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Author: 楊雅婷
Ya-Ting Yang
Thesis Title: 資本支出宣告效果之探討
The Research on Capital Expenditure Announcement
Advisor: 謝劍平
Joseph C.P. Shieh
Committee: 梁瓊如
Chiung-Ju Liang
陳俊男
Chun-Nan Chen
謝劍平
Joseph C.P. Shieh
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2019
Graduation Academic Year: 107
Language: 中文
Pages: 50
Keywords (in Chinese): 資本結構資本支出資本支出宣告
Keywords (in other languages): capital structure, capital expenditure, capital expenditure announcement
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  • 本研究自2017至2018年間,以台灣上市櫃公司153筆資本支出宣告事件為樣本,研究公司資本支出宣告效果以及相關影響因子。適逢中美貿易戰期間,在陸台商原先受中國市場人力成本環境成本增加,中美貿易戰的關稅議題更加催化台商遷廠回來亦或投資東南亞,公司資本支出增加。
    本研究以事件研究法檢測在資本支出宣告日之效果對股東財富是否有顯著影響。以七項影響資本支出宣告因子進行研究,主要為資本結構變數負債比率、獲利能力、公司經營績效、資本支出規模、公司規模、產業因素、股市投資人對經濟前景之看法。
    經實證,在資本支出宣告日有顯著且為正向的異常報酬,表示資本支出宣告對市場有具有正向的資訊效果。在影響資本支出宣告效果的因子中負債比率與公司規模有顯著的影響。負債比率與資本支出宣告累積異常報酬間呈現負相關,表示公司的負債比率較高者,投資人預期未來資本結構的改變,並將此預期作為一種負向的信號,對股東財富有負向的影響。公司規模與資本支出宣告累積異常報酬間呈現負相關,乃因規模較大的公司資訊揭露較完善,因此在宣告日的資訊效果對於累積財富的影響為負。


    The research use 135 capital expenditure announcements from Taiwan listed company at stock exchange market and over-the-counter market as a sample to do the research on capital expenditure announcement. The research time is from 2017 to 2018, during the Trade War between China and the U.S. Taiwan company in China already face the increasing labor costs and environment costs in China market, and they are affected by the tariff now. Thus, the Taiwan companies start to relocated in Taiwan or invest Southeast Asia, and the company's capital expenditure has increased.
    Through Event Study to test whether there is a significant impact on shareholder wealth on the date of capital expenditure announcement. Take seven factors affecting the capital expenditure announcement, based on debt ratio, profitability, company operating performance, capital expenditure scale, company size, industry factors, and stock market investors' views on the economic outlook.
    After running the regression, there is a significant and positive abnormal return on the capital expenditure announcement date which indicates that the capital expenditure announcement is a positive information for the market. The debt ratio and the company size have a significant impact the accumulated abnormal return of capital expenditure announcements. There is a negative correlation between the debt ratio and the accumulated abnormal returns of capital expenditures announcement, indicating that when the company's debt ratio is higher, investors would expect future capital structure change, and this expectation is a negative signal. There is a negative correlation between the company size and the accumulated abnormal returns of capital expenditures announcement. Because the information disclosure of large-scale companies is relatively great, so the information effect on the announcement day has negative impact on accumulated abnormal return.

    摘 要 III ABSTRACT IV 誌 謝 V 目 錄 VI 圖目錄 VIII 表目錄 IX 第壹章 緒論 1 第一節 研究動機與背景 1 第二節 研究目的與貢獻 2 第三節 研究流程 3 第貳章 文獻探討 4 第一節 資本結構 4 第二節 資本支出 9 第三節 資本支出宣告市場反應理論與實證 10 第參章 研究方法 14 第一節 樣本資料來源及標準 14 第二節 研究變數選擇 15 第三節 研究方法分析 19 第四節 研究假說 22 第肆章 實證結果 24 第一節 描述性統計 24 第二節 相關性檢驗 26 第三節 多重共線性檢驗(VIF) 27 第四節 資本支出宣告日之宣告效果 28 第五節 複回歸分析結果 30 第伍章 結論與建議 33 第一節 研究結論 33 第二節 研究限制 34 第三節 研究建議 34 參考文獻 35 (一) 中文部分 35 (二) 英文部分 37

    (一) 中文部分
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    17. 謝劍平(1993),閒餘現金流量與托賓Q對資本投資決策中股東財富效果的影響,中國財務學會八十二年年會論文,頁 509-529。
    18. 謝劍平(2018),財務管理:新觀念與本土化(七版),智勝文化事業有限公司。

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