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    Title: 臺灣上市(櫃)公司發行特別股後長期績效之探討
    Other Titles: The long-run performance after preferred stock issuance of Taiwan listed and OTC companies
    台灣上市(櫃)公司發行特別股後長期績效之探討
    Authors: 李明城;Lee, Min-Cheng
    Contributors: 淡江大學財務金融學系碩士在職專班
    顧廣平;Ku, Kuang-Ping
    Keywords: 特別股;長期營運績效;長期投資績效;Preferred Stocks;Long-run operation performance;long-run investment performance
    Date: 2011
    Issue Date: 2011-12-28 17:41:45 (UTC+8)
    Abstract: 本研究係蒐集自1988年至2005年間曾發行特別股之上市(櫃)公司為研究對象,共計33件樣本數,運用各種不同的績效衡量方法,探討公司以發行特別股來進行融資,是否能提高公司價值及增進股東財富,以及對於經營績效是否有顯著的影響。研究結果指出:
    一、上市(櫃)公司發行特別股後之長期投資績效:
    投資者若於公司發行特別股時買進持有該公司之普通股股票,其無法獲取優於基準之長期平均報酬,又或許顯示公司管理當局發行特別股之決策,長期平均而言,並無法增加股東更多之財富。
    二、上市(櫃)公司發行特別股後之長期營運績效:
    從衡量長期營運績效財務比率得知,上市(櫃)公司發行特別股後的長期營運績效表現,在獲利能力是呈現衰退之趨勢,而公司的資產運用效率與償債能力亦没有獲得較好的改善。
    The present study investigates the TSEC & OTC listed companies which issued Preferred Stocks between 1988 to 2005. A total of 33 companies were investigated in this study. A variety of performance assessment methods were adopted to explore the effects of financing by issuing Preferred Stocks on raising a company’s value and promoting shareholders’ wealth. The study also explores whether it has a significant impact on operation performance if a company conducts fund-raising by issuing Preferred Stocks. The following are the major findings of the study.
    1.Long-run investment performance of the TSEC & OTC listed companies after issuing Preferred Stocks:If investors who bought the company’s stocks when it issued Preferred Stocks failed to receive long-run average return which was better than benchmark,it probably indicates that the company administration’s policy of issuing Preferred Stocks can’t bring shareholders more wealth in the long run.
    2.Long-run operation performance of the TSEC & OTC listed companies after issuing Preferred Stocks:By evaluating the financial ratios of long-run operation performance, we can find that in terms of long-run operation performance of the TSEC & OTC listed companies issuing Preferred Stocks, there is a tendency to decline in making a profit. Neither assets utilization nor repaying capability improves.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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