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系統識別號 U0026-1102201920542800
論文名稱(中文) 財務主管異動宣告與股價崩盤風險之關聯性
論文名稱(英文) On the Relationship between the Announcement of Financial Manager Turnover and the Risk of Stock Price Crash
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 107
學期 1
出版年 108
研究生(中文) 黃思容
研究生(英文) Ssu-Jung Huang
學號 R87051184
學位類別 碩士
語文別 中文
論文頁數 29頁
口試委員 指導教授-顏盟峯
口試委員-周庭楷
口試委員-梁少懷
中文關鍵字 財務主管異動  股價崩盤風險  公司治理 
英文關鍵字 Financial manager turnover  stock price crash risk  corporate governance 
學科別分類
中文摘要 本研究主要探討財務主管異動宣告是否會影響公司股價崩盤風險,因財務主管為最了解公司財務營運情況的關鍵性人物,本研究欲探討其異動是否隱含負面相關資訊,且投資人對於異動消息的反應程度為何。本研究發現:在控制公司治理變數和公司特徵變數後,財務主管異動的確會顯著提升股價未來崩盤風險;進一步再將上市櫃公司樣本區分成電子產業和非電子產業後,發現財務主管異動對於非電子產業公司股價的未來崩盤風險非常顯著,但對於電子產業,則無解釋能力。另外,我們也刪除異動原因為退休及死亡者的樣本,並發現較刪除前的結果較不顯著,這些非屬退休或死亡原因的異動僅對非電子產業的股價崩盤風險有解釋能力。
由上述實證結果推論,投資人認知非電子產業的財務主管是公司的重要人力資產,透過其對公司提供的資金調度和財務操作等專業貢獻,是非電子產業公司能持續營運不可或缺的人手。其異動,特別是包含死亡或退休等原因之異動,隱含著公司可能因此承擔營運或財務調度等方面的負面影響,並反映在未來更高的股價崩盤風險。至於電子產業相對於非電子產業的結果都不顯著,則有待後續的研究來探討。
英文摘要 The study discusses whether companies’ announcements of CFO turnovers affect stock price crash risk as they are the key persons who best understand a company's financial condition. This study aims to examine whether those turnovers imply negative information and the extent of investors’ reaction to such announcements. The study finds that, after controlling the variables of corporate governance and characteristics, turnovers of CFOs do notably increase future stock price crash risk. If we divide the samples of publicly traded companies into electronics sector and non-electronics sector, it is found that the effect of the turnovers on non-electronics companies' stock price risks is statistically significant. But to electronics companies, we cannot find significant explanatory power of the CFO turnovers. In addition, after we eliminate the samples where turnovers were caused by retirements or deaths, the results are less significant than before the elimination. The turnovers excluding reasons of retirements or deaths have explanatory power only for the price crash risks of non-electronics companies.
From the above empirical results, we infer that investors recognize that financial officers are important human asset for non-electronics companies. With their professional contributions in fund management and financial operations, they are indispensable for non-electronic industry companies to continue to operate. Changes in such roles, especially due to reasons including deaths and retirements, indicate that the companies may suffer from negative impacts operationally or financially, which is reflected in higher risks of stock price collapse in the future. More research is needed regarding the less notable results seen in electronics companies compared with non-electronics companies.
論文目次 摘要 I
致謝 V
目錄 VI
表目錄 VII
第一章 緒論 1
第一節 研究動機與背景 1
第二節 研究目的 3
第三節 研究架構 3
第二章 文獻回顧 4
第一節 股票價格崩盤衡量指標 4
第二節 財務主管異動宣告影響 5
第三節 公司治理及財務績效 6
第三章 研究方法 9
第一節 樣本與資料來源選取 9
第二節 股價崩盤風險衡量 9
第三節 變數定義 10
第四節 迴歸模型分析 12
第四章 實證結果分析 15
第一節 敘述性統計及平均數差異檢定 15
第二節 相關係數分析 19
第三節 迴歸分析 19
第四節 強健性檢定 20
第五章 結論與建議 24
第一節 結論 24
第二節 研究建議 25
第三節 研究限制 25
參考文獻 26
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