本文主要對中國大陸企業海內外併購事件宣告效果進行分析，探究被併企業所在國之發展程度及文化距離對股價之異常報酬率的影響。本文選取2008年1月1日至2015年12月31日中國大陸在上海和深圳交易所上市的公司發生的併購事件為樣本，運用事件研究法進行分析。根據T檢定及多元迴歸結果顯示，通過併購實現外部擴張對於中國大陸上市公司來說是一種合理有效的方式，從總體上看併購事件給企業帶來正的累積異常報酬率。同時被併企業所在國在已開發國家會給主併公司股東帶來更多的異常報酬。本文還針對海外併購事件進行迴歸分析，發現被併企業所在國與中國大陸的文化距離越遠，主併企業的短期併購績效越好。

遠東集團係國內一規模龐大且交叉持股複雜之企業體系，經營範圍包含紡織、金融、水泥、百貨…等十餘項領域，目前該集團旗下計有130餘個法人成員（含公司及公益法人），其中，有八家公司更於國內集中交易市場及證券櫃檯買賣中心掛牌。 民國八十九年八月，庫藏股新制上路初始，該集團上市公司即響應政府政策，宣告經由集中交易市場管道買回各該公司股份，截至九十二年三月底止，共計實施22個買次，動用資金近新台幣40億元，每家公司至少均有2次買回經驗，而遠銀及宏遠二公司，甚至有高達四次之記錄。 綜觀該集團歷次買回情形，並訪察該集團相關決策主管，獲致結論如下： 一、買回目的：22個買次中，各公司用作宣告買回之名義或有不同，惟實質上均希藉由買回行動，兼生維護股價之效果。 二、所涉動機假說：除有實施員工認股權制度公司，擬以買回之股份供未來交付使用，而涉有「再發行假說」外，所有各公司之宣告買回，且均存有「訊號發射」及「財務盈餘」之二項動機，至於股利替代、投資、財務移轉、控制權及經理人動機等假說，則不存在。 三、實施效果：與同類股比較方面，不論實施買回之首日或期限屆滿之日，絕大部份買次之累積異常報酬（CAR），均呈現正值反應；與大盤比較方面，亦同。由此觀之，該集團庫藏股行動，在買回期間內，確實具有維護股價之效果。 四、財務效益：遠百、東聯、裕民、遠銀及宏遠等公司，其平均買回成本較面額為低，註銷股份，具有提升每股淨值及EPS之效益，而遠紡買回之股份，平均成本為17.7元，若未能依原計劃將其轉讓給員工，而俟屆期辦理註銷，則反將降低每股淨值；另，若干公司於公司法修正前利用子公司買回之股份，因第三十號財務會計公報規定視同庫藏股處理，則其買回成本及公報生效前子公司帳上歸屬母公司股份之備抵跌價損失，將對各該母公司獲利及股東權益，造成某種程度之衝擊。 關鍵字：遠東集團、庫藏股、買回本公司股份、累積異常報酬。

本研究旨在以投資大眾的角度出發，研究正、負面企業社會責任事件宣告如何影響投資者的投資決策，進而影響股價產生異常報酬。實證結果發現，正面企業社會責任事件宣告將產生顯著為正的股價異常報酬；負面企業社會責任事件宣告則將產生顯著為負的股價異常報酬。另外，本研究針對負面企業社會責任事件所產生的累積異常報酬建立了複迴歸模型，探討企業規模、企業所屬產業及負面企業社會責任事件宣告之消息種類與該累積異常報酬是否存有關聯性，實證結果發現，大型企業、宣告之消息種類屬於資訊公告問題者，與該累積異常報酬呈現顯著負相關；企業屬於高汙染產業者與該累積異常報酬呈現顯著正相關。本研究除了瞭解企業社會責任資訊如何影響投資者的投資決策外，更希望能提供企業經營者作為經營策略之參考。 / Abstract The purpose of this study is to investigate the market reaction of positive and negative CSR announcements. The empirical results show that there is a significant positive (negative) relationship between positive (negative) CSR announcements and abnormal stock returns. Furthermore, this study establish a regression, trying to find whether company size, business industry, type of negative CSR announcements will have a relationship with negative CSR announcement’s abnormal returns. The author of this research hopes that the findings in this study can not only understand how CSR announcements effect the investors but also help managers develop a CSR strategy.

