頁籤選單縮合
題 名 | 公營事業民營化之釋股策略規劃=The Strategic Planning of Issuing Shares on Privatization |
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作 者 | 劉玉珍; 徐敏富; | 書刊名 | 公營事業評論 |
卷 期 | 1:1 1998.10[民87.10] |
頁 次 | 頁123-154 |
分類號 | 553.61 |
關鍵詞 | 公營事業民營化; 資金排擠效應; 市場胃納能力; Privatization; Trading volume; Offer size; |
語 文 | 中文(Chinese) |
中文摘要 | 公股釋出對於資本市場的衝擊主要是在於資金排擠效應。本研究針對歷年公股釋 出案進行實證研究,結果發現公股釋出對於股票市場在短期之內有顯著的資金排擠效應,而 隨著觀察期間的拉長,資金排擠的效應逐漸減緩,而資金排擠效應的程度會受到市場行情、 市場胃納、釋股金額以及觀察期間的影響。最後,本研究再對不同行情下的市場胃納能力進 行評估,探討公營事業民營化的釋股規劃,提供民營化釋股時的參考。 |
英文摘要 | The amount of stock flotation on privatization is usually amazing great. We performed an empirical analysis on the impact of stock market to the stock flotation on privatization. We concluded that the shorter the event window we analyzed, the more serious the negative abnormal trading volume was. The results also indicated that the negative abnormal market trading volume would be small when the market is bullish, the market trading volume is relative large and event window is longer. Finally, we performed a sensitive analysis to show the possible stock offering size under different circumstances. The results of this paper may provide some insights into those publicowned companies under the procedure of privatization. |
本系統中英文摘要資訊取自各篇刊載內容。