頁籤選單縮合
| 題 名 | 公司特性與資訊結構--臺灣股市之實證研究 |
|---|---|
| 作 者 | 劉玉珍; 何怡滿; | 書刊名 | 國家科學委員會研究彙刊. 人文及社會科學 |
| 卷 期 | 4:1 1994.01[民83.01] |
| 頁 次 | 頁114-132 |
| 分類號 | 563.54 |
| 關鍵詞 | 波氏跳躍擴散過程; 資訊釋放頻率; 資訊跳躍強度; 資訊偏誤; 雜訊; |
| 語 文 | 中文(Chinese) |
| 中文摘要 | 在資訊傳播的過程中,若投資人能主動的評估資訊的影響,將可儘早調整其投資 決策,減少被不正確評估訊息所誤導。本研究針對臺灣股市的上市公司進行探討,以報酬分 配過程描述資訊結構的特性。 研究結果發現:(1) 公司規模越大, 其資訊到達頻率較高; (2) 資訊衝擊發生時,小公司群組的股價反應較劇烈;(3) 小公司相對於大公司而言,公司 內部人士可能傾向不宣佈好消息;(4) 週轉率越高時,股票報酬的震盪幅度越大;(5) 董監 事與經理人持股越多時,資訊產生量較高,且公司較喜歡釋放好消息;(6) 集團企業具有風 險分散的效果。 |
| 英文摘要 | Since investors place high value on up-to-date information, they must evaluate the impact of information immediately following its transmission in order to make timely investment decisions. With this in mind, we studied the information processing structure of companies listed on the Taiwan Stock Exchange. Our results show that: 1)large firms process and transmit information more frequently than smaller firms; 2)the value of stock offered by smaller firms increases or decreases drasticlally upon the transmission of new information; 3)individuals involved with smaller firms tend to hide good news more than larger firms; 4)there is a direct relationship between high turnover and stock price volatility; 5)the greater the stake of managers and board members in stock transactions, the higher the frequency of new information, and the higher the frequency of positive news being released for public consumption; and 6)group enterprises are actively involved in diversifying their risk. |
本系統中英文摘要資訊取自各篇刊載內容。