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不同類型公司(專業經營vs.多角化)舉債的財富效果
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不同類型公司(專業經營vs.多角化)舉債的財富效果
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不同類型公司(專業經營vs.多角化)舉債的財富效果
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Journal Article
不同類型公司(專業經營vs.多角化)舉債的財富效果
2011
Overview
本研究提出投資機會假說與自由現金流量假說，利用事件研究法檢視1999年到2005年間台灣上市上櫃公司中不同經營型態(專業經營vs.多角化)的公司，宣告發行普通公司債後的股東財富效果。實證結果發現台灣上市上櫃公司宣告發行普通公司債後，專業經營公司有正的標準化累積超額報酬，但多角化公司宣告期間的累積超額報酬表現並不明顯，此實證結果支持投資機會假說。另外，本研究也進一步發現，當一成長機會低且自由現金流量高的多角化公司宣告發行公司債時，市場負面評價較不明顯，此結果顯示對代理問題較嚴重(成長機會低且自由現金流量高)的多角化公司而言，舉債可有效控制代理成本，並可有效提升公司會計績效
Publisher
國立臺灣大學管理學院
Subject
