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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.
21

我國社會警報指標之研究

林秀貞, LIn, Hsiu-Chen Unknown Date (has links)
臺灣地區過去三十年來,經濟發展快速,國民生活水準亦大幅提升,在各界戮力為經濟打拼,使我國經濟大幅起飛的同時,我們的社會發展卻在重經濟以及社會變遷影響下,逐漸產生一些可能阻礙社會整體健全發展的不正常現象,導致各種社會問題隨之出現,成為社會進步及創造優質生活的絆腳石,為提供政府及民間相關單位制訂或研擬社會問題防制政策時參考,本研究乃以「文獻法」、「主觀經驗法」及「主成份分析」,編製我國社會警報指標,以一數量化指標綜合評量我國社會問題潛在發展趨勢,並以「顯著水準法」訂定警戒線及對各年超過警戒線者發布警報訊號。 依據社會警報指標各領域社會問題警報分析結果, 87年各項社會問題警報速度超過「輕警」者有「家庭問題」及「犯罪問題」等二領域,尤其是「犯罪問題」更超過巨警,若綜合全體社會問題而言,87年綜合警報速度較前幾年緩和;另就近三年各領域社會問題警報速度觀察,平均較前三年快者有「家庭問題」、「犯罪問題」、「貧富不均問題」及「環境問題」等四領域,惟全體社會問題綜合結果,速度略緩。 / Exertion of the people has promoted the growth of the Taiwan economy for over three decades. However, social dysfunctions, resulted from all the emphases at the economic growth and the changes of the collective values, could have obstructed the development of the society as a whole. In order to served as the references in making social policies related, this study tries to organize "the Taiwan Social Warning Indicators" by statistic methods, such as literature search, subjective experience, and principal component. These quantitative indexes are expected to evaluate the potential tendency of the social issues in Taiwan. On the other hand, the statistical significance method is also applied to establish the warning lines and issue the warning signs when the annual increase rate of the indicator's value-the warning speed- of the social issues are cross the warning line. In accordance with the analysis results of the social warning indicators in this study, the increase of warning speeds of the Taiwan social issues in 1998 regarding "family" and "crime" exceed the level of "light warning". The warning speed of the "crime issue" even exceeds the level of "extremely serious warning" among all. Furthermore, the warning speed of the comprehensive social issues in the same year is estimated at increasing more lightly than those of those issues in last few years. Another finding on the warning speeds of social issues in different fields is that the result of such a research from 1996 to 1998 is much worse in average on "family issue", "crime issue", "unequal fortune distribution issue", and "environmental issue" than that on the same issue from 1993 to 1995. But the warning speed of the social issues as a whole from 1996 to 1998 increases more slowly than that from 1993 to 1995.
22