在競爭激烈的產業環境中，企業必須具有產品價值的創造能力，才能開發新產品以滿足顧客的需求。故本研究欲探討當企業宣告取得專利權、專利授權與代理權促使競爭優勢提升之資訊內涵。本研究以民國94年及95年宣告取得專利權、專利授權與代理權之公司，及依同產業及相似公司規模配對之公司組成研究樣本。首先以事件研究法探討宣告樣本是否能獲得正向報酬，並將樣本分為專利權、專利授權與代理權三組子樣本以觀察不同競爭優勢對報酬影響之程度是否有差異，最後再將專利權樣本分為發明專利與新型式專利兩組子樣本以瞭解不同種類專利權對報酬影響之程度是否有差異。實證結果如下：一、當企業宣告取得專利相關競爭優勢時，有正向報酬產生。但惟有當企業宣告取得專利授權與代理權時才能獲得顯著正報酬；二、企業宣告取得不同競爭優勢對報酬影響之程度有差異，企業宣告自行研發專利與取得專利授權所能獲得的報酬有顯著差異，宣告自行研發專利與取得代理權在事件宣告後的報酬有顯著差異，而宣告取得專利授權與代理權所能獲得的報酬則無論短期或長期皆無顯著差異；三、企業宣告取得發明專利或新型式專利，兩者所能獲得的報酬並無差異。 / In the keenly competitive environment、enterprises must have the abilities of product value creation to develop new products and to satisfy customers』 demand. So this essay want to discuss the information content that enterprises announced that they acquired patent、patent licensing、and authority of agency to enhance competitive advantage. Based on the use of a control sample design and the firms selected have announced acquiring patent、patent licensing、and authority of agency in 2005 or 2006、and are listed on the Taiwan Security Exchange or the OTC. At first、this research employs event study to discuss whether sample of announcement could acquire positive abnormal returns. And then、in order to compare the degree of returns affected by different competitive advantage、this research divided the whole sample into three subsamples including patent、patent licensing and authority of agency. Finally、it also divided patent sample into two subsamples including invention and non-invention in order to compare the degree of returns affected by different types of patent. The empirical finding indicates that (1) when enterprises announced that they acquired competitive advantage、they will have positive abnormal returns significantly. However、only enterprises announcing that they acquired patent licensing and authority of agency could have positive abnormal returns significantly. (2) The degree of returns affected by information is different from different kinds competitive advantage、especially between patent and patent licensing、and between patent and authority of agency. (3) When enterprises announced to acquire different types of patent、they will have insignificant variance of abnormal returns.

在台灣，聯合貸款已逐漸成為企業普遍使用的籌資工具之一，由於結合了私有負債(private debt)所具備的契約彈性與公開負債(public debt)的分散風險特點，使聯合貸款成被視為特殊的資本市場籌資工具。過去文獻以聯貸宣告效果檢驗銀行監督掃描的能力，但對於貸款後公司的長期股票報酬與營運績效表現並未進行驗證，有鑑於此，本研究由長期觀點出發，探討台灣企業進行聯合貸款後股票長期累積超額報酬以及聯合貸款前後營運績效相對表現重新審視銀行在聯貸過程中之監督功能及降低資訊不對稱的能力。 本文以持有期間累積異常報酬法(BHARs)衡量公司聯貸後股票三年累積超額報酬與聯貸前一年與後三年財務相對績效表現，同時採用多元迴歸分析檢視公司特性與聯合貸款契約條件對公司長期績效的影響。研究期間自1990~2005年，研究對象為台灣上市櫃公司樣本期間內確定已簽訂之新台幣計價幣別聯貸契約，上市公司230筆，上櫃公司33筆，總計有效樣本共263筆。 實證結果發現，在公司股票報酬表現的部分，聯合貸款後三年的股票持有期間累積報酬顯著低於同規模同產業之公司，且樣本內規模較大的公司累積異常報酬顯著低於規模較小的公司，但財務限制高與低的子樣本間累積異常報酬並無顯著差異；在公司營運績效表現的部分，樣本公司聯合貸款簽約前一年度與後三年度財務績效指標顯著低於比較公司，而各年度之間的變化並無顯著差異，同時，這些借款者聯貸前後期的營運績效並未因財務限制高低不同而有所差異；在多元迴歸分析的部分，只有規模大小對聯合貸款前後營運獲利相對表現具有顯著性影響，其餘變數在統計上無解釋能力。研究結果顯示台灣金融機構不具監督掃描的能力，且其聯合貸款對象的後續股票報酬與經營能力並不因為公司財務限制高低而有顯著差異，因此，本研究亦認為銀行無法從眾多借款者中辨識體質較健全的公司，隱含台灣企業承作聯合貸款之行為不應存在資訊內涵效果。

