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    請使用永久網址來引用或連結此文件: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/52007

    題名: 企業危機事件與股價變化關係之研究
    其他題名: Relationship between the enterprise crisis incidents and changes of stock price
    作者: 朱德仁;Chu, Te-jen
    貢獻者: 淡江大學企業管理學系碩士在職專班
    王居卿;Wang, Chu-ching
    關鍵詞: 危機;危機事件;危機類別;超額報酬;Crisis;Crisis Event;the Catergories of Crisis;abnormal return
    日期: 2010
    上傳時間: 2010-09-23 16:26:41 (UTC+8)
    摘要: 自股票市場投資在台灣逐漸風行以來,越來越多人已經將股票投資視為微利時代替自己加薪的好選擇,股票市場平均每日交易金額由1981年的$7.16億元至2009年的$1,182億元,在三十年間已成長了16.5倍。有鑑於此,不論 產、官、學界對於股票市場的研究需求皆日益關切。其中,在學術研究上,對於股價的研究與預測一直是個既困難又有趣的主題,每年都會吸引許多菁英投入研究行列。
    自從以現金流量為基礎的股利折現模式 (dividend discount Model) 被提出後,市場上充斥著各種以該模式為基礎的擴充模型試圖更精準地去計算合理股價,也有許多學者提出股價深受景氣循環、產業因素等所影響。直到近二十年來,才漸漸有學者注意到「訊息」對股價亦有一定程度之影響力。
    Since the stock market in Taiwan gradually became popular, more and more people raise their income by investing their money in the stock market. The average daily trading amount increased from $716 millions in 1981 to $118 billions in 2009, almost grew up 16.5 times during the period. Therefore, academic, practical and governmental institutions are eagering to evaluate the prices of the stock markets. This is really a difficult but interesting subject, many elites join this market every year.
    After the dividend discount model was brought up, there were many extended models followed and tried to improve the preciseness of the theoretical stock price. Some scholars mentioned the stock price is also affected by business cycle and industry situations but seemed still can not explain all of the movements. Gradually, some scholars noticed that “news” is also an important role to explain the stock price movements.
    This research used the listed companies in Taiwan stock market as the samples to inspect the relationships between stock price and released crisis. By using the 5-year data, we found that the crisis events affect stock price significantly and the persistencies are different due to different categories. Furthermore some of the events hurt the stock prices for one month! This phenomenon is too crucial to be ignored.
    顯示於類別:[企業管理學系暨研究所] 學位論文


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