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| 研究生： |
李建然 |
|---|---|
| 論文名稱： |
台灣上市公司股票股利與股票價格變動關係之研究 |
| 指導教授： | 林美花 |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 會計學系 Department of Accounting |
| 論文出版年： | 1991 |
| 畢業學年度： | 79 |
| 語文別： | 中文 |
| 論文頁數： | 115 |
| 相關次數： | 點閱：168 下載：0 |
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序言
圖表目次
第一章 緒論.................... 1
第一節 研究背景及動機.................... 1
第二節 研究問題與假設.................... 2
第三節 論文結構概述.................... 8
第二章 相關文獻探討.................... 12
第一節 國外實證部份.................... 12
第二節 國內實證部份.................... 25
第三節 股票股利及股票分割之潛在資訊內涵.................... 26
第三章 研究設計.................... 34
第一節 研究假設.................... 34
第二節 研究範圍....................36
第三節 資料來源.................... 3 7
第四節 研究方法.................... 38
第四章 實證結果及分析.................... 49
第一節 樣本統計資料及市場模式估計統計量....................49
第二節 股票股利發放與股價關係之研究.................... 5 2
第三節 股票股利率的大小與異常報酬率關係之實證結果.................... 59
第四節 股票股利與股價之間的關係在股市活絡期及非活絡是否有差異之實證結果.................... 78
第五節 股票股利與超額報酬率....................99
第五章 結論與建議.................... ....................100
第一節 結論.................... 104
第二節 研究限制.................... 108
第三節 建議與未來之研究方向.................... 109
參考書目.................... 113
I、中文部份
1 .金柏西，台灣股票市場股票股利對股價影響之實證研究，大同工學院事業經營研究所未出版碩士論文，民國六十八年六月。
2 .謝庭金，台灣證券市場鉅額股票股利所含資訊內容之研究，國立台灣大學商學研究所未出版碩士論文，民國七十七年六月。
3 .朱忠園，我國證券市場中市場因素、行業因素及公司因素之探討，國立中興大學企管研究所未出版碩士論文，民國七十六年六月。
4. 羅禎昌，現金增資公告對股票價格影響之實證研究，國立政治大學企業管理研究所未出版碩士論文，民國七十六年六月
5 .林煜宗，現代投資學一制度，理論與實證，四版，台北：三民，民國七十七年。
6 .一一一，市場因素對台灣證券市場股價變動之影響，證交資料，民國六十七年六月廿五日。
7 .台灣證券交易所上市證券概況(月刊) ，台灣證券交易所編印。
8 .財政部金融統計月刊，財政部編印。
Ⅱ、英文部份
1. Akerlof, G. A. "The Market For 'Lemons':Quality Uncertainty And The Market Mechanism. "Quarterly Journal of Economics 84(1970),pp.488-500.
2. Asqith, P., P. Healy and K. Palepu, "Earning and Stock Solits", The Accounting Review(July 1989)pp.387-403.
3. Baker, H. K., and P. L. Gallagher, "Management's view of Stock Splits," Financial Management(Summer 1980), pp.73-77.
4. Ball, R., and P. Brown, "An Empirical Evaluation of Accounting income Number" Journal of Accounting Research (Autumn 1968), pp.159-178.
5. Barker, C. A., "Price Change of stock-Dividend Share at Ex-dividend Dates" Journal of Finance 14(1959) ,pp.373-378.
6. Bhattacharya, S. "Imperfect Information, Dividend Policy and 'The Bird in the Hand' Fallacy" Bell Journal of Economics 10, (1979), pp.259-270.
7. Brickley, L. A. ,"Interpreting Common Stock Returns Around Proxy Statement Disclosures and Annual Shareholders Meetings, "Journal of Financial and Quantitative Analysis, Vol. 21, No.3 (September 1986), pp.343-349.
8. Campbell, J .A., and W. Beranek,."Stock Price Behavior on Ex-Dividend Dates," Journal of Finance, December, 1955, pp.425-429.
9. Chottiner, S. and A. Young, "A Test of the AICPA Differentiation Between Stock Dividend and Stock Splits", Journal of accounting Research (Autumn
1971J, pp.367-374.
10. Eisemann, P. C. and E. A. Moses, "stock Dividends: Management's View."Journal of Financial Analysts. (July-August 1978),pp.78-80.
11. Elgers P. T. and D. Murray, "Financial Characteristics Related to Managements' stock Split and Stock Dividend Decisions." Journal of Business Finance & Accounting (Winter 1985) pp.543-551.
12. Fama, E., L. Fisher, M. Jensen and R. Roll, "The Adjustment of Stock Prices To New Information." International Economic aeview (1969) ,pp.l-21.
13. Foster III, T. W. and D. Vickrey, "The Information Content Of Stock Dividend Announcements." The Accounting Review (Aprial 1978),pp.360-370.
14. Ginblatt, M. S., R. W. Masulis and S. Titman, "The Valuation Effects of Stock Dividend," Journal of Financial Economics (1984), pp.461-490.
15. Heikel, R.,"A Theory of Credibility: Costless Signals in a Rational Expectations, Infinite Horizon Model," Working Paper(University of British
Columbia, Vancouver) (1984).
16. Hong, H.,R. S. Kaplan, and G. Mandelker, "pooling vs. Pruchase: The Effects of Accounting For Mergers on stock Prices," The Accounting Review, (January 1678), pp.31-46.
17. Lang. L. H., and R. H. Litzenberger, "Dividend Announcements: Cash Flow Signalling vs. Free Cash Flow Hyothesis? " Journal of Financial Economics 24(1989),pp.181-191.
18. Leland, H. and D. Pyle, "Information Asymmetries, Financial Structure, and financial Intermediation," Journal of Finance 32,(1977),pp.371-387.
19. Liljeblom, E. "An Analysis of Earnings Per Share Forcasts for Stocks List on the Stockholm Stock Exchange." Swedish School of Economics and Business Administration, Working Papers (1987),No.153. pp.1-22.
20. Patell, J. M. "Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Tests" Journal of Accounting Research (Autumn 1976), pp.246-275.
21. Ross, S. "The Determination of financial STructure: The Incentive Signalling Approach," Bell Journal of Economics 8 (1977), pp. 23-24.
22. Spence, A. M. "Job Market Signalling," Quarterly Journal of Economics 37, (1973), pp.355-374.
23. Swaminathan, S. "The Impact or SEC Mandated Segment Data on Price Varibility and Divergence of Beliefs" The Accounting Review (January 1991), pp.23- 41.
24. Stice, E. "The Market Reaction to 10-K and 10-Q filings and to Subsequent The Wall Street Journal Earnings Announcements," The Accounting Review (January 1991), pp.42-55.
25. Watts, R .L. , and J .L. Zimmerman, "Positive Accounting Theory," 1986, Prentice-Hall.
26. Woolridge. J. R. "Stock Dividends As Singnals." working Paper, (1983).
27. ----, " Ex-date stock Price Adjustment to stock Dividends: A Note." The Journal of finance, (March 1983), pp.247-255.
28. Ziebart, D. A. "Control of Beta Reliability in Studies of Abnormal Return Magnitudes: A Methodological Note." Journal of Accounting Research (Autumn 1985), pp.920-926.
29.----, and D. H. Kim "An Examination of Market Reactions Associated with SFAS No.8 and SFAS No. 52." The Accounting Review (Aprial 1987), pp.343-357.
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