本研究以適用於民國九十九年九月修法前之「公開發行公司辦理私募有價證券應注意事項」辦理私募增資之上市櫃公司，並有內部人參與之私募案為研究對象，研究期間為民國九十四年十月十一日至九十九年八月三十一日，以探討私募應募人行為對經營績效與異常報酬之影響。 實證結果發現，當辦理私募公司前一年度為稅後淨損，並有內部人參與之私募案，若內部應募人於私募前後三個月內有老股出售之情事者，其私募後之會計經營績效較私募前差，但私募後之公司價值卻較佳。再將這類公司與其他私募案相比，其會計經營績效較差，公司價值仍較佳，皆顯示這類公司會計經營績效與公司股價於私募後未呈同向變化。另外，以事件研究法測試有內部人參與之私募案，發現其在董事會決議日前後確實有異常報酬，顯示私募訊息在董事會決議日前已走漏，陸續反映於股價。 / Based on firms’ net profit/loss before private placement and inside investors stock selling, this study classifies private placements with inside investors into four types to examine the effect of insiders’ activities and the operating condition on firm performance after private placement and the abnormal returns around private placement events. It’s shown that for firms with net loss before private placement while the insiders selling stocks around the event, the accounting performance worsens but Tobin’s Q gets better after the event. In addition, inside investors gain abnormal return around the board meeting. It implies that information leakage before board meeting is severe and the investors even gain abnormal return after the meeting.

本研究以1980年至2015年美國及加拿大上市公司為研究對象，探討具有會計專長之執行長（CEO）與外界反應的關係。在探討外界反應之前，本文先檢視具有會計專長之CEO對於盈餘品質的影響，透過此結果，推論專業人士（包含會計師與分析師）與市場投資人之反應。本研究預期，當CEO具有會計專長時，會使盈餘品質降低，故審計風險隨之提高，導致審計公費增加，且分析師的追隨意願降低，同時也將影響市場投資人的反應。 研究結果發現，具會計專長CEO與盈餘管理、審計公費、公司累積異常報酬呈現顯著正相關，與分析師追隨數則為顯著負相關，顯示當CEO具有會計專長時，因有盈餘操控的情況，所以審計公費提高、分析師追隨數減少；但市場投資人或許無法體認盈餘操控的事實，故仍相信具有會計專長之CEO，有可能為公司帶來正面的影響。 / This study investigates the relationship between CEOs with accounting expertise and external reactions of investors, auditors and analysts. The sample firms used in this study are all the stock-listed companies in America and Canada during 1980-2015. Before examining such external reactions, this paper explores the association between CEOs with accounting expertise and earnings quality, which help us to obtain an explanation why auditors, analysts and investors have such reactions. The empirical results show that CEOs with accounting expertise manage earnings more aggressively than CEOs without such expertise. As a consequence, the firms with such CEOs will be charged higher audit fees and have less analyst following. However, investors might not recognize this fact; they still believe that CEOs with accounting expertise will have a positive influence on firms. Our findings could offer a reference for a company looking for a CEO that could bring accounting quality.

