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一、 |
王瑪如 |
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二、 |
洪雪卿、陳薇如、傅雁鈴 |
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三、 |
樊祖燁、黃營杉 |
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四、 |
張美玲、方靜月、張佳其 |
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RESEARCH ON THE MARKET REACTION TOWARD THE INFORMATION ANNOUNCED PASSIVELY BY COMPANIES - USING THE ELECTRONICS AND TRADITIONAL INDUSTRIES AS AN EXAMPLE 王瑪如 國立高雄第一科技大學財務管理系副教授 Ma-Ju Wang Associate Professor, Department of Finance, National Kaohsiung First University Science and Technology 摘要 公司發布重大訊息時，市場投資人全盤相信公司的說法嗎？又當媒體發布公司消息於先，公司卻澄清媒體說法於後，投資人是相信媒體或公司呢？本文以上市電子工業與鋼鐵、塑膠及建材營造等三大傳統產業為研究對象，將公司發布之訊息分為天災、人為事件與回應媒體報導等三類驗證之。實證結果發現，當天災發生，公司發布不受天災影響之訊息時，市場較相信電子工業之公司說法，負的異常報酬有限。當人為事件發生公司發布不受人為事件影響之訊息時，傳產業在此危機事件之聲明較能得到投資人之信任。當媒體發布公司負面消息時，傳產業較能於公司回應澄清說明後股價回穩，當媒體發布公司正面消息時，電子工業即使在公司出面否定訊息時，仍能持續維持上升的異常報酬。再者，電子工業在公司否定媒體報導有關資本結構異動之消息時，市場仍回報以正的異常報酬來支持公司。最後，當公司未明確回應媒體報導有關公司正面財務預測之消息時，投資人依舊相信媒體的報導，市場反應出正的異常報酬。由此觀察，在資訊不對稱下，媒體實扮演了舉足輕重的角色。迴歸分析發現，市價淨值比是影響公司被動發布訊息說明的市場宣告效果中之重要影響因素。 關鍵字：重大訊息、媒體、異常報酬 |
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ABSTRACT Do investors believe what companies say in major announcements? Do investors buy into the clarification from companies regarding media coverage? This paper examines listed companies in the electronics industry and the three traditional industries of steel, plastics, and building materials and construction. It further classifies company announcements into the three categories of natural disasters, man-induced events, and responses to media reports. The empirical results suggest that when natural disasters strike, the market finds “business-as-usual” announcements from electronics companies to be more convincing than similar statements from companies in the traditional industries, resulting in limited abnormal and negative returns. However, in the case of negative man-made events, the market finds “business-as-usual” announcements from companies in the traditional industries to be more convincing than similar statements from electronics companies. After negative news coverage in the media, the share prices for companies in traditional industries will stabilize after clarifications from the companies (in comparison to electronics companies). For electronics companies, after good news coverage, the share prices will continue to rise and the companies will react positively and have abnormal returns, even when the companies deny the media stories. The market will also react positively and has abnormal returns when electronics companies deny the media coverage concerning changes to their capital structures. Finally, investors will remain convinced of the media coverage and the market will react positively and has abnormal returns if companies do not specifically respond to positive news concerning their financial forecasts. In sum, the media plays a pivotal role in the context of information asymmetry. Regression analysis finds that the market to book ratio is the important factor that affects the market reaction toward the information announced passively by companies. Keywords: Major Announcements, Media, Abnormal Returns |
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WHAT ARE THE KEY DETERMINANTS OF CORPORATE SOCIAL RESPONSIBILITY PERFORMANCE? 洪雪卿 淡江大學會計學系副教授 陳薇如 淡江大學會計學系助理教授 傅雁鈴 勤業眾信聯合會計師事務所 Sheue-Ching Hong Associate Professor, Department of Accounting, Tamkang University Wei-Ju Chen Assistant Professor, Department of Accounting, Tamkang University Yen-Ling Fu Deloitte & Touche 摘要 本研究從公司治理、利害關係人、及環境揭露等構面來探討其是否對企業社會責任績效有所影響。本研究以2007年至2010年間台灣製造業上市公司為樣本，運用Logistic及Probit?歸進行假說驗證。研究結果發現︰當董監持股比率越高、董事長未兼任總經理及董監事持股質押比率越低時，越能有效監督企業，因而企業社會責任績效越佳；其次，企業與利害關係人關係越緊密時，越會積極從事相關社會責任活動；最後則是當企業的環境揭露程度越高，會有越良好的企業社會責任績效。 關鍵字：企業社會責任績效、公司治理、利害關係人、環境資訊揭露水準 |
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ABSTRACT The purpose of this research is to investigate whether corporate governance, stakeholders, and environmental information disclosure have any impact to Corporate Social Responsibility (CSR) performance. The study collects research data from 2007 to 2010 of the listed manufacturing companies in Taiwan. Logistic and Probit regressions are employed to test the hypotheses. Our results show that the higher holding of directors and supervisors, the better enhancement to CSR performance. On the other hand, the lower duality of board chair and the percentage of shares pledged may cause better CSR performance. In addition, when companies have more close relationship with their stakeholders, they will also be more actively engaged in social responsibility related activities. Finally, higher corporate environmental disclosure level is associated with better CSR performance. Keywords: Corporate Social Responsibility Performance, Corporate Governance, Stakeholder, Environmental Information Disclosure Level |