國內上市公司發放股票股利的動機

蘇泰弘, Su, Tai-Hung Unknown Date (has links)
No description available.
23

應用Wi-Fi與GPS技術於室外定位之研究 / Study on Outdoor Positioning With Wi-Fi/GPS

郭清智 Unknown Date (has links)
由於可攜式行動裝置近年來快速成長,隨著行動裝置與地理資訊的結合發展出的適地性服務 (Location-Based Service, LBS),也呈現越來越多的應用方式。LBS最基本的功能為定位,定位精度好壞也影響著LBS的應用面,越高的定位精度應用面越廣。常見的定位方式便是用GPS導航定位,但是在都會地區越是繁榮的地方往往過多的建物使衛星訊號被阻擋,導致GPS的定位會受到影響,造成平面誤差量會在15公尺以上,或是無法定位。利用都市區域有Wi-Fi訊號分布的特性,藉由區分不同的Wi-Fi訊號來源與接收強度,做出定位判斷,可以使原本GPS無法定位的區域,也可以利用Wi-Fi訊號來做定位。本研究嘗試使用高感度GPS接收器,在建物周邊定位,及在GPS無法運作時使用Wi-Fi訊號來做定位依據,提高整體的定位成功率,並嘗試利用Wi-Fi定位與GPS協同運作來提高整體精度。Wi-Fi定位採用訊號紋辨識法,欲使用訊號紋辨識法必先建立Wi-Fi訊號資料庫,包含地理坐標與對應的訊號來源與強度分布。實驗區為政治大學山下校區綜合院館四周面積約1.76公頃區域,模擬被遮蔽狀況下的GPS導航定位精度,配合Wi-Fi定位來輔助GPS定位結果。結果顯示利用兩種定位系統,可使平面平均定位誤差小於10公尺,高程平均定位誤差小於1.5公尺。 / The positioning accuracy is an important issue for Location-Based Service (LBS). LBS has many products, and its applications are usually based on Global Positioning System (GPS), because GPS navigation has been very mature. GPS has a typical outdoor positioning error of up to 15 meters for civilian users. Hence it has become a viable method for civilian to carry out coarse positioning. However, it has its shortcomings. GPS is available only in outdoors with a clear view of the sky. Since Wi-Fi (Wireless Fidelity) has become another positioning technology which is capable of performing positioning in indoor environments and urban canyons. Wi-Fi positioning is using fingerprinting in this study. This study is desirable to integrate GPS and Wi-Fi positioning technologies for ubiquitous positioning. The related issues of Wi-Fi/GPS technologies, such as database quality, analysis of algorithms, and database processing procedures were studied. Test data sets from National Chengchi University (NCCU) campus will be used to test the proposed algorithms. By using those two positioning system , it is revealed that the positioning accuracy made at the test sites resulted that the 2D coordinate average error is less than 10 meters, elevation positioning average error is less than 1.5 meters.
24

以減少測量數為目標之無線網路定位系統 / Reducing Calibration Effort for WLAN Location and Tracking System

李政霖, Li, Cheng-Lin Unknown Date (has links)
內容感知的應用在今日已經變的越來越熱門,而位置資訊的可知也因此衍生出許多研究的議題。這篇論文提出了一套精準的室內無線網路系統名為Precise Indoor Location System (PILS)。大部分擁有良好定位精準度的定位系統都必須在事情花費許多的人力在收集大量的訊號上面,使得定位系統的變的不實用與需求過多的人力資源。在這篇論文裡,我們將目標放在減少在建置訊號地圖上的人力資源耗費並且保持住定位系統的精準度在一個可以接受的範圍。我們也提出了在資料收集上、訊號內插上、以及位置估計上的模型。另外我們也考慮了一連串連續訊號的相關度來提高準確度。無線網路訊號傳遞的特性也是我們研究的一部份,大小範圍的遮蔽包含在我們所研究的訊號傳遞現象裡面。最後我們提出了一套學習的模型來調整我們的訊號地圖,以改進因為測量數目的減少所造成的精準度下降。 / Context-aware applications become more and more popular in today’s life. Location-aware information derives a lot of research issues. This thesis presents a precise indoor RF-based WLAN (IEEE 802.11) locating system named Precise Indoor Locating System (PILS). Most proposed location systems acquire well location estimation results but consume high level of manual efforts to collect huge amount of signal data. As a consequence, the system becomes impractical and manpower-wasted. In this thesis, we aim to reduce the manual efforts in constructing radio map and maintain high accuracy in our system. We propose the models for data calibration, interpolating, and location estimation in PILS. In the data calibration and location estimation models, we consider the autocorrelation of signal samples to enhance accuracy. Large scale and small scale fading are involved in the wireless channel propagation model. We also propose a learning model to adjust radio map for improving the accuracy down caused by calibrated data reduction.
25

台灣IC產業專利發明人的合作網絡機制 / Innovation Mechanisms of the Patent-Based Inventor Networks in Taiwan IC Industry

