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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
51

企業社會責任相關新聞對於企業股票報酬的影響(以台灣50為例) / Impacts of CSR media coverage on corporate stock return

魏匡劭, Wei, Kuang Shao Unknown Date (has links)
本研究蒐集經濟日報、聯合報及聯合晚報的新聞文章,以中研院的中文斷詞系統進行結構性的處理,研究企業社會責任新聞,對於股價的報酬率是否有正面、負面的影響,而以台灣掛牌的企業為研究的標的(以台灣50為例)。 本研究利用新聞文字,去判斷這個新聞是否與企業社會責任有關,而這次所利用的新聞,是台灣報章媒體的新聞,我們用這些新聞來測試新聞對投資人的投資行為、財富有沒有影響。 本研究發現,正面的企業社會責任新聞帶來不顯著的累積超額負報酬,而負面的企業社會責任新聞,則會帶來顯著的股價宣告效果。這個現象是由於負面的企業社會責任新聞通常較正面的企業社會責任新聞難以被投資人所預期,因此相對正面的企業社會責任新聞,負面的企業責任新聞對於股價宣告效果有較顯著的影響。 接著,本研究依據Michael Porter(2006)的研究,將企業社會責任新聞分為三類(一般、價值維護、價值創造),我們發現企業社會責任新聞在其中一類,也就是「價值創造」,正面新聞對於股票的報酬有顯著正面影響。在調整了市場報酬並調整交易成本之後,我們發現投資人能利用以下的交易策略獲得超額正報酬。 1. 買入有「價值創造」正面企業社會責任新聞的個股 2. 放空有負面企業社會責任相關新聞、負面企業治理新聞的個股。 綜合以上發現,本論文得到,企業社會責任新聞的傳播,確實影響了股票的報酬率,而投資人也可以因應企業社會責任新聞,來獲得超額正報酬。 / This study is to investigate whether CSR Media coverage has positive and negative impacts on corporate stock returns using Taiwan listed company sample data (0050.TT Taiwan Top 50). We use a simple text-analysis approach to quantify CSR (Corporate Social Responsibility) Chinese news at newspapers to test if CSR news influences investor behavior and shareholder wealth changes. This study discovers that, while positive CSR news bring in insignificant negative cumulative abnormal return, negative CSR news have significant impacts on stock announcement returns. The evidence supports the argument that corporate negative CSR news (compare with positive CSR news) is unexpected by investors and have significant impacts on investor risk concern and results in negative announcement returns. Secondly, we follow Michael Porter (2006), we decompose CSR good news into three categories, and we discover that CSR news related to value creation activities has significant positive stock returns. After we control well-known systematic risk and adjust transaction cost, this study discovers that Investors can earn significant positive returns using either long-only trading strategy for stocks with value-creation CSR good news and short-only trading strategy for bad news on corporate governance issues. Our findings suggest that the CSR information dissemination affects stock returns.
52

公共場所播放電視、廣播節目之著作權爭議問題研究 / A study on copyright disputes of the public broadcast in public places

陸淑華, Lu,Shu Hua Unknown Date (has links)
看電視、聽廣播,是我們日常生活當中經常從事的活動項目,由於電視及廣播節目之內容包含有戲劇、音樂、錄音、舞蹈、語文等多種不同著作,也因此使得著作權與每個人產生密不可分的關聯。 一般在家中看電視、聽廣播並不會構成公開利用著作之行為,但於旅館、醫療院所、餐廳、咖啡店、百貨公司、賣場、便利商店、客運車、遊覽車等提供販售商品或服務之公共場所,提供廣播、電視節目予顧客或大眾欣賞,由於可能涉及公開利用著作之行為,且近十多年來,陸續因著作權集體管理團體向旅館、餐廳、醫療院所、客運等公共場所提供收看電視或收聽廣播之業者,要求向其取得授權、收取授權費用,因此,使得此議題不論於著作權法適用上及授權實務上,爭議不斷。 本論文除就公共場所播放電視、廣播節目涉及我國著作權法之相關規範進行分析,並參酌國際公約、國外相關立法例加以探討,釐清相關法律適用及檢討有無需要修法之處外,同時,由於實務上此類爭議,絕大多數為著作權集體管理團體於市場上執行業務所引發,故本論文特就我國著作權集體管理制度中有關集體管理團體使用報酬等相關問題一併加以探討。進而提出政策面、法制面與執行面之建議。
53

