查詢結果分析
相關文獻
- 訊號、投資機會與現金股利宣告
- 股利宣告內涵與Tobin's Q理論
- Risk Clientele and Predisclosure Information Asymmetry Effects of Accounting Earnings Announcements
- 資訊不對稱假說與自由現金流量假說之驗證
- 現金增資與可轉換公司債融資宣告效果之比較--融資順位理論與自由現金流量假說之驗證
- 臺灣地區上市櫃公司實施庫藏股動機與實施績效之探討
- 不同類型公司 (專業經營vs.多角化) 舉債的財富效果
- 臺灣上市櫃公司買回庫藏股與股價、經營績效關係之研究
- 資產減損會計處理準則宣告與股價反應之實證研究
- 內部財務與公司投資關聯性以臺灣上市前100大公司為例
頁籤選單縮合
題 名 | 訊號、投資機會與現金股利宣告=Signaling, Investment Opportunities, and Cash Dividend Announcements |
---|---|
作 者 | 林宜勉; | 書刊名 | 國立中興大學人文社會學報 |
卷 期 | 8 1999.06[民88.06] |
頁 次 | 頁173-211 |
分類號 | 494.7 |
關鍵詞 | 現金流量訊號假說; 自由現金流量假說; 風險客戶效果; Cash flow signalling hypothesis; Free cash flow hypothesis; Risk clientele effect; Tobin's Q; |
語 文 | 中文(Chinese) |
中文摘要 | 現金流量訊號假說認為未預期的現金股利變動提供目前或未來現金流量的管理者 資訊;而自由現金流量假說則主張未預期的現金股利變動隱含著管理者過度投資 的資訊內涵。本研究藉由現金股利變動宣告之風險客戶效果、股利客戶效果與財 富效果,分析其與兩假說的關連性。主要研究目的為:(1)探討高與低成長機會 公司間之現金股利變動宣告的特徵差異。(2)驗證股利變動對累積異常報酬率與 累積異常交易量之影響。(3)瞭解現金股利變動宣告對股價及交易量的影響,應 以現金流量訊號假說或自由現金流量假說來說明較適當。實證結果可歸納成以下 幾項:(1)不論股利增加或減少,宣告前風險、宣告前後的風險變動、股利變動、 股利收益率與公司規模,在高與低成長機會公司之間存在顯著差異。(2)累積異 常報酬率及累積異常交易量均與現金股利變動呈正相關,此與現金流量訊號假說 一致。(3)宣告前風險及宣告前後的風險變動皆與累積異常報酬率、累積異常交 易量呈正相關,表示存在風險客戶效果。 |
英文摘要 | The cash flow signalling hypothesis indicates that the cash dividend change provides information about current and/or future cash flows, while the free cash flow hypothesis shows that the cash dividend change provides information about changes in the managers' misuse of cash flows. Based on the theoretical dispute, this research analyze the potential explanations for wealth, risk clientele and dividend clientele effects surrounding cash dividend change announcements. There are three objects in this research (1) To analyze the differences in firm characteristics between high-Q and low-Q firms. (2) To investigate the extent to which cash dividend changes are associated with both cumulative abnormal returns and cumulative trading volumes. (3) To examine the stock price and volume reactions to cash dividend change announcements, which of hypothesis is suit to explain. The empirical results of this paper are as follows: (1) For both dividend increases and decreases, the differences in cash dividend change, firm size, yield, pre-announcement risk, and risk change between high-Q and low-Q firms are significant. (2) Cumulative abnormal returns and cumulative abnormal trading volumes are positively related to cash dividend changes. This result is consistent with the cash flow signalling hypothesis. (3) Pre-announcement risk and risk change is positively related to cumulative abnormal returns and cumulative abnormal trading volumes, this implies that risk clientele effect exists. |
本系統中英文摘要資訊取自各篇刊載內容。