本文以除權息前後累積異常報酬率為應變數，探討稅額扣抵比率及股權集中度對除權息前後累積異常報酬率的影響。研究對象為民國88年至96年間分配盈餘的國內上市公司，排除行業性質特殊之金融業，以普通最小平方法從事實證模型分析。主要實證結果彙整如下： 1.稅額扣抵比率與除權息前之累積異常報酬率呈顯著正相關，與除權息後之累積異常報酬率呈負相關，但較不顯著。此表示稅額扣抵比率的租稅因素影響在除權息前較為顯著，但在除權息後現象較不顯著。 2.股權集中度與除權息前後之累積異常報酬率的關係均未達統計上顯著水準。產生此實證結果的可能解釋有二：（1）非稅成本的考量；（2）本文以股權集中度衡量可能並未真正捕捉到個人投資人的所得稅率。 3.低稅額扣抵比率類的除權息前累積異常報酬率，較高稅額扣抵比率（基準）類樣本為低的現象，此與預期相符。但在其他加入類別虛擬變數的迴歸結果，並未發現在不同稅額扣抵比率或股權集中度下，會對除權息前後之累積異常報酬率有不同的影響。 4.公司規模及股價淨值比與除權息前後累積異常報酬率均呈顯著正向關係；股利殖利率與除權息前累積異常報酬率呈顯著正向關係，而與除權息後之累積異常報酬率呈顯著負向關係。電子業別與除權息前之累積異常報酬率呈顯著負向關係，而與除權息後之累積異常報酬率呈顯著正向關係。 在圖表的分析中，可看出高稅額扣抵比率或低股權集中度的樣本，其除權息前後累積異常報酬率波動較小，較不受除權息事件的影響。 / The main purpose of this paper is to examine, before and after the ex-dividend day, the impacts of imputation credits and ownership concentration on cumulative abnormal returns(CARs). In this paper , CARs before and after the ex-dividend day are used as the dependent variable. The data are collected from the domestic listed companies which had allocated the earnings from 1999 to 2006. Because of its special characteristics, the financial industry is excluded from the data. In order to analyze the impacts of imputation credits and ownership concentration on CARs , we used the ordinary least squares. The empirical results in this paper are summarized as follows: 1.The imputation credits have a significant positive impact on CARs before the ex-dividend day, but they don’t have a significant negative impact on CARs after the ex-dividend day. This phenomenon implies that the influence of tax factor before the ex-dividend day is more significant than that after the ex-dividend day. 2.The failure of finding a significant relation between ownership concentration and CARs of before and after the ex-dividend day maybe due to two reasons. Frist, investors may not take tax factor into account when they invest the stock. Second, the proxy variable for ownership concentration of this study may not fully capture the marginal income rate of individuals. 3.CARs before the ex-dividend day in listed company with lower imputation credit are lower than that in listed company with higher imputation credit, the empirical result matchs general intuition. But other regressions with dummy variables regarding the degree of the imputation credit and ownership concentration don’t find significant relation among the imputation credit, ownership concentration and CARs before and after the ex-dividend day. 4.The size of companies and the ratio of market price to their book value have a significant positive impact on CARs before and after the ex-dividend day. Dividend yield has a significant positive impact on CARs before the ex-dividend day, but a negative impact on CARs after the ex-dividend day. A dummy variable standing for electronic industry has a significant negative impact on CARs before the ex-dividend day, but positive impact on CARs after the ex-dividend day. In the analysis of diagrams, we find CARs before and after the ex-dividend day fluctuate less for companies with higher imputed credit or lower ownership concentration.

民國89年6月我國立法院通過公司買回本公司股份法案，庫藏股制度正式實施，本論文之主要目的在利用市場資料，探析我國上市（櫃）公司買回庫藏股之市場反應及其資訊內涵。本研究以民國89年8月至90年2月間公告買回庫藏股之公司，及依同產業及相似買回比率配對之公司組成研究樣本，首先採事件研究法探討庫藏股法令制定與修正之相關事件日市場反應，以及宣告買回庫藏股之市場反應及其影響因素，並以關聯性研究法實證宣告買回庫藏股市場反應之資訊內涵及買回目的之影響因素。 　　在市場反應議題之主要研究發現為：（1）在庫藏股立法初期、降低操作困難度及解除指撥特別盈餘公積規定等有助於庫藏股制度之推行:投資人有正面顯著之回應；（2）宣告買回樣本之股票累積異常報酬顯著高於未宣告買回之樣本；（3）維護股東權益買回目的者之股票累積異常報酬顯著高於轉讓與員工為目的者；（4）宣告買回比率愈多市場反應愈佳；及 （5）價格回升之公司其實際執行率較低。 　　在資訊內涵議題之主要實證結果顯示，我國宣告買回庫藏股之資訊本質顯著支持企業價值低估假說，公司價值被低估程度愈高，宣告買回庫藏股之市場反應愈大。至於自由現金流量假說、資本結構調整假說及剝奪債權人假說則無法解釋我國宣告買回庫藏股之資訊內涵。在買回庫藏股目的之實證結果顯示，高淨值市價比之公司偏向以維護股東權益為買回目的，而研發活動愈密集之公司傾向以轉讓與員工為買回目的。 / The enactment of Article 28-2 of the Securities and Exchange Act on June 30, 2000 allows firms listed in Taiwan Stock Exchange (TSE) and Over-The-Counter (OTC) to repurchase their owner shares under certain conditions. Based on the use of a control sample design and firms listed in TSE and OTC over the period of August 2000 to February 2001, this research examines the market reaction to various events including: (1) the enactment of the law and amendment of regulations with regard to share buyback, (2) the announcement of repurchase ratio and purpose, and (3) the disclosure of actual buyback ratio. In addition, this study tests hypotheses underlying market reaction around the announcement of share repurchases in the open market. 　　The empirical findings indicate that (1) market reacts favorably to establishment of stock repurchases system, (2) cumulative abnormal return (CAR) for the share buyback announcement sample is found to be greater than that for the control sample, (3) CAR for firms aimed at retaining the interests of equity shareholders as buyback purpose is found to be higher than that for transfer to employees as purpose, (4) the higher the announced buyback ratio, the greater the market reaction, and (5) the actual buyback ratio is less for firms with stock price recovery. 　　This study also finds undervaluation hypothesis explains the market reaction on the announcement date. With respect to the disclosure of share buyback purposes, the analysis indicates that firms with higher book-to-market ratio are more likely to announce protecting shareholders equity as the buyback purpose, whilst firms with higher demand for research & development activities are prone to announce transfer shares to their employees as the buyback purpose.

