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一、 |
洪榮華、陳怡珮、王瑗璟 |
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二、 |
陳燕錫、林昭伶、傅鍾仁 |
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三、 |
侯嘉政、張宏榮 |
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四、 |
張國忠、蔡靜茹 |
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五、 |
徐中琦、林皇瑞 |
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SHARE REPURCHASE ANNOUNCEMENTS, ACTUAL REPURCHASES 洪榮華 中央大學企管系副教授 陳怡珮 中央大學企管系博士候選人 王瑗璟 台北市國稅局稅務員 Jung-Hua Hung Associate Professor, Department of Business Administration National Central University Yi-Pei Chen Doctoral Student, Department of Business Administration National Central University Yuan-Ching Wang Revenue Officer, Taipei National Tax Administration 摘要 自台灣實施庫藏股制度以來，許多公司陸續宣告股票買回，然而關於公司經理人對於買回宣告及執行宣告是否具雙重擇時能力，以及市場對執行率的重視程度方面，卻乏人研究。本研究旨在探討上市與上櫃公司宣告股票買回後之實際執行情形以及對執行期間前後股價超常報酬之影響，以期觀察出台灣經理人是否具雙重擇時能力，與投資人對公司進行實際執行股票買回所抱持之態度。經平均數檢定與多元迴歸模型分析，顯示經理人的確同時具有宣告買回及實際執行買回的擇時能力：1.公司宣告股票買回後，不論上市或上櫃公司，股價皆有正向反應；2.執行期間之股價反應與執行率呈反向關係；3.執行率與執行宣告後之股價反應呈反向關係；4.執行期間結束後，早實際執行公司之股價反應較晚實際執行公司為佳。本研究結果可供實務上公司實施股票買回的決策參考，同時亦建議主管機關評估庫藏股制度實施成效時，可從公司治理層面中，將公司策略性買回行為納入評估依據。 關鍵詞：股票買回、執行率、超常報酬、擇時能力 |
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ABSTRACT Share repurchases have gradually become firms’ important economic activities after the stock repurchase deregulation in Taiwan in 2000. However, few researchers have explored the influence of completion rates on the stock market, and whether managers have dual timing abilities for both repurchase announcements and actual repurchases. This study investigates the market reactions to actual repurchase activities, and managerial timing abilities. Through the t-test and the regression analysis, the results are as follows: 1.Repurchase programs have significantly positive influences on stock prices both to the listed and the OTC firms after the share repurchase announcements; 2.Abnormal returns during the repurchase period are negatively related to completion rates; 3.Completion rates are negatively associated with abnormal returns after the actual repurchase announcements; 4.The abnormal returns of firms that do actual repurchases early are higher than those of firms that do actual repurchases late after the completion period. These results can provide information about managerial decision making in practice, and suggest legislators take firms’ strategic trading behavior into consideration while assessing the effects of the legislation about share repurchases. Keywords: share repurchases, completion rates, abnormal returns, timing ability |
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價格管制解除、市場佔有率與財務績效－以合夥型會計師事務所為例 AUDIT FEE DEREGULATION, MARKET SHARE, AND FINANCIAL PERFORMANCE 陳燕錫 雲林科技大學 林昭伶 長榮大學 傅鍾仁 雲林科技大學 Yahn-Shir Chen Yunlin University of Science and Technology Chao-Ling Lin Chang Jung Christian University Chung-Jen Fu Yunlin University of Science and Technology 摘要 本文以合夥型會計師事務所為對象，並將其按有／無承辦公開發行公司財務簽證業務而區分為大／小型會計師事務所，以探討其「市場佔有率—利潤」間是否存在正相關，及取消審計公費下限是否會影響會計師事務所之利潤與「市場佔有率－利潤」之關係。使用我國財政部1992-2003年「會計師事務所服務業調查報告」之普查資料進行實證，結果顯示，合夥型會計師事務所之市場佔有率愈高，經營利潤愈高，且審計公費下限取消後，大型會計師事務所之市場佔有率與利潤間的正相關更為顯著。取消審計公費下限之事件中，當媒體傳播「會計師公會訂定酬金標準違法」，對合夥型會計師事務所之利潤造成顯著下降的影響，但後續之事件，即「會計師公會修正酬金標準規定，以取消會計師對其嚴格的遵守」，則未對事務所之經營利潤造成顯著影響。 關鍵詞：會計師事務所、市場佔有率、審計公費下限、最低酬金標準 |
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ABSTRACT This paper examines the relationship between market share and profitability of partnership public accounting firms. Furthermore, the effects of the cancellation of audit fee floor on profit and on the relationship between market share and profitability are investigated. For those accounting firms offering services to the public companies, we define them as large firms. Public accounting firms offering services to private companies are then defined as small firms. Data are obtained from the 1992~2003 Census Report of Public