淡江大學機構典藏:Item 987654321/32959
English  |  正體中文  |  简体中文  |  全文笔数/总笔数 : 62797/95867 (66%)
造访人次 : 3741098      在线人数 : 527
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
搜寻范围 查询小技巧:
  • 您可在西文检索词汇前后加上"双引号",以获取较精准的检索结果
  • 若欲以作者姓名搜寻,建议至进阶搜寻限定作者字段,可获得较完整数据
  • 进阶搜寻


    jsp.display-item.identifier=請使用永久網址來引用或連結此文件: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/32959


    题名: 管理階層異動資訊對股價報酬之影響
    其它题名: The impact of managerial level turnover information on the stock returns
    作者: 王偉權;Wang, Wei-chuan
    贡献者: 淡江大學管理科學研究所博士班
    蔡信夫;Tsai, Hsin-fu
    关键词: 管理階層異動;股價報酬;市場模型;整合灰預測市場模型;Top Executive Turnover;stock returns;Market Model;Grey-Market Model
    日期: 2009
    上传时间: 2010-01-11 03:01:57 (UTC+8)
    摘要: 本研究針對企業不同之內外部條件下,來探討我國電子產業之上市公司其管理階層異動對股價報酬之影響。本研究運用「市場模型」及「整合灰預測市場模型」來分析,以提升本研究之準確度。而有關管理階層異動對股價報酬之影響,主要有三個相關的理論,即常識理論、惡性循環理論及代罪羔羊理論。
    本研究之實證結果發現企業歷經管理階層異動後,在大部分的研究條件下,其公司股價並無明顯提升;甚至在某些情況下反而表現得更差。因此管理階層異動後,股價反應較傾向支持惡性循環理論或代罪羔羊理論。尤其若財務長遭到異動,則在多數情況下,企業之股價反應更明顯傾向支持惡性循環理論。在多頭市場下,若發生管理階層異動,則企業之股價反應傾向支持常識理論。而在空頭市場下,若發生管理階層異動,則企業之股價反應傾向支持惡性循環理論。至於在盤整市場下,若發生管理階層異動,則企業之股價反應傾向支持代罪羔羊理論。若新任主管為外部繼任者(空降)時,則企業之股價反應較傾向支持常識理論。
    而在盤整時期、黃紅燈時期、黃藍燈時期,若發生管理階層異動,則企業之股價反應較傾向支持代罪羔羊理論。而在經濟情勢不佳的時期下,有關管理階層的異動大多較傾向支持惡性循環理論或代罪羔羊理論。而本研究採用「整合灰預測市場模型」來分析盤整時期之異常報酬,其顯著性遠遠勝過「市場模型」,證明「整合灰預測市場模型」之解釋能力明顯優於「市場模型」。
    Top managers’ professionalism and inputs are very important and effect corporations’ operation. In order to find that how top managers’ turnover effects corporations’ operation and meanings.This paper utilized the Market Model and Grey Forecasting Model, GM(1,1), to analyze the wealth effects of top executive turnover in Taiwanese listed electronic companies.
    These results in this study are as follows:The observed negative abnormal returns exist following the top executive turnover. Analytical results of top executive turnover there be an important role for support the vicious cycle theory
    or ritual scapegoating theory in that top executive (the Chairman, General Managers and CFO), hence, top executive turnover makes negative abnormal stock returns.
    In bull market condition, the analytical results of top executive turnover there be an important role for support the common sense theory in that top executive (the Chairman, General Managers and CFO). In bear market condition,
    the analytical results of top executive turnover there be an important role for support the vicious cycle theory in that top executive (the Chairman, General Managers and CFO). In consolidation market condition, the analytical results of top executive turnover there be an important role for support the ritual scapegoating theory in that top executive (the Chairman, General Managers and CFO).
    显示于类别:[管理科學學系暨研究所] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    0KbUnknown323检视/开启

    在機構典藏中所有的数据项都受到原著作权保护.

    TAIR相关文章

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - 回馈