淡江大學機構典藏:Item 987654321/67281
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    Title: 公營事業民營化後之長期績效評估
    Other Titles: The Long-Term Performance Evaluation of Listed Privatized Firms in Taiwan
    Authors: 楊馥如;顧廣平;姚鍾文
    Contributors: 淡江大學財務系
    Keywords: 公營事業民營化;經營績效;長期投資績效;橫斷面廻歸;Privatized Firms;Operating Performance;Long-term Investment Performance;Cross-Sectional Regressions
    Date: 2005-12
    Issue Date: 2011-10-22 22:27:32 (UTC+8)
    Publisher: 財團法人逢甲會計教育基金會
    Abstract: 本研究以完成民營化之十八家上市公司為研究對象,衡量其民營化後三年之經營績效與長期投資績效。首先以五項財務指標衡量經營績效,再以買進持有異常報酬與累積異常報酬來衡量投資績效。最後考慮大股東、董監事、經理人、及政府持股比率、是否為民營化當年度、產業別、民營化前一年績效及國民生產毛額成長率等變數,將上述自變數分別對經營績效與投資報酬作迴歸分析,以找出影響績效變動的因素。
    結果顯示僅資產週轉率提升,且結果不顯著,故民營化後經營績效與長期股價異常報酬無法持續。在民營化後績效變動的影響因素,則僅大股東持股比率愈低或民營化前一年績效為較佳者,民營化後之經營績效與長期投資報酬較佳,但結果亦不顯著。民營化後董監事持股比率與政府持股比率,僅對資產週轉率有顯著的正及反向影響,其他因素則無法支持對民營化後績效之預期。
    Relation: 會計與公司治理 2(2), p.47-78
    DOI: 10.30139/JACG.200512.0003
    Appears in Collections:[Graduate Institute & Department of Banking and Finance] Journal Article

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