Accounting Firms in Taiwan. Empirical results reveal positive relationship between market share and profitability. After the cancellation of audit fee floor, the above relationship is much significant for the large public accounting firms. After the media reporting that the audit fee floor established by the Taiwan Institute of Certified Public Accountant was illegal, the operating profit of public accounting firms declined. However, the cancellation of audit fee floor by the Taiwan Institute of Certified Public Accountant had no effect on the operating profit of public accounting firms. Keywords: public accounting firms, market share, audit fee floor |
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A STUDY OF STRATEGIC POSTURE IN MEDICAL INSTRUMENT INDUSTRIES: 侯嘉政 國立嘉義大學管理研究所副教授 張宏榮 國立嘉義大學管理研究所博士生 環球技術學院行銷系講師 Jia-Jeng Hou Associate Professor, Department of Business Administration National Chiayi University Hong-Jung Chang Department of Business Administration National Chiayi University 摘要 本研究目的旨在探討台灣醫療輔具業之策略形態與發展方向，研究對象則以電動輪椅及電動代步車廠商為主，研究第一階段使用SPACE分析法（The Strategic Position and Action Evaluation Analysis）探討臺灣醫療輔具業六家公司之策略形態，第二階段則選定個案使用SMA分析法（Strategic Matrix Analysis）進行未來策略思考，並透過問卷與訪談方式取得資料進行分析。其中SPACE分析法係以財務強勢、競爭優勢、環境穩定性、及產業強勢等四個構面，加以探討產業之策略競爭形態；SMA策略矩陣分析法係探討所選定個案之未來經營策略發展方向。本研究研究發現：三家公司所獲競爭形態結果皆處於攻擊形態，一家公司所獲競爭形態結果位於競爭形態，其餘兩家公司所獲競爭形態結果則是屬於防禦形態。最後根據研究發現建議業者之未來策略方向，以提升台灣產業醫療輔具廠商之競爭優勢。 關鍵詞：策略形態、SPACE分析、策略矩陣分析法、醫療輔具業。 |
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ABSTRACT The purpose of this paper utilize SPACE（Strategic Position and Action Evaluation）and SMA（Strategic Matrix Analysis）to analyze their strategy posture and development in medical instrument industries. This study samples are from the Taiwan’s companies of the medical instrument through questionnaires, interviews and secondary data, and then we draw the future fit strategy according to each company’s posture. As a result, the companies of medical instrument show aggressive posture, competitive posture and defensive posture by the financial strength, competitive advantage, environmental stability and industry strength in the present time. Finally, the study presents some suggestions to medical instrument companies to make competitive advantages in Taiwan. Keywords: Strategy Posture, SPACE Analysis, Strategic Matrix Analysis, Medical Instrument Industries |
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仿冒侵權態度與消費倫理信念對消費者購買仿冒品意向之影響研究－以台灣與中國大陸仿冒音樂光碟為例 THE RELATIONSHIP OF ATTITUDE TOWARD PIRACY AND ETHICAL BELIEFS WITH CONSUMERS’ INTENTION TO BUY COUNTERFEITS－THE CASE OF TAIWAN AND MAINLAND CHINA COUNTERFEIT MUSIC COMPACT DISC 張國忠 國立東華大學國際企業學系 蔡靜茹 國立東華大學國際企業學系 Kuo-Chung Department of International Business, National Dong-Hwa University Chang Jing-Ru Tsai Department of International Business, National Dong-Hwa University 摘要 本研究利用消費者之相依性特質及仿冒侵權態度、倫理信念等構面，檢測消費者購買仿冒音樂光碟品意向。研究結果發現，中國大陸消費者對於社會流通利益意識愈強，對其購買仿冒品意向愈明顯；相依性特質高又具反大企業態度的消費者其購買仿冒品的意向也高。台灣相依性特質愈高且認為仿冒侵權有助於社會利益流通消費者，其購買仿冒品意向愈高；消費者對於仿冒社會成本意識愈高且不贊同主動獲利的非法行為的倫理信念愈高，愈不傾向購買仿冒品。研究結果亦顯示，只有在消費者具有特定之仿冒侵權態度，其相依性特質之調節作用方具影響力。因此以集體主義高低判定消費者購買仿冒品行為之研究結論，應進一步再確認。最後，依據研究結果，本研究提出數項降低消費者購買仿冒品意向之建議。 關鍵詞：相依性、仿冒侵權態度、消費倫理信念、仿冒品購買意向 |
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ABSTRACT This study used interdependent self-construal, consumers’ attitude toward piracy, and ethical beliefs to investigate Taiwan and Mainland China consumers’ intention to buy counterfeit music compact disc. The findings indicated that Mainland China consumers with strong social benefit of dissemination attitude would have a strong intention to buy counterfeits, consumers with low interdependent self-construal and high anti-big business attitude would also tend to be more likely to buy counterfeits. For Taiwan consumers, those who have high interdependent self-construal and perceive social benefit of dissemination would have a strong intention