認股權證交易活動對標的公司價值的影響
   The Impact of Warrants Trading Activity on the Value of Underlying Firms

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題名:	認股權證交易活動對標的公司價值的影響 The Impact of Warrants Trading Activity on the Value of Underlying Firms
作者:	陳獻儀;Chen, Hsien-Yi;張眾卓;Chang, Chong-Chuo;楊淑玲;Yang, Shu-Ling;張芯綺;Chang, Shin-Chi
貢獻者:	亞洲大學財務金融系;Department of Finance, Asia University;國立台中科技大學流通管理系;Department of Distribution Management, National Taichung University of Science and Technology;亞洲大學財務金融所;Department of Finance, Asia University
關鍵詞:	認股權證;交易活動;公司價值;成長機會;Covered Warrants, Trading Activity, Firm Value, Growth Opportunity
日期:	2013
上傳時間:	2013-08-07 01:34:03 (UTC+0)
出版者:	亞洲大學財務金融系;Department of Finance, Asia University;國立台中科技大學流通管理系;Department of Distribution Management, National Taichung University of Science and Technology;亞洲大學財務金融所;Department of Finance, Asia University
摘要:	本文將備兌型認股權證之交易活動與其標的公司價值連結，檢視衍生性商品市場的高槓桿與效率特性，是否吸引訊息交易者的投入，並進而揭露出權證標的公司的未來成長特性。利用1997至2009年國內券商所發行之個股型認股權證為研究對象，實證結果發現，權證交易值與其標的公司之Tobin’s Q呈現顯著的正向關係。上述結果在控制內生性效果、不同交易值定義和標的公司產業類別等因素後，仍然存在。 This study investigates whether a link exists between warrants trading activity and growth opportunities of underlying firms. That is, we examine whether the characteristics of higher leverage and improved efficiency in derivative markets can attract the involvement of informed traders, and explore the future growth opportunities of underlying firms. Using domestic stock warrant data from 1997-2009, our findings show that the trading value of warrants has a significantly positive relationship with underlying firms’ Tobin’s Q. The results are confirmed, after accounting for endogeneity, alternative measures of trading activities, and industry effects.
關聯:	2013中部學術財金研討會論文發表
顯示於類別:	[財務金融學系] 會議論文

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