90年代美國證券市場興起了一連串的正名運動，更名公司家數從約兩百家增加到四百家，成長將近兩倍，此股熱潮直至西元2002年才逐漸退燒。如果公司名稱非僅是區別代號，而有更深的意涵存在時，使用新名稱可以重新呈現企業本身想要對外宣告的訊息，不同更名動機也有可能造成未來經營結果上的不同。
本研究即以美國證券市場1999年到2002年底公開發行公司為樣本，先就未分群樣本進行Paired T Test及超額報酬率計算，實證結果發現更名前後稅前營運現金流量報酬率、資產報酬率及Tobin’s Q平均數具顯著差異，而其超額報酬為顯著正數，意即更名後樣本公司績效改善，這樣的情況主要反應在更名前後四年到更名前後三年之間；以分群樣本進行Paired T Test及超額報酬率計算，實證結果則發現因組織重整更名的樣本公司更名前後稅前營運現金流量報酬率、資產報酬率及Tobin’s Q的平均數具顯著差異，且其超額報酬為顯著正數，意即更名後此類樣本公司績效改善。其他更名原因對更名前後會計績效未能產生顯著影響。 / From the nineties the number of corporate name change was all the rage and growing twice. There is a trend of corporate name change in American security market and that came to an end in 2002. Corporate name change is not only a signal but also has deeply meanings. New corporate name represents new image of companies and different reasons for name change make contribution to different operating results.
We examine post-name change performance for U.S corporations between 1999 and 2002. Name change firms show significant improvements relative to their industries, leading to higher operating cash flow returns, return on asset and Tobin’s Q. These arise from three years to two years before and after name change effective day. This performance improvement is particularly strong for firms with restructuring name change reason and weak for firms with other name change reason.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0943530471 |
| Creators | 倪意婷 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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