研發支出與資本支出對公司績效及股價報酬之關聯分析 / The Related Analysis of R&D Expenditure and Capital Investment on Corporate Performance and Stock Price

葉一青 Unknown Date (has links)
本文的研究意旨在於探討企業所投入的研究發展支出及資本支出對經營績效及股價報酬產生何種影響,希望能提供給企業經營者在決定研發政策或資本支出決策時參考。 本論文以國內上市櫃公司(除金融服務業外)作為研究樣本,並以2001年至2011年間為實證期間,進行迴歸模型分析,探討研發支出、資本支出等重大支出對於公司經營績效及股價報酬所產生的效果,並探討國內電子次產業如半導體產業、光電產業、電腦周邊產業及電子零組件產業在研發與資本支出對經營績效與股價報酬的影響差異度;本論文在公司經營績效及市場價值的衡量指標,係以公司之資產報酬率、股東權益報酬率、營業毛利率、營業淨利率、營收成長率及公司Tobin’s Q值與股價報酬等作為衡量指標。 實證結果發現: 一、 就全體產業而言,研究發展支出對於企業之營業毛利率、營業淨利率及Tobin’s Q值有顯著正相關,但對於企業之營收成長率、資產報酬率、股東權益報酬率以及公司股價報酬率等項目並未出現顯著相關性;資本支出對企業之資產報酬率及股東權益報酬率則出現顯著負相關,同時資本支出對企業Tobin’s Q值及股價報酬率出現顯著負相關,但對於企業之營收成長率、營業毛利率、營業淨利率等未出現顯著相關性。 二、 針對電子次產業實證結果: 1. 針對半導體產業實證發現,研究發展支出對於公司資產報酬率出現顯著正相關,資本支出對於公司Tobin’s Q值及股價報酬率則呈現顯著負相關。 2. 針對光電產業的實證發現,研究發展支出對於企業經營績效指標包括公司營收成長率、營業毛利率、營業淨利率、資產報酬率及股東權益報酬率等,全數呈現顯著正相關;而資本支出對於公司Tobin’s Q值或股價報酬率呈現顯著正相關,但對於營業毛利率、營業淨利率、資產報酬率及股東權益報酬率等則呈現顯著負相關。 3. 針對電腦週邊產業的實證發現,研究發展支出對於公司營收成長率、營業淨利率、資產報酬率、股東權益報酬率及公司Tobin’s Q值等皆呈現顯著正相關;而資本支出則對於公司營收成長率出現顯著正相關。 4. 針對零組件產業的實證發現,研究發展支出對於公司營收成長率、營業毛利率、營業淨利率、資產報酬率、股東權益報酬率、公司Tobin’s Q值及股價報酬率等全數呈現顯著正相關;而資本支出對於公司營業毛利率、資產報酬率及股東權益報酬率等出現顯著負相關。 / This research mainly examines the related effect of R&D expenditure and capital investment on corporate performance and company’s stock price. The results of this study are trying to offer reference opinions to corporate executive officers that will make R&D or capital investment decisions. In this study, the database includes the listed companies in Taiwan Stock exchange except the finance industry from 2001 to 2011. We adopt R&D expenditure and capital investment as the independent variables of evaluating of corporate performance and company’s stock price, and also choose the growth rate of sales, the operating margin ratio, the net profit margin ratio, the return on total assets, the return on equity, Tobin's Q Ratio and company’s stock price as the dependent variables. The results of this investigation could be summarized as follows: 1. For all targeted industries, R&D expenditure had positive, significant influence on the operating margin ratio, the net profit margin ratio and Tobin's Q Ratio. Capital investment had negative, significant influence on the return on total assets, the return on equity, Tobin's Q Ratio and company’s stock price. 2. For Semiconductor industry, R&D expenditure had positive, significant influence on the return on total assets. Capital investment had negative, significant influence on Tobin's Q Ratio and company’s stock price. 3. For Optoelectronics industry, R&D expenditure had positive, significant influence on growth rate of sales, the operating margin ratio, the net profit margin ratio, the return on total assets, the return on equity. Capital investment had positive, significant influence on Tobin's Q Ratio and company’s stock price. 4. For Computer peripheral industry, R&D expenditure had positive, significant influence on growth rate of sales, the operating margin ratio, the net profit margin ratio, the return on total assets, the return on equity, and Tobin's Q Ratio. Capital investment had positive, significant influence on the growth rate of sales. 5. For Electronic components/material industry, R&D expenditure had positive, significant influence on growth rate of sales, the operating margin ratio, the net profit margin ratio, the return on total assets, the return on equity, Tobin's Q Ratio and company’s stock price. Capital investment had negative, significant influence on the operating margin ratio, the return on total assets and the return on equity.
54

