頁籤選單縮合
題 名 | 我國企業辦理資產重估之動機與股票評價關聯性之研究=An Investigation of the Relationship between Motivations of Asset Revaluation and Stock Pricing |
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作 者 | 顏信輝; 丁緯; | 書刊名 | 淡江人文社會學刊 |
卷 期 | 23 民94.06 |
頁 次 | 頁103-129 |
分類號 | 563.54 |
關鍵詞 | 資產重估; 重估動機; 庫藏股; 股票評價; Asset revaluation; Revaluation motivation; Treasury stock; Stock pricing; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究採配對之方式,探討公司進行資產重估之動機,與過去相關研究不同之處在於,本研究亦分析並業庫藏股政策與資產重估政策之關聯性。此外,本研究一併探討,公司進行資產重估後,能否改變盈餘、淨值與股價之關聯性。根據民國八十七至九十一年五個年度之樣本進行分析,結果顯示,負債比率較高之公司、成長機會較低之公司以及經營績效較差的公司較傾向辦理資產重估,而擁有較多庫藏股之公司亦傾向辦理資產重估。此外,以Ohlson(1995)之模型分析盈餘、淨值與股價之關聯性發現,有重估企業之每股帳面價確實更趨近於股價,其每股盈餘對股價之影響也較大。 |
英文摘要 | This paper uses a match-paired approach to explore the motivations of asset revaluation. The study differs from prior research in that it investigates the association between treasury stocks and asset revaluation as well as examines the effect of asset revaluation on the relationships among reported earnings, net value, and stock pricing. Financial data of the Taiwanese listed firms from 1998-2002 were used for the empirical analyses. The results indicate that firms with higher debt ratios, lower growth opportunity, worse operation performance, and more treasury stocks are more likely to engage in asset revaluation. In addition, using Ohlson’s (1995) mode, we found that the book value per share moved closer to market price per share and that the influence of earnings per share on market price per share was also substantially greater, subsequent to asset revaluation. |
本系統中英文摘要資訊取自各篇刊載內容。