官逸人, Guan, Yi Ren Unknown Date (has links)
IC(積體電路)產業是台灣過去三十多年來發展最完整、且在世界上最具有競爭力的創新型產業。研發與技術專利成長快速,也代表這個產業的技術創新成果。台灣IC 產業技術創新和專利的研究累積了一些成果,但較缺乏使用研發創新發明人網絡所做的分析。本研究使用IC 產業專利發明人網絡資料,從結構洞(structural holes)和地位訊號(status signal)這兩個過去西方半導體和生物科技等創新產業研究中,最能解釋創新行動者與網絡系統和創新表現理論機制的學術研究累積成果出發,並反省台灣特有IC 產業分工技術利基位置、流動型勞力市場,發展出專利發明人網絡對專利發明成果影響機制之模型。研究發現,分析結果支持發明人地位訊號、結構洞網絡理論機制有助於專利創新發明的假設。而比較特殊的例外是,上游的專利發明網絡,結構洞低的類型反而有比較好的專利創新。這是由於上游的IC設計產業技術特性,需仰賴同一團隊的人重複合作方能完成設計,所以大多與重疊的人合作,結構限制較高,因此呈現與結構洞理論不同的情況。此外,研究發現,流動並不一定帶來較佳的技術創新,台灣IC產業專利人才流動對於技術發展與創新的正面影響,較多是在上游的IC設計產業。 因此創新發明鑲嵌在台灣特有半導體的不同技術利基環境中,還必須考慮到不同產業位置的技術特性,與產業技術發展所在的階段,才能正確解釋台灣IC產業的創新發明機制。 / The IC (integrated circuit) industry has been the most complete, competitive and innovative industry in Taiwan over the past three decades. The rapid growth of patents in this field demonstrates the marvelous outcomes of technological innovations. A huge amount of patent-based research has been accumulated in this industry, but only a little is related to the inventor network. Structural holes and status signal are two competing perspectives in explaining the dynamic mechanisms between innovative actors and network systems of the most innovative industries, semiconductor and biotechnology, in advanced countries. We use these two theories and network data of patent-based inventors to discuss the specific niche of vertical disintegration and fluid labor market in Taiwan IC industry, and develop models on mechanisms of how inventors’ networks affect the outcome of inventors’ patents. The findings reveal that the hypothesis on the effects of status signals and structural holes in inventors’ collaboration networks on the citations of inventors’ patents was supported. However, the patent inventions of the upstream IC design firms, the collaborative invention teams seem to be small or high structural constraints. Most of the patents of these newly growing firms in IC design industry are specialized in consumption products. The structural constraints are high, but the impact of is large. Besides, inventors’ fluidity would not necessarily create more influential patents. The fluidity of patent-based inventors was positive impact to the patent inventions, more was found in the IC designs company. The IC industry has been vertically differentiated into three sectors: the IC designs, the IC foundry, the package and test. In principle, these three sectors demand different levels of technology. The maturity of technological niches will affect the impacts of the patents.
26

空間地域廠商訊息與產業合作網絡之研究-以台灣ICT產業為例 / Geograph Character,Firm Signals and Industry Network:A Case of ICT Industry in Taiwan