證券交易所得稅對我國股市之影響 / The impact of security transaction income taxes on the stock market

吳函霓 Unknown Date (has links)
為了落實賦稅公平、實現社會正義,財政部推出證券交易所得課稅方案,希望能達到此目標。為探討資本市場對證券交易所得課稅方案演變的預期,本論文利用事件研究法探討在證券交易所得稅復徵消息公布至通過三讀立法期間之相關事件,對上、市櫃公司之股票累積異常報酬率之影響,並採用迴歸模型探討該股票累積異常報酬率與公司特性之關聯性。 本論文之研究結果發現: 1.在證券交易所得稅相關消息公布之事件日,上市櫃公司均產生顯著之股票累積異常報酬率。 2.課徵證券交易所得稅相關消息公布之事件期間,股票累積異常報酬率與公司特性關聯性之迴歸結果顯示:公司規模較大之公司,其公司股票累積異常報酬率較高;負債比率較高、公司成長性較高之公司,其公司股票累積異常報酬率較低。 / In order to implement the principle of fair taxation, Ministry of Finance, R.O.C. address that gains from securities transactions shall be subject to income tax. The amendment is expected to have impacts on stock market returns of all companies. Using event study methods, this study examines the stock market reactions to the announcements of the legislature policy and explores the relation between the stock cumulative abnormal returns (CAR) of the amendment and firm characteristics. This study finds that the stock market reacts negatively (positively) when the news of the amendment are released (revised). The regression results indicate that CARs are negatively related with debt ratios and corporate growth; positively related with corporate size.
55

投資營運中太陽能發電廠之評估研究 - 以H產險公司為例 / Assessment Research on Investing Operational Solar Power Station --- H Insurance CO., LTD.

