陳聖賢臺灣大學：財務金融學研究所林瑩晶Lin, Ying-ChingYing-ChingLin2007-11-282018-07-092007-11-282018-07-092006http://ntur.lib.ntu.edu.tw//handle/246246/60894過去有相當多的文獻在探討資本投資宣告對公司及產業內其他競爭廠商的影響，但到目前為止，卻少有文獻研究資本投資宣告與產業上下游之間的關係，因此本篇論文的主要研究目的在於提出數個資本投資宣告可能會對產業上下游帶來的影響，並針對這幾個影響找出可能的變數。 本篇論文研究的結果顯示，當公司進行資本投資宣告時，對下游顧客會帶來正向的股價影響，即正向外溢效果（contagion effect）會超過負向的獨占效果（monopolist effect）。對上游供應商帶來的影響則不一定：對主要供應商而言，會帶來正向的股價影響，即正向的外溢效果（contagion effect）會超過負向的購買力效果（buying power effect）；但對依賴供應商而言，則會帶來負向的股價影響，即負向的購買力效果（buying power effect）超過正向的外溢效果（contagion effect）。We examine the effects of announcing firm’s capital investment announcement on their customer industry and supplier industry. Our results show that main customer and dependent customer gain significant positive average returns. This result suggests that the positive contagion effect dominates the negative monopolistic effect. Besides, main supplier earns significant positive median return and dependent supplier suffers significant negative mean and median returns. The result indicates that the positive contagion effect dominates the negative buying power effect on main supplier, and dependent supplier suffer more negative buying power effect; even make negative buying power effect dominate positive contagion effect.Contents Ⅰ. Introduction…………………………………………………………1 Ⅱ. Hypothesis and related literature………………………………….3 1. The Announcement-period Abnormal Returns on Rivals………………....3 2. The Announcement-period Abnormal Returns on Customers…………....3 3. The Announcement-period Abnormal Returns on Suppliers……………..4 4. The Determinants of the Effects of Capital Investment Announcement…6 Ⅲ. Methodology………………………………………………………..16 1. Sample Selection and Data Description…………………………………....15 2. Identifying Customers, and Suppliers…………….……………………….22 3. Measuring Announcement-period Abnormal Returns…………………...25 4. Proxy Variables for The Cross-sectional Analysis………………………...25 