蘇育平 Unknown Date (has links)
近年來,研究廠商創新之觀點,從以往之產業群聚移轉至網絡演化,然而,影響網絡形成與演化之因素於以往探討廠商創新能力的相關文獻中較少受到關注,而合作,即為網絡關係的一種型態。從個體的角度觀之,廠商的合作行為往往面臨資訊不對稱的情形,因此本研究從廠商資訊不對稱的觀點出發,引入管理學門中訊號理論(signaling theory)的觀點,解構廠商訊息以及廠商過去所累積的社會資本與研發合作網絡建立之關聯性。並探討不同型態的空間地域屬性對於合作網絡的形成是否有所影響。 本研究以台灣ICT廠商為研究對象,該產業不僅在我國經濟發展的過程中扮演重要的角色,於世界的資訊科技產業鏈中亦占有一席之地。並且有著技術上需要持續創新,並且注重分工合作的特性。資料蒐集採用二手資料的方式,建立近似於整體性的廠商技術網絡資料以及廠商基本屬性資料,分析方法以社會網絡分析法、Pair-t檢定以及卜瓦松迴歸模型進行假說驗證。實證分析結果顯示廠商訊息的揭露對於合作網絡的建立有正面影響效果,並且廠商對於研究發展的相關訊號-研發資產的投入,有助於吸引其他廠商和其建立合作網絡的關係;而廠商於過去累積的網絡地位亦有助於合作網絡的形成。最後在空間地域屬性方面,實證結果顯示空間地域屬性對於廠商合作網絡的建立存在影響效果,創新氛圍較強的產業地域有助於廠商研發合作網絡的建立;此外,廠商若位於高網絡密度的產業群聚內部亦有助於其建立合作網絡,顯示廠商區位的挑選對於其外部網絡關係存在影響效果。 / In recent year, the research topic of firm's innovation is transformed from industry cluster to network evolution. However, the factor of network evolution was less mentioned in past research , and the cooperation activity is one type of network relationship.From the perspective of the individual , firm often faces the condition of information asymmetry , while cooperating with others. So our research begin with this problem, and we introduce signaling theory to understand the relation between R&D alliance and firm’s signal or social capital and also discuss whether different types of geography character have the effect on R&D alliance formation. This research concerns Taiwan’s ICT industry as study object. Taiwan’s ICT industry not only plays an important role in Taiwan’s economic development but also is a key part of the global ICT industry chain. Besides, ICT industry has the character of technical innovation and work division, so the firm’s cooperation behavior is important.We use secondary data to build the database, using SNA, pair-t test and poisson regression to analyze. The result shows that the information reveals a positive effect on alliance formation. In addition, firms investing in the property of research and their accumulating of network position in the past have the positive effect on R&D alliance formation. Finally, the result also shows that firm located on high-innovation and high network density environment is more easily to help them find the R&D alliance partner. It shows that firm’s choice of location affects the outside network relation.
27

企業以XBRL格式申報財務資訊與經營績效之關聯性研究 / An exploratory study in the relationship between XBRL voluntary filing and firm performance

王祥翊, Wang, Hsiang Yi Unknown Date (has links)
本研究以中國大陸2003年所推動之XBRL自願申報計畫為例,探討率先以XBRL格式申報財務資訊之企業,相較於未率先申報之企業,其經營績效之表現是否較佳?並進一步檢視企業率先申報XBRL之行為與各經營績效層面之關聯性。研究樣本為2000年至2009年於上海證券交易所上市之90家公司,分為兩個群組:一組為參與自願申報計畫之公司共45家,另一組為未參與申報計畫之對照組。在經營績效之衡量部分,本研究依據國內外之文獻探討,將經營績效區分為五個衡量層面:長期償債能力、流動性、獲利能力、經營效率與成長力,並分別以負債比率、流動比率、純益率、股東權益報酬率、總資產週轉率與營收成長率等財務比率做為各層面之衡量指標。 本研究之實證結果顯示,負債比率、流動比率、純益率、股東權益報酬率與總資產週轉率皆呈現顯著相關,證明率先以XBRL格式申報財務資訊之企業群組,在長期償債能力、流動性、獲利能力與經營效率方面之表現皆優於對照組。期望此研究結果能提供資本市場一有用訊息,做為投資人形成投資決策時之參考。 / In 2003, Shanghai Stock Exchange of China promoted a program encouraging companies to voluntarily file financial information using XBRL format. This paper examines whether these early and voluntary filers of financial information in XBRL format demonstrate superior operating performance relative to their non-adopting peers. Samples of this study include 90 listed companies of Shanghai Stock Exchange from 2000 to 2009. Half of them are voluntary filers and the others are the non-adopting peers. The measure of operating performance is divided into five levels: long-term solvency, liquidity, profitability, operating efficiency and growth capacity. Debt ratio, current ratio, net profit margin, return on equity, total assets turnover and sales growth rate are used as the indicators of these measurement levels, respectively. The empirical results of this study show that debt ratio, current ratio, net profit margin, return on equity and total assets turnover are significant, which mean that early and voluntary filers of financial information in XBRL format have superior performance in long-term solvency, liquidity, profitability and operating efficiency. These findings should provide a useful message to the capital market, as investors concern when forming investment decisions.
28