to buy counterfeits, but those who with social cost of piracy have low intention to buy counterfeits. The results also showed interdependent self-construal had no direct influence on consumers’ intention to buy counterfeits. Therefore, using collectivism as a single indicator to predict consumers’ intention to buy counterfeits is needed to be reconfirmed. The results are discussed with a view to helping businesses to effectively suppress piracy, and some directions are suggested. Keywords: Interdependent self-construal, Attitude toward piracy, Consumers’ ethical belief, Intention of purchasing counterfeits |
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HERDING BEHAVIOR IN TAIWAN STOCK MARKET－A COMPARISON OF FOREIGN INSTITUTIONAL INVESTORS AND DOMESTIC SECURITY DEALERS 徐中琦 國立台灣科技大學企業管理學系 林皇瑞 華南永昌證券投資顧問公司 Jon-Chi Shyu Department of Business Administration, Huang-Jui Lin Taiwan Securities Investment Advisory Co., Ltd 摘要 隨著機構投資人在國內證券市場交易比重的日漸增加，法人的投資行為對國內證券市場的影響將更顯得重要。本研究修正了Lakonishok, Shleifer, and Vishny（1992）提出的從眾行為模型，以2001年4月至2004年3月為研究期間，衡量國內法人－自營商與國外法人-外資在彼此間以及在不同產業間與不同的投資環境中是否有從眾行為上的差異。機構法人是否俱有從?行為能使我們對價格波動的形成更加瞭解，此種同質性的從?行為對股票市場價格的波動將造成相當程度的影響。實證的結果顯示，外資與自營商在台灣股票市場上存在著顯著的從眾行為，且在各類股中自營商均較外資呈現較明顯的從眾行為。而自營商與外資對不同產業間從眾行為的差異，均一致呈現傳產類股之從眾行為顯著的高於電子與金融類股，但在電子與金融類股之間則無明顯的差異。就不同的漲跌期間而言，外資在各個產業上均顯現出在下跌期間的從眾行為較上漲期間更為顯著，但此現象並未在自營商身上發生。上述的發現說明了機構投資人在資訊愈缺乏與愈悲觀的環境下，其從?行為會愈明顯。在運用因素分析探討景氣面、籌碼面與風險面因素對從眾行為的影響時，不論外資或自營商之從眾行為均與景氣因素呈現負向的關係，顯現出機構法人對空頭市場的負面消息要較多頭市場的正面消息反應迅速。外資在對電子類股的從眾行為上，除景氣因素外，籌碼因素亦對其從眾行有著負向的關係，意謂著外資在電子類股的投資上，流動性是其相當重視的因素，尤其是在股市下跌的期間。 關鍵詞：從眾行為、LSV模型、外資、自營商 |
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ABSTRACT The main focus of this research paper is utilizing the revised LSV model to examine the herding behavior of domestic security dealers and foreign institutional investors in Taiwan’s stock market. In addition, we also examine their investment characteristics in different industries under the investing environment from April 2001 to March 2004 Whether institutional investors follow other’s trades can help us to understand more about the causes of price movement. This homogeneous herding behavior could be one of the important elements for the fluctuation of the stock price. Empirical finding shows that herding behaviors do exist between the domestic security dealers and the foreign institutional investors in Taiwan’s stock market. In any category of stocks, domestic security dealers have much more notably herding behavior when compared to the foreign institutional investors. The different herding behavior of security dealers and foreign institutional investors in different industries shows that herding in traditional industry is much more prominent than electronic industry and financial industry. However, there is no significant different herding pattern between electronic industry and financial industry. In addition, foreign institutional investors display a more obvious herding behavior in bear market than in bull market. The above finding may imply that information and pessimism play an important role in determining of herding behavior for institutional investors. By utilizing factor analysis, we can identify economic prosperity, trading volume and risk factors for explaining the herding behavior of institutional investors. The empirical evidence shows that institutional investors response more quickly for bad news in bear market than good news in bull market. Other than economic factor, trading volume also display a negative effect on herding behavior for foreign institutional investors. This finding indicates that liquidity is also an important factor for foreign institutional investors when investing in the electronic industry, especially in the bear market. Keywords: Herding Behavior, LSV Model, Foreign Institutional Investors, Domestic Security Dealers |
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