聚焦活动与企业价值之关系——从公司治理机制探讨

本研究系探讨企业聚焦活动宣告对股票报酬之影响,采用1993年至2002年间33家台湾上市上柜公司宣告聚焦活动为研究对象,并以事件研究法市场模型为分析工具,同时以复回归方法从公司治理角度去探讨影响累积异常报酬之因素。研究结果发现,企业聚焦之宣告可获得显著且正向累积异常报酬;而董事会规模、上一年多角化程度以及研究发展费用等因素与累积异常报酬呈正相关。然而,大股东持股比率与累积异常报酬呈负相关。

Focus Activities and Firm Value: From Corporate Governance Perspectives

This study attempts to examine the announcement effects for the firms in Taiwan engaging in focus activities. The sampling period covers the time frame from 1993 to 2002 and 33 listing firms declaring focus activities are colleted. We used the market model of event study to analyze abnormal returns for these firms. And, a multiple regression model with the variables of corporate governance mechanisms is employed to detect the determinants of the abnormal returns. The empirical results find that there are significantly positive cumulative abnormal returns for the firms engaging in focus activities. Furthermore, the regression analysis indicates that "the board size" and "the degree of diversification in preceding year" and "the development expenditures rations" are significant positively correlated with the abnormal returns. But, "the share proportion of the block shareholders" is significantly negative correlated with the abnormal returns.