我國證管會法令規定公司出售不動產應於三日內公告之，此為該事件首次公告，其後該季之季盈餘中亦將包括出售不動產損益，此為再次公告。投資人如果只注重底線數字，而不深究其數字背後的含意，則該資訊再次公告時，投資人仍然會對包含在底線數字中的出售不動產損益產生反應，此為功能固著假說之現象。本文探討我國證券市場對出售不動產事件是否存在功能固著之現象，實證結果發現：1.出售不動產事件之首次公告，確實會對股價產生影響。2.再次公告出售不動產損益時，仍會再次對股價產生影響，證明投資人對出售不動產事件存有功能固著情形。3.投資人的精明程度並不會影響資訊再宣告時的股價反應，因此無法證明我國證券市場符合擴大功能固著假說。4.公司規模會影響資訊再宣告時股價反應的程度。 / The Securities and Futures Commission in Taiwan requires that the sale of real estate by a firm should be announced within two days of the transaction. The sales revenue of real estate transaction will be publicized again when the quarterly earnings are released. In an efficient market, the price will simultaneously and fully reflects the transaction information. However, if investors react once again to the sales revenue of real estate transaction at quarterly earnings announcement, the market has functional fixation phenomenon. This study examines the existence of the functional fixation phenomenon through real estate transaction.
The empirical results illuminate: (1) Market price reacts to the announcement of real estate transaction. (2) The functional fixation hypothesis cannot be rejected based on the reaction of the market prices to the sales revenue of real estate transaction at quarterly earnings announcement. (3) The extent of sophistication of individual investors does not affect the reaction of stock prices to the sales revenue of real estate transaction at quarterly earnings announcement and therefore the extended functional fixation hypothesis is rejected in Taiwan security market. (4) Firm size affects the extent of market reaction to the sales revenue of real estate transaction at quarterly earnings announcement.
| Identifer | oai:union.ndltd.org:CHENGCHI/A2010000370 |
| Creators | 陳群志 |
| 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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