羅祥恩, Lo, Hsiang En Unknown Date (has links)
近幾年再生能源蓬勃發展,全球新增的太陽能發電裝置量也持續上升,擁有高太陽能技術的台灣,更是在太陽能電池上不停成長及擴張,使台灣在太陽能產業有高度前景。但由於太陽能成本高且產業鏈冗長,許多太陽能源公司紛紛想售出發電廠或尋求投資者。另一方面,國內保險業受到市場趨於飽和及利率偏低等因素影響,獲利難以成長,保險業的另一部份獲利來自於投資,穩定的投資獲利讓保險業者可以脫離低利率的險境,但由於台灣法令對保險業者的投資限制,使保險業者欠缺投資管道。基於營運中太陽能電廠需要資金,而保險業者需要新投資項目的情況下,如何讓保險業者更明白太陽能產業之營運方式及潛在風險,給予保險業者更明確的方向做為評估模式,將是本研究之重點。 投資績效的準確度有賴於評估模式的準確性,而評估模式的準確性則取決於影響因子之準確性。故要算出較為準確的投資績效,理解與抓出適當之影響因子為本研究的研究基礎。最後,本研究將太陽能電廠之營運風險評估方式分為「營收面」與「成本面」兩個面向,「營收面」中包含環境因素、系統因素與太陽光電躉購費率三大類的影響因子;「成本面」則包含投資成本、租金成本、維修與管理成本與清潔成本四類影響因子。由以上影響因子來評估一間營運中太陽能發電廠的價值,並以20年來計算內部投資報酬率(IRR)作為評判基準。 / Due to the rapidly growth in renewable energy nowadays, the quantity of solar power systems rises sustaining. Taiwan, which has high solar technology, is still expending its capability on solar power systems. It makes Taiwan have a bright prospect of solar industries. However, the high cost and lengthy industrial chain of solar industries let solar power companies try to sell out their power systems or find investments. On the other side, based on the domestic saturated market and low interest rates, insurance industries in Taiwan are hardly to earn profit on their operation. Another way for insurance companies to obtain profit is investment. Therefore, a stable investing profit makes insurance companies out of the low-rate situation. But due to the investment restriction in Taiwanese laws, insurance companies are always lack of investment projects. Based on the short of capital funds in solar power system and the lack of investment projects in insurance companies, how to let insurance companies know more on solar industries and their potential risks, and how to assessment solar power system will be the key point in this paper. The accuracy of investment performance depends on accuracy of assessment model, and the accuracy of assessment model hinges on accuracy of impact factors. Therefore, in order to find an accurate investment performance, to realize and choose the appropriate impact factors will be the key process in this paper. Finally, to assess operational solar power station, this paper divided all the impact factors into two main categories: revenue and expense. Revenue includes 3 impact factors: environment factors, systems factors and feed-in tariff. Expense includes 4 impact factors: initial investment cost, rent expense, repair and managing cost and cleaning cost. According to these impact factors, we can assess the value of operational solar power station and evaluate internal rate of return (IRR) in 20 years.
56

教育服務業整合行銷策略之探討 / The research of integrated marketing communications for educational service industrythe research of integrated marketing communications for educational service industry

林芳宜, Fang ,Yi Lin Unknown Date (has links)
台灣長久以來的補習文化,偏向於填鴨式的傳統教室學習方法,而近年來由於網際網路的發達,web 2.0的技術精進,使得利用網路互動的機率越加頻繁,線上學習成為未來語言學習的趨勢。此研究中,藉由實體語言學習機構與線上語言學習機構之整合行銷組合的不同,了解整合行銷策略與業績表現是否有絕對性的正面幫助,並探討其所創造的品牌價值、溝通效益、服務品質、與顧客忠誠度之間的關係。 而網際網路亦使傳統行銷方式受到衝擊,網路行銷成為現今行銷策略的趨勢,有別於舊有的傳統行銷方式,網路行銷提供沒有國界的資訊交流,便利即時的回覆機制,以及完整的成效分析。現今企業對於網際網路的運用已漸趨成熟,透過網路與顧客溝通,成為最有效率及效能的互動模式。值得注意的是,網路溝通較難依法管理,對於可能產生的負面效益,需要嚴密監督並控管。 主要研究結論為:兩個個案均顯示整合行銷策略經由市場機制不斷產生變換,並直接影響來客率及簽約率。而網路行銷較傳統行銷成本更低,且更容易追蹤並分析每個來源的投資報酬率,媒體置換時間可依照點擊轉換率的表現而縮短,即時性與有效性都增高。網路行銷的溝通語言可依顧客屬性而客製化,針對個人一對一的溝通模式也容易形成較佳的顧客關係,因此品牌忠誠度高,續約率以及轉介率皆同時提昇。 / In this research, through two separate projects, I will expound on the difference between the integrated marketing strategy employed by location-based language institutes and by web-based language institutes, and their positional marketing strategies versus profit performance. I will also examine the brand value, potential clients’communication channels, and customer loyalty maintenance created by traditional and online marketings, as well as the possible ramifications of ever-changing marketing mediums. Can these marketing models effectively and efficiently increase profit, build customer relations and loyalty, and decisively influence the management of brand image? The world-wide-web has not only impacted traditional marketing, but has become the preferred communications, and unlike the traditional, it provides borderless information exchange and real-time feedback for comprehensive performance evaluation. As companies mature in their use of the world-wide-web, they are able to utilize the internet to communicate with customers to foster an efficient and effectual interaction. Main conclusions are as follows: both projects suggest that integrated marketing communications continue to change with market systems, and directly influence the number of customer visits and the rate of conversion. Online marketing is inexpensive in contrast to the traditional, and is much easier to track for return-on-investment analysis, thereby allowing for more rapid change of advertisement slots according to performance, raising the responsiveness and return. Online marketing communication can be customized to appear more personal and achieve better customer relations, which in turn increases brand loyalty and referral rate.
57