產業環境因素與企業競爭策略之關係研究

趙郁文, ZHAO, YU-WEN Unknown Date (has links)
近年來有關企業策略及產業演進之研究,隨著組織內外環境互動之增加,而逐漸受到 相當的重視。有關企業策略之研究,一般偏向於公司個體作為之剖析;而有關產業演 進之研究,則多採整體覯察之方式進行;本研究試圖同時以個體微觀與整體巨觀之方 式,對兩者間互動關係進行探討。有關產業演進之理論根據,係以哈佛大學教授波特 (Porter. 1980)有關產業分析與演進之論著為主,並參考吳思華教授之「產業 政策與企業策略」;有關企業策略之文獻則以司徒達賢教授之「企業政策」及策略形 態理論為骨架,旁及國內外學術期刊中有關競爭策略之論著。由於研究範圍相當廣泛 ,且重點在於建立自有之理論架構,故研究方法係自理論之研討與實務之觀察同時並 進,著重於資料之蒐集、分析、比對,並以專家請教、團體研討、腦力激盪等方式來 產生創造性思考,以獲致架構性結論。研究內容係以電視機及個人電腦產業為對象, 分別觀察其國內外產業演進之歷史軌跡,以生命週期循環之觀念劃分其演進階段,並 歸納呇階段之產業特色、關鍵性成功因素、以及變遷訊號;而另一方面亦透過專家請 教及次級資料之蒐集,來瞭解國內外主要廠商在產業演進各階段之策略性作為,以及 其策略成效。研究結果發現不同產業之演進型態有所差異,而不同階段中有著不同的 關鍵性成功因素;就企業而言,策略形態之決策係受外在環境、內在條件以及企業目 標組合之影響,當功能性政策及組織結構與策略形態配合良好時,可以產生策略效率 ,使企業之策略作為有所涵意,然而,此項策略涵意必須能配合業滿足產業階段性關 鍵成功因素,才能產生實質的策略效果,而達成企業績效。最成功的企業,能夠在環 境變化實際發生以前偵測到變化訊號,予以正確之解釋與推論,並且預先調整本身策 略形態以為因應;而未能敏感於內外變動,且無策略調整以為因應之企業,其生存成 長將受到嚴重威脅。
29

首度上市上櫃公司高階主管持股, 初次投資宣告與公司價值關係之研究 / Executive Ownership, Initial Investment Announcement and the Corporate Value in Publicly Traded Corporations in Taiwan

