論文的摘要 中翻英 很急

股票市場的交易過程中,設有各種交易限制,進而影響股票價格的波動。本研究運用事件研究法及橫斷面複迴歸分析來探討因除息而暫停信用交易所造成短暫買賣力失衡的現象對於股票報酬率的影響,進而提供投資大眾決策之參考。研究期間選定2006至2009年間我國上市公司除息之電子類股為研究樣本,共238家,樣本頻率為股價日報酬率。研究結果顯示: 1.公司之股價報酬於事件期存在異常報酬,顯示暫停信用交易規定所造成短暫買賣力失衡的現象會對股票價格產生影響。 2. 在公司分類中,高融資類、高融券類、低現金股利及小股本類,其股價報酬於暫停信用交易規定下有顯著之影響。 3.暫停信用交易之規定對多頭市場造成影響來得比空頭市場較為明顯。 Stock... 顯示更多 股票市場的交易過程中,設有各種交易限制,進而影響股票價格的波動。本研究運用事件研究法及橫斷面複迴歸分析來探討因除息而暫停信用交易所造成短暫買賣力失衡的現象對於股票報酬率的影響,進而提供投資大眾決策之參考。研究期間選定2006至2009年間我國上市公司除息之電子類股為研究樣本,共238家,樣本頻率為股價日報酬率。研究結果顯示:
1.公司之股價報酬於事件期存在異常報酬,顯示暫停信用交易規定所造成短暫買賣力失衡的現象會對股票價格產生影響。
2. 在公司分類中,高融資類、高融券類、低現金股利及小股本類,其股價報酬於暫停信用交易規定下有顯著之影響。
3.暫停信用交易之規定對多頭市場造成影響來得比空頭市場較為明顯。
Stock market transaction, with a variety of trade restrictions, thereby affecting the stock price volatility. This study uses event study and cross-sectional multiple regression analysis to examine the short-term trading phenomenon of power imbalances caused by suspension of margin transactions due to ex-dividend events for the impact of stock returns, thus providing the investing public decision making. Selected during the study period between 2006 and 2009 listed companies in China stocks ex-dividend for the study of electronic samples, a total of 238, and the sample frequency of daily returns for the stock. The results showed:
1. The Company's stock returns have abnormal returns in the event, indicating the trade imbalance phenomenon caused by the related regulations for ex-dividend will affect stock prices.
2. In the company category, type of higher margin lending on securities, higher margin lending on funds, low cash dividend and a small capital category are all affected significantly by the related regulations.
3. Variables about margin trading in the bull market are more statistically significant than which in the bear market for accumulate abnormal returns of the event windows.
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