頁籤選單縮合
題 名 | 金融風暴後上市公司出售不動產對股價之影響=An Empirical Study on the Effects of Firms' Real Estate Dispositions on Their Stock Prices: The Case of after Asian Financial Crisis |
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作 者 | 洪裕勝; 彭序文; 王智民; | 書刊名 | 臺灣土地金融季刊 |
卷 期 | 36:1=139 1999.03[民88.03] |
頁 次 | 頁35-51 |
分類號 | 554.89 |
關鍵詞 | 金融風暴; 不動產處分; 股票價格; Asian financial crisis; Real estate disposition; Stock price; |
語 文 | 中文(Chinese) |
中文摘要 | 不動產處分訊息對股價之影響主要係因不動產相關處置會對公司盈餘有所影響, 進而影響對其公司股票之評價。1997年年中亞洲自泰國開始引爆金融風暴開始,臺灣的廠 商或多或少受到一些影響而造成營業衰退。因此在金融風暴後臺灣市場上有某些上市公司便 出售其位於精華區之閒置廠房或其他未發揮最大效用之不動產,以挹注收益並希望藉此「利 多」消息之釋出影響該公司股價使其產生不尋常之波動。本研究即針對金融風暴後,臺灣上 市公司出售不動產之交易對公司股價是否有所影響進行探討。實證結果顯示,臺灣上市公司 透過不動產的變賣來達成公司盈餘目標或是彌補本業虧損,進而造成該公司股價的變動,其 效果並不顯著,而從迴歸分析中發現不動產交易價格對資產總額之比率對累積平均異常報酬 率有顯著之負面影響,即當不動產交易價格對資產總額比率越大時,其累積平均異常報酬率 將愈小。另外,研究結果亦部份支持不動產交易價格與二日累積平均異常報酬率間存在正面 關係。 |
英文摘要 | Due to the Asian Financial crisis, companies' business and stock markets of Taiwan, more or less, have been affected. Some companies then try to dispose their real estate to make up their profits and, if possible, to affect their stock prices. Hence, in this study, whether there is any difference of the effects of real estate dispositions on stock prices between pre and pro Asian Financial Crisis is investigated. No significant abnormal return is found in this study. The results show that two-day cumulative abnormal return is significantly negatively related to the ratio of real estate disposition price to total assets. This implies that the larger the ratio of real estate disposition price to total assets is, the less the two-day cumulative abnormal return is. In addition, the positive relationship between two-day cumulative abnormal return and real estate disposition price is partial supported. |
本系統中英文摘要資訊取自各篇刊載內容。