頁籤選單縮合
題 名 | 臺電公司民營化研究(2)--釋股策略與執行方案=A Study on the Privatization of Taipower, Part Ⅱ: Underwriting Strategy and Implementation Program |
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作 者 | 劉維琪; 劉玉珍; 徐敏富; | 書刊名 | 台電工程月刊 |
卷 期 | 603 1998.11[民87.11] |
頁 次 | 頁74-82 |
分類號 | 553.61 |
關鍵詞 | 民營化; 資金排擠效應; 市場胃納量; Privatization; Effects of trading volume on capital; Market capacity of share offerings; |
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,探討臺電公司民營化的釋股規劃,提供民營化釋股時的參考。 |
英文摘要 | The effects of public share flotation on Capital market is usually in trading volume. This study did an empirical analysis on this impact, and found out that this impact will be more serious during flotation in the short-term than that in the long-term. And the degree of this impact on trading volume depands on market prices, market capacity, amount of share offerings and event windows. Furthermore, this paper also evaluates the market capacity of stock offering size under different circumstances through a sensitive analysis. The results of the evaluation may provide some suggestions for share flotation of Taiwan Power Company. |
本系統中英文摘要資訊取自各篇刊載內容。