股票價格資訊內涵的實質產出影響效果

NCUIR > School of Management at National Central University > Graduate Institute of Industrial Economics > Electronic Thesis & Dissertation > Item 987654321/86239

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/86239

Title:	股票價格資訊內涵的實質產出影響效果
Authors:	古一斌;Ku, I-Pin
Contributors:	產業經濟研究所
Keywords:	股價訊息性;股價非同步性;總要素生產力;共同基金贖回壓力;Stock price informativeness;Stock price nonsynchronicity;Total factor productivity;Mutual fund redemption pleasure
Date:	2021-07-06
Issue Date:	2021-12-07 12:20:36 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究使用臺灣經濟新報（TEJ）資料庫，探討臺灣股票市場在 2008 年至2019 年期間，股價訊息性與公司總要素生產力的相關性。我們利用股價非同步性衡量股價訊息性，發現在臺灣股票市場中，股價訊息性對於公司總要素生產力呈現顯著負面影響。同時，我們亦發現當公司面臨共同基金贖回壓力時，股價訊息性的下降會使董事會更加重視 Tobin’s Q 衡量總經理績效，決定總經理續任或離職。;In this paper, we investigate whether the stock price informativeness affect the total factor productivity by using the Taiwan listed companies’ data from 2008 to 2019. Use the stock price nonsynchronicity to measure stock price informativeness. We find that lower stock price informativeness is associated with higher total factor productivity. We use mutual fund flow pressure as an exogenous shock to price informativeness and find that a decrease in price informativeness leads to higher productivity.
Appears in Collections:	[Graduate Institute of Industrial Economics] Electronic Thesis & Dissertation

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