溫福星, Wen, Fur-Hsing Unknown Date (has links)
財務三大決策:投資、融資與股利政策一直是學術界研究探討的主題,也是實務界關心的重要課題。過去有關融資與股利支付宣告的文章不少,但投資支出相關研究則一直被視為股權結構下的控制變數,鮮少學者探討有關投資宣告對公司價值的影響。 本研究嘗試從資訊不對稱的角度,探討首度上市上櫃公司管理當局為傳遞公司經營績效及未來成長機會給予外部投資人,透過自身的持股與投資規模進行初次投資宣告,藉以傳遞公司真正價值予投資人,以追求公司與自身財富的最大化。本研究在訊號放射理論的架構下,透過完美貝氏的分離均衡解,經過模式推導獲致三個研究命題,並以此研究命題、個案訪談與文獻整理推衍出可驗證的八個假說。 在假說驗證方面,以民國80年至89年共225家新上市上櫃公司的初次投資宣告為研究樣本,並依未來前景看佳與否、股權集中度高低與初次宣告投資規模大小來分類,將研究樣本區分為八個子樣本,利用事件研究法對宣告公司事件日的平均異常報酬率反應以及累積異常報酬率反應進行假說的檢驗。並且,以產業類別、高階主管持股、高階主管持股的二次方、投資規模、初次投資支出類型為自變數,公司規模、市場景氣與負債比率為控制變數,對事件窗口(-1,+1)的累積平均異常報酬率進行橫斷面迴歸分析,探討宣告事件對股票異常報酬率反應的影響。經由上述的實證過程,本研究獲得以下主要結論: 1.初次投資宣告具有資訊內涵,當股權集中度越高的高科技股公司,若進行大規模的初次投資支出宣告,則公司股票異常報酬率的正面反應訊號越強。 2.投資人對高科技股與非高科技股公司的初次投資宣告有不同的評價,屬於未來前景看佳的高科技股,進行初次投資宣告的股票異常報酬率反應顯著為正,且顯著高於未來前景不佳的非高科技股公司。 3.屬於資本支出類型的初次投資宣告有利於公司價值的提升。 目錄 第壹章 緒論…………………………………………... 1 第一節 研究動機與研究目的……………………………… 3 第二節 研究範圍與研究限制……………………………… 8 第三節 研究流程與論文架構……………………………… 11 第貳章 文獻探討與個案訪談整理…… ……………. 17 第一節 代理理論與資訊不對稱…………………………… 18 第二節 股權結構與公司價值之關係……………………… 23 第三節 資本支出與公司價值之關係……………………… 28 第四節 股權、資本支出與公司價值相關實證文獻……… 31 第五節 文獻評述與個案訪談整理………………………… 50 第參章 理論模式建立…………………… …………. 59 第一節 模式背景……,,…………………………………… 60 第二節 模式架構與模式條件設定………………………… 63 第三節 模式推導與命題建立……………………………… 72 第肆章 研究設計… ………………………………… 81 第一節 實證架構與研究假說……………………………… 82 第二節 資料來源與樣本選取……………………………… 93 第三節 變數操作性定義…………………………………… 96 第四節 實證分析方法……………………………………… 102 第伍章 實證結果分析…… ………………………… 113 第一節 樣本資料統計分析………………………………… 114 第二節 全體樣本初次投資支出宣告的效果分析………… 121 第三節 研究假說的驗證……………………………………. 132 第四節 投資支出宣告異常報酬率影響因素分析………… 150 第五節 實證結果與涵義……………………………………. 154 第陸章 結論與建議…… …………………………… 163 第一節 結論………………………………………………… 164 第二節 建議………………………………………………… 166 參考文獻 中文部分……………………………………………………… 171 英文部分……………………………………………………… 173 表目錄 表2-1 國外其他股權結構與公司價值關係實證文獻整理… 36 表2-2 國外其他資本支出與公司價值關係實證文獻整理… 43 表2-3 個案訪談發現與對本研究的涵義……………………. 56 表3-1 研究模式的前提設計…………………………………. 67 表3-2 研究模式符號說明……………………………………. 68 表4-1 研究範疇的分類情形…………………………………. 86 表4-2 研究範疇的分類情形與對應的假說…………………. 90 表4-3 市場景氣劃分……………………………………… 101 表5-1 整體上市上櫃公司的分配狀況……………………… 115 表5-2 研究樣本按初次投資支出宣告年度分類…………… 116 表5-3 研究樣本按產業類別分類…………………………… 117 表5-4 研究樣本按高科技類股與市場景氣分類統計……… 118 表5-5 各研究變數的樣本統計量…………………………… 119 表5-6 全體樣本初次投資支出宣告的平均異常報酬率…… 122 表5-7 全體樣本事件窗口累積異常報酬率………………… 123 表5-8 高科技股公司初次投資支出宣告的平均異常報酬…. 125 表5-9 非高科技股公司初次投資支出宣告的平均異常報酬率126 表5-10 高科技股公司事件窗口累積異常報酬率…………… 127 表5-11 非高科技股公司事件窗口累積異常報酬率………… 127 表5-12 投資規模大的公司初次投資支出宣告的平均異常報酬129 表5-13 投資規模小的公司初次投資支出宣告的平均異常報酬130 表5-14 投資規模大的公司事件窗口累積異常報酬率……… 131 表5-15 投資規模小的公司事件窗口累積異常報酬率……… 131 表5-16 研究樣本交叉分類分布情形(n=225) ……………… 132 表5-17 第一種情況公司初次投資支出宣告的平均異常報酬率134 表5-18 第一種情況公司事件窗口累積異常報酬率 135 表5-19 第二種情況公司初次投資支出宣告的平均異常報酬率136 表5-20 第二種情況公司事件窗口累積異常報酬率……………137 表5-21 