公平價值會計對市場異常報酬之影響 / The market reaction to fair value accounting adoption

康玉燕 Unknown Date (has links)
本研究探討我國導入一系列公平價值會計之市場反應,本文分別從市場景氣狀況以及財報品質、盈餘管理及公司治理四個面向檢視資本市場之反應。實證分析顯示,由於公平價值會計的順循環效果,於市場景氣較佳時其異常報酬較高,反之則較低,而金融業順循環效果比一般產業來的強,而財報品質愈差、盈餘管理可能性愈高、公司治理機制愈弱的企業,股票市場對此事件的正向反應愈強,其原因可能為公平價值會計導入將有助於提升財報品質、降低盈餘管理的機會,並減少內外部人資訊不對稱的情況。 本研究結果顯示公平價值會計的採行將有助於財報透明度的提升,避免企業財報隱藏其財報增減值的部分,對投資者是具有效益的,但同時,公平價值會計將財報資訊與市場景氣連結,將造成其財報數值的波動加劇。 / This research from four aspects, business cycle, financial reporting quality, earnings management, and corporate governance, examines that Taiwan stock market reaction to the seventeen events associated with adoption of Fair Value Accounting (FVA). The empirical results reveal that due to Fair Value Accounting’s procyclical effect, when economic is booming the market tends to positively react with FVA and banking industry displays a higher procyclical effect than other industries. The study also finds that with FVA investors tend to have positive reaction on firms’ pre-adoption information with lower financial quality, higher earnings management possibility and weaker corporate governance. The findings suggest that the FVA adaption increased the quality of financial reporting, reduced earning management and decreased information asymmetry. In the meantime, the FVA links financial reporting with business cycle which might aggravate the financial reporting’s fluctuation.
58

