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題名:公營事業民營化釋股對股票市場的衝擊
書刊名:中山管理評論
作者:劉玉珍徐敏富
作者(外文):Liu, Yu-janeHsu, Min-fu
出版日期:1999
卷期:7:1
頁次:頁129-151
主題關鍵詞:公營事業民營化股票市場公股釋出
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(7) 博士論文(0) 專書(0) 專書論文(2)
  • 排除自我引用排除自我引用:7
  • 共同引用共同引用:22
  • 點閱點閱:43
     由於公股釋出的金額相當龐大,加上市場的胃納能力有限,公股釋出對於資本市 場的衝擊往往受到大眾的矚目,同時也是公營事業民營化釋股成功與否的重要關鍵因素。公 股釋出對於資本市場的衝擊主要是在於資金的排擠效應,本研究針對歷年公股釋出案進行實 證研究,以修正之事件研究法對公股釋股前後的股票市場總成交值進行分析。結果發現在極 短期之內,大多數的樣本均有顯著的資金排擠效應,而隨著事件窗口的拉長,資金排擠效應 顯著的樣本逐漸減少,而在 90 天之後,所有的樣本都沒有顯著的資金排擠效應。本研究再 針對資金排擠效應進行迴歸分析,結果發現當股票市場的行情越差、市場的胃納量越小、釋 股金額越大且事件窗口越短時,公股釋出的資金排擠效應就會越嚴重。因此公股釋出的時程 安排必須要為規畫,除了考慮釋股金額的大小之外,並應考慮釋股時的股市行情以及市場胃 納,以免過度衝擊股票市場。
期刊論文
1.Lys, Thomas、Vincent, Linda(1995)。An analysis of value destruction in AT&T's acquisition of NCR。Journal of Financial Economics,39(2/3),353-378。  new window
2.Epps, W.、Epps, M.(1976)。The stochastic dependence of security price changes and transaction volumes: Implications for the mixture of distribudistributions hypothesis。Econometrica,44(2),305-321。  new window
3.Hansen, N.,(1997)。“Privatization, Technology Choice and Aggregate Outcomes”。Journal of Public Economics,vol. 64,pp. 425-442。  new window
4.Brailsford, Timothy J.(1996)。The empirical relationship between trading volume, returns and volatility。Accounting and Finance,36,89-111。  new window
5.Epps, Thomas W.(1975)。Security Price Changes and Transaction Volumes: Theory and Evidence。The American Economic Review,65(4),586-597。  new window
6.Clark, Peter K.(1973)。A subordinated stochastic process model with finite variance for speculative prices。Econometrica,41(1),135-155。  new window
7.Jennings, R. H.、Starks, L. T.、Fellingham, J. C.(1981)。An Empirical Model of Asset Trading with Sequential Information Arrival。Journal of Finance,36,143-161。  new window
8.Wang, Jiang(1994)。A model of competitive stock trading volume。Journal of Political Economy,102(1),127-168。  new window
9.Jain, Prem C.、Joh, Gun-Ho(1988)。The dependence between hourly prices and trading volume。Journal of Financial and Quantitative Analysis,23(3),269-283。  new window
10.Karpoff, Jonathan M.(1987)。The Relation between Price Changes and Trading Volume: A Survey。Journal of Financial and Quantitative Analysis,22(1),109-126。  new window
11.Ying, C. C.(1966)。Stock market prices and volumes of sales。Econometrica: Journal of the Econometric Society,34(3),676-685。  new window
12.胡星陽(19980400)。流動性對臺灣股票報酬率的影響。中國財務學刊,5(4),1-19。new window  延伸查詢new window
13.Eckel, Catherine、Eckel, Doug、Singal, Vijay(1997)。Privatization and Efficiency: Industry Effects of the Scale of British Airways。Journal of Financial Economics,43,275-298。  new window
14.Megginson, William L.、Nash, Robert C.、Van Randenborgh, Matthias(1994)。The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis。The Journal of Finance,49(2),403-452。  new window
15.Dewenter, Kathryn L.、Malatesta, Paul H.(1997)。Public offerings of state-owned and privately-owned enterprises: an international comparison。The Journal of Finance,52,1659-1679。  new window
16.Epps, Thomas W.(1977)。Security Price Changes and Transaction Volumes : Some Additional Evidence。Journal of Financial and Quantitative Analysis,12(1),141-146。  new window
17.Hingorani, Archana、Lehn, Kenneth、Makhija, Anil K.(1997)。Investor behavior in mass privatization: the case of the Czezh Voucher scheme。Journal of Financial Economics,44,349-396。  new window
18.Ma, Tai、Tsai, C. C.(1998)。IPO returns: state versus non-state firms。Advances in Pacific Basin Financial Markets,4。  new window
19.Menyah, Kojo、Paudyal, Krishna、Inyangete, Charles G.(1995)。Subscriber return, underpricing, and long-term performance of U.K. privatization initial public offers。Journal of Economics & Business,47,473-495。  new window
20.Caves, D. W.、Christensen, L. R.(1980)。The Relative Efficiency of Public and Private Firms in a Competitive Environment: The Case of Canadian railroads。Journal of Political Economy,88(5),958-976。  new window
研究報告
1.馬黛(1997)。全民認股與釋股方式再檢討。沒有紀錄。new window  延伸查詢new window
 
 
 
 
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