第三種情況公司初次投資支出宣告的平均異常報酬率138 表5-22 第三種情況公司事件窗口累積異常報酬率……………139 表5-23 第四種情況公司初次投資支出宣告的平均異常報酬率140 表5-24 第四種情況公司事件窗口累積異常報酬率……………141 表5-25 第五種情況公司初次投資支出宣告的平均異常報酬率142 表5-26 第五種情況公司事件窗口累積異常報酬率……………143 表5-27 第六種情況公司初次投資支出宣告的平均異常報酬率144 表5-28 第六種情況公司事件窗口累積異常報酬率……………145 表5-29 第七種情況公司初次投資支出宣告的平均異常報酬率146 表5-30 第七種情況公司事件窗口累積異常報酬率……………147 表5-31 第八種情況公司初次投資支出宣告的平均異常報酬率148 表5-32 第八種情況公司事件窗口累積異常報酬率……………149 表5-33 累積異常報酬率的橫斷面多元迴歸分析………………153 表5-34 各研究假說實證結果……………………………………158 圖目錄 圖1-1 研究流程………………………………………………. 12 圖3-1 初次投資支出宣告的信號放射………………………. 63 圖3-2 研究模式與觀念架構………………………………... 65 圖3-3 初次投資出宣告的樹狀機率分析…………………… 71 圖4-1 實證架構…………………………………………………82 圖4-2 實證分析方法與流程……………………………………102 圖4-3 事件研究的各時間參數的關係……………………… 105 / Previous foreign studies on corporate investment impact on market prices have revealed that investors react positively to the announcement of increases in capital expenditure. But, the few papers study the topic in Taiwan. This study applies the agency theory, the signaling theory which reduce the asymmetric information and agent problems between the management and external investors and the perfect Baysian Equilibrium to construct the theoretic model to analyze the effect of the initial investment announcement. Following the theoretical model, case interview and literature review, the study derives the three propositions and eight hypotheses. We test these hypotheses for the publicly traded corporations in Taiwan considering a sample composed of the initial investment announcement. The period of the study was January 1991 to December 2000, and the firms selected were all companies listed on the Taiwan Security Exchange or the OTC. The number of the initial investment announcements initially collected was 365 for publicly traded corporations. Nevertheless, the final sample was reduced to 225 after excluding the confounding events and other screen. Finally, we separated the full sample to eight sub-samples by corporate type, ownership and investment scale and used the event study and regression analysis to test the information effect of the initial investment announcement. Our empirical results are not hold in the full sample since no significant market reaction, but are supported in the sub-samples grouped by high-tech. Moreover, the initial investment announcements of high-tech, high ownership, and high scale companies lead the significant positively abcdrmal rate of return at the announcement day. In addition, the investors significantly positively react to the initial investment announcements belong to the capital investment.

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