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本研究系探讨企业聚焦活动宣告对股票报酬之影响,采用1993年至2002年间33家台湾上市上柜公司宣告聚焦活动为研究对象,并以事件研究法市场模型为分析工具,同时以复回归方法从公司治理角度去探讨影响累积异常报酬之因素。研究结果发现,企业聚焦之宣告可获得显著且正向累积异常报酬;而董事会规模、上一年多角化程度以及研究发展费用等因素与累积异常报酬呈正相关。然而,大股东持股比率与累积异常报酬呈负相关。
This study explores the impact of the corporate focus on stock compensation. Using the announcements of 33 listed OTC companies in Hong Kong from 1993 to 2002 as the research object, and based on the event research method market model, we use the complex regression method From the perspective of corporate governance to explore the factors that affect the cumulative abnormal returns. The study found that corporate focus was significantly and positively anomaly accruals, while board size, multiples of the previous year and research and development costs were positively correlated with cumulative abnormal returns. However, the shareholding ratio of the major shareholders is negatively correlated with the accumulated abnormal returns.