棒線盤元產業上市櫃公司投資價值之研究

駱尚宜 Unknown Date (has links)
鋼鐵產業因其基礎工業的特性,而成為衡量一國工業生產的指標,與衡量國力強弱的一種象徵。因此,各國政府或多或少都對國內鋼鐵產業採取保護政策,而對市場的供需平衡造成影響,使鋼品價位易起伏不定,增加鋼鐵業者經營的困難度。本論文希望能找出業內廠商之合理股價區間,提供投資大眾與後續研究者一些參考。 鋼鐵產業依照產品處於供應鏈之不同位置與產品特性,可細分為棒線盤元、板鋼、型鋼、冷熱軋鋼捲等子產業。為便於論文中之產業分析與企業策略之分析,同時考慮各子產業上市、櫃公司之數量、年度,以及公司資料的可得性,故選擇棒線盤元產業之廠商,分別為燁興、春雨、嘉益、佳大、三星等五家公司,作為本論文研究之對象。以個案公司2000年至2004年之財務資料,作為推估未來評價數據之依據。並以現金流量折現評價模式之銷售導向與盈餘導向兩種方式,對個案公司未來股價進行樂觀、最可能、悲觀等三種情境,進行評價分析,找出合理股價區間,再透過敏感性分析以及龍捲風圖,找出影響股價變動的關鍵因子。最後推算出當前股價背後隱含的銷售成長率、邊際利潤率、投資率以及盈餘成長率,與實際財務數據比較,以瞭解公司目前股價是否有被高估或低估的情形。 實證結果顯示,燁興、春雨、嘉益、佳大與三星等公司之合理股價區間分別為5.34~12.7元、10.83~17.15元、8.99~12.68元、5.01~13.52元、30.93~37.17元。敏感性分析顯示,五家個案公司影響股價變動之關鍵因子皆為邊際利潤率,當邊際利潤率變動1%,股價變動幅度從7%~37%不等,春雨之股價為最不易受影響者,而燁興的股價則為最敏感者。而由目前股價推算重要評價變數之數據,並與實際財務數據比較結果發現,除了燁興股價有被高估情形之外,春雨、嘉益與三星則是有被低估的情形。
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我國上市公司分割行為與分割宣告效果之研究

洪連盛 Unknown Date (has links)
公司分割制度在歐美各國已行之有年,對於企業而言分割已是進行企業重組再造的普遍管理工具,惟我國完成分割法制不過三年左右光景,因此對於我國公司分割事件與股東價值關聯性之相關研究仍付之闕如。 因此,本研究以國內上市公司為樣本,以民國91年2月企業併購法公告施行後至94年1月底為研究期間,探討上市公司分割行為、公司分割宣告對股價異常報酬率的影響及影響股價異常報酬率的關聯性。 本研究主要發現如下: 1.本研究針對公司分割進行實際案例探討,發現公司之分割活動使其財務報表之資產結構改變,資產內容重新分配,顯示分割行為對公司資產負債表會產生立即性的影響。我國上市公司從事分割行為後較分割前之每股淨值平均增加0.76元,其增加的比率約6.63%;從分割公司之淨值負債比來看,我國從事分割之上市公司因分割行為使公司之平均淨值負債比增加59.23%,其增加的比率為52.23%。 2.在公司分割宣告日,被分割公司股價具有正向的異常報酬及累積異常報酬。 3.公司分割移轉之每股土地增值稅準備金額對股價標準化異常報酬率有顯著之正向影響。 4.「業務型分割」型態相對於「不動產型分割」而言,市場給予較高的異常報酬率。
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流動性交易需求與股價報酬率 / Liquidity trading demand and stock returns

曾和風 Unknown Date (has links)
本文旨在探討台灣流動性交易需求對於股票報酬之波動性(變異數)與共移性(共變異數)的解釋能力。我們仿照Greenwood and Thesmar (2011) 的作法,完全利用共同基金的資料來近似股票的流動性交易需求(共同基金增加或減少其持有某支股票的部位)以及股權分佈,並據以推導出股票的脆弱性以及共脆弱性來預測股票報酬的變異數以及股票間的股票報酬共變異數。根據這個理論模型,當股票投資者面臨流動性衝擊,如果股權高度集中,或是散戶投資者間的流動性交易需求具有高度相關(即同時買進或同時賣出)時,流動性交易需求對股票報酬變異數以及股票間的股票報酬共變異數會產生顯著的影響。本文利用台灣2002年至2011年50家共同基金的資料,得到以下的結果:一、由股票流動性交易需求所推導出來的股票報酬波動(即股票之脆弱性)與利用股價所計算出的股票報酬變異數有明顯的正相關。二、股票的共脆弱性以及股票之間的共移性呈明顯正相關。三、小公司股、成長股、歷史表現好的股票均具有高脆弱性。以上實證結果指出,流動性交易需求對股票報酬有顯著的影響力,因此可利用股票之脆弱性預測股票報酬之波動。

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