehn, Kenneth、Poulsen, Annette(1989)。Free Cash Flow and Stockholder Gains in Going Private Transactions。The Journal of Finance,44(3),771-787。  new window
16.Fama, Eugene F.(1980)。Agency Problems and the Theory of the Firm。Journal of Political Economy,88(2),288-307。  new window
17.Lindenberg, Eric B.、Ross, Stephen A.(1981)。Tobin's q ratio and industrial organization。The Journal of Business,54(1),1-32。  new window
18.Brown, Stephen J.、Warner, Jerold B.(1985)。Using Daily Stock Returns: The Case of Event Studies。Journal of Financial Economics,14(1),3-31。  new window
19.Lang, Larry Rene、Stulzand Ralph, M.、Walkling, R. A.(1989)。Managerial Performance: Tobin's Q and the Gains from Successful Tender Offers。Journal of Financial Economics,24,137-154。  new window
20.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
21.Barry, Christopher B.、Brown, Stephen J.(1985)。Differential information and security market equilibrium。Journal of Financial and Quantitative Analysis,20(4),407-422。  new window
圖書
1.Copeland, T.、Weston, F.。Financial theory and corporated policy。New York:Addision-Wesley Publishing Company。  new window
 
 
 
 
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