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兩岸企業服務性產品採購決定因素之比較研究－量表之發展及信效度驗證 THE COMPARISON STUDY OF BUSINESS BUYING SERVICE PRODUCTS IN CHINA AND TAIWAN-DEVELOPMENT AND VALIDATION OF A SCALE 樊祖燁 致理技術學院商務科技管理系助理教授 黃營杉 大同大學事業經營學系講座教授 Tsu-Yeh Fan Assistant Professor, Department of Commerce Technology and Management, Chihlee Institute of Technology Ing-San Hwang Chair Professor, Department of Business Management, Tatung University 摘要 中國已成為台灣第一大的貿易伙伴，2010年ECFA簽定後，兩岸的貿易金額大幅成長。目前兩岸的貿易商品雖多屬於企業的工業品採購，但服務性產品的貿易往來勢必是下一階段的重點。究竟台灣企業與中國企業在採購服務性產品時的考量因素有何異同？實有研究的必要。 本研究以辦公室電腦網路系統為例，利用焦點團體討論法及問卷調查法，以台灣與中國兩地五種不同產業的企業採購中心成員為受訪者，遵循一般行銷量表的發展典範，發展組織採購服務性產品的採購決定因素量表，並對量表的信效度做驗證。接著再對兩岸採購中心成員對量表中各採購決定因素的重視程度做比較。研究發現，本研究所發展的企業採購服務性產品之採購決定因素量表，具有良好的信度及效度。兩岸採購中心成員考量的採購決定因素雖然相同，但中國企業對屬於人際類採購決定因素會比較重視。中國企業尚會因地區性的差異，對各採購決定因素之重視程度，存在著些微的差異。 關鍵字：量表建構、組織採購、服務品質、採購決定因素 |
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ABSTRACT China has become Taiwan's largest trading partner. Since the ECFA was effective in 2010, the amount of cross-strait trade between Taiwan and China has grown substantially. Although the trade goods are mostly industrial material, the service trade will become the focus of the next phase of the cross-trait trade. This paper will study the similarities and differences of procurement-decision considerations between Taiwanese and Chinese enterprises for service products. The purpose of this study is to develop a service product buying determinants instrument for buyers of the buying centers in Taiwan and China. Based upon a development paradigm of marketing measurement inventory, the researchers selected buyers of the buying centers from five different industries in Taiwan and China as the focus group for this study. The researchers studied the buying determinants when buyers purchased office computer networking systems. The group discussion and questionnaire methods were used to collect and analyze the data. At the end, the 3 factors and 15-item instrument shows satisfactory reliability and validity. Based on the result of this study, the key buying determinants of procurement behavior between Taiwanese buying centers and Chinese buying centers are similar; however the Chinese buying centers pay more attentions in personnel related procurement than Taiwanese buying centers do. Among Chinese buyers, the key buying determinants of procurement behavior varies slight from region to region. Keywords: Scale Construction, Business Buying, Service Quality, Buying Determinants |
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THE DETERMINANTS OF PROFITABILITY OF INTEGRATED SECURITIES FIRMS IN TAIWAN 張美玲 德明財經科技大學財務金融系副教授 方靜月 德明財經科技大學財務金融系助理教授 張佳其 華泰商業銀行個人金融處專員 Mei-Lin Chang Associate Professor, Department of Banking and Finance, Takming University of Science and Technology Ching-Yueh Fang Assistant Professor, Department of Banking and Finance, Takming University of Science and Technology Chia-Chi Chang Specialist, Hwatai Bank 摘要 依據2005至2009年台灣綜合證券商的資料，本文首先採用三階段資料包絡分析法評估綜合證券商的經營效率，然後再以其當解釋變數，利用迴歸分析探討影響綜合證券商獲利能力的影響因素，迴歸實證結果顯示，市場力量與經營效率假說對綜合證券商的獲利能力皆被顯著的確認；董監事規模、股市繁榮、高業務風險與上市櫃皆有助於綜合證券商獲利能力的提昇。 關鍵字：獲利能力、市場力量、經營效率、三階段資料包絡分析法 |
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ABSTRACT Based on the 2005-2009 financial data of domestic integrated securities firms in Taiwan, the three-stage DEA is first used to evaluate the efficiency of the domestic integrated securities firms. Then, by treating efficiency as an independent variable, the OLS is utilized to investigate the determinants of the domestic integrated securities firms’ profitability. The regression results from the profitability equation are consistent with the market power theory and the efficiency structure hypothesis. Factors, including board size, rising stock price index, higher business risk and listing on TSE(Taiwan Stock Exchange) or OTC(Over-the-Counter), are found to have positive impacts on the profitability of integrated securities firms. Keywords: Profitability, Market Power, Efficiency, Three-Stage DEA |
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