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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/87212

    Title: 臺灣上市(櫃)公司股票股利發放後之長期績效
    Other Titles: The long-term performance after stock dividend issuance of Taiwan listed and OTC companies
    Authors: 黃雅鈴;Huang, Ya-Ling
    Contributors: 淡江大學財務金融學系碩士在職專班
    顧廣平;Ku, Kuang-Ping
    Keywords: 股票股利;長期投資績效;長期營運績效;Stock Dividend;long-run investment performance;long-run operating performance
    Date: 2012
    Issue Date: 2013-04-13 10:51:28 (UTC+8)
    Abstract: 論文提要內容:
    The study period of this paper is 1991 to 2007, the study subjects are listed companies release Taiwan stock dividends during this period. It mainly explores the long-term investment performance of share price and enterprise long-term operating efficiency performance after the release of stock dividends.
    The results of long-term investment performance efficiency analysis show that: no matter which measurement method being applied, the long-term average abnormal performance efficiency obtained is most with positive values and statistical significance. This seems to mean that if investors purchase the stock after the companies release the stock dividends, the average investment reward is superior to the benchmark reward.
    The results of long-term operating performance analysis show that: by comparing the difference with self-body move basis, in terms of profit capability, after the current year (the 0 year) in which the sample companies release the stock dividends; the average profit capability shows a significant downturn. By comparing the difference with median basis of the industry, the profit capability of sample companies is not significantly better than that of those in the same industry after the release of stock dividends as they does in the previous year, even their rate of return on assets and rate of return on shareholders'' equity are obviously lower than those in the same industry, while comparing to the same industry, the service efficiency of companies'' assets can be significantly improved after the release of stock dividends. Finally, the results show that the average capital structure does not appear significant changes.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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