自1990年代中期，隨著環保、消費者權利、童工…等這些議題被廣泛檢討，越來越多人同意各別公司與整個社會是價值共享且相互依存的，若要達到共存共榮的理想，則公司必定要將社會責任融入其自身追求競爭力和商業策略的核心架構中。企業社會責任(Corporate Social Responsibility)並無公認標準，但一般泛指企業除了追求股東的利益極大化外，還必須兼顧員工、顧客、供應商、合作夥伴、社區團體、環境…等。 道瓊永續性指數(Dow Jones Sustainability Index)為現今資本市場衡量企業社會責任的標竿指數，而企業名列在被大眾認可的永續性指數上，就是企業可以傳達給利益相關者(stakeholders)，表明他們注重企業社會責任的訊號之一。藉由研究企業被涵蓋在聲譽卓著的永續性指數之內是否能為股東創造價值，本論文將探討企業永續發展和企業價值之間的複雜關係。 本研究利用傾向分數配對法(Propensity Score Matching)，降低進入與退出道瓊永續性指數這兩組公司間的異質性，以求得出的結果較不受公司規模、財務槓桿、產業等外在其他因素干擾。將2002至2009年間的樣本數配對後，以道瓊永續性指數作為企業社會責任之代理變數，以累積異常報酬率(Cumulative abnormal return)代表為股東創造之財富，我們追蹤資本市場對於企業進入和退出道瓊永續性指數的反應，來探討股東是否認同公司參與企業社會責任是創造價值之行為。 本研究結果顯示如下: 第一、當企業被加入道瓊永續性指數時，該企業之股東將獲得正向且顯著性的累積異常報酬率，這代表名列著名的的永續性指數是一個股東認可，且企業應追尋的目標。第二、當企業被道瓊永續性指數剔除時，該企業之股東將獲得負向但不顯著的累積異常報酬率。因此我們至少可以推論，從事企業社會責任活動，並不會破壞企業整體之價值。 / Corporate social responsibility (CSR) gradually becomes an important corporate strategy to every company in the worldwide economy. The social performance of a firm can shape the images to key stakeholders, no matter they are employees, suppliers, customers or investors, and influence decision making and relationships with the firm in the later stage. While corporations are busy engaging and enhancing CSR practices, there are few established empirical research on CSR effects and relevance in the capital markets. Hence, my thesis explores the relationship between corporate sustainability and firm value by asking whether membership on a recognized sustainability index is value generating. As stakeholders are urging that firms demonstrate their commitment to sustainability, one signal that companies can send to stakeholders to indicate that they are sustainable is membership on a recognized sustainability index. My research investigates this issue by tracing the market reaction to corporate entries and exits from Dow Jones Sustainability Index, recognized as a CSR benchmark, between 2002 and 2009. Instead of using regression models, I employ a propensity score matching (PSM) pairs design to overcome heterogeneity between different firms. My thesis highlights two main findings: a significant share price rising trend in cumulative abnormal returns (CAR) of the samples under the addition situation, suggesting that inclusion on the Dow Jones Sustainability Index (DJSI) is a goal that firms should pursue. Another is an insignificant negative stock market reaction while firms are removed from the DJSI, and I can draw from the results that, at the very least, adopting CSR doesn’t deteriorate the value of the firms. Our results suggest that the benefits of being included on the DJSI outweigh or equal to the costs associated with applying a membership on DJSI.