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系統識別號 U0026-1208202022282900
論文名稱(中文) 公司法197條之一修法後之長期股價報酬研究
論文名稱(英文) Long-run Performance after the Amendment of Article 197-1 of Company Act
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance
學年度 108
學期 2
出版年 109
研究生(中文) 尤麒翔
研究生(英文) Chi-Shiang You
學號 R86071026
學位類別 碩士
語文別 中文
論文頁數 21頁
口試委員 指導教授-王澤世
口試委員-劉裕宏
口試委員-林囿成
中文關鍵字 公司法  董事質押  公司治理 
英文關鍵字 Company act  pledge  corporate governance 
學科別分類
中文摘要 2011年10月25日,立法院三讀通過公司法197條之一條文修正案,於第二項新增:「公開發行股票之公司董事以股份設定質權超過選任當時所持有之公司股份數額二分之一時,其超過之股份不得行使表決權,不算入已出席股東之表決權數。」該法於同年11月11日實行。而後,於2018年8月1日,經濟部針對此條法律做出函釋,函釋內容包括:「計算董事股份設質數時,係以股東會最後過戶日股東名簿記載之設質數為準。」本文旨在探討修法後與函釋後對於有董事質押行為之公司以及董事質押比率大於50%公司的長期股價報酬影響,以驗證投資人對於董事質押相關法條影響的長期行為。
研究結果發現,在修法後方面,不論是有董事質押行為之公司或董事質押比率大於50%公司的長期報酬均沒有呈現顯著的結果,顯示出投資人對於公司法197之一的修正案已經反映完畢或有正反兩方的看法不一的情況;其次,在函釋後方面,發現在董事質押比率大於50%公司使用簡單平均的買進持有報酬及累積超額報酬率均有負向的顯著,顯示出市場上的投資人對於函釋的內容或有負向影響的疑慮。
英文摘要 This thesis aims to investigate the long-term effect of the amendment of Article 197-1 of the Company Act passed on October 25, 2011 and the administrative rule of the article posted by the ministry of economic affairs on August 1, 2018 on the long-term performance of the firm. In terms of methods, we use buy-and-hold abnormal return, cumulative abnormal return, and calendar time abnormal return to measure the long-run performance during the time periods. We find out that most of the results turn out to be insignificant, showing that the effect of the amendment or the administrative rule might be short term effect or no effect, but those with significant results also should be take into account in terms of lawmaking.
論文目次 壹、 緒論 1
(一) 研究背景 1
(二) 研究動機 1
貳、 文獻回顧與假說建立 4
(一) 股票質押的運作方式 4
(二) 控制股東與小股東的代理問題 4
(三) 董事質押行為對公司的影響 5
(四) 公司治理相關法案的影響 6
(五) 假說建立 6
參、 研究方法 7
(一) 研究期間與樣本選取 7
(二) 基準投組的形成 8
(三) 模型設計與變數定義 8
肆、 實證結果 13
(一) BHAR及CAR 13
(二) 三因子模型CTAR及四因子模型CTAR 13
伍、 結論 18
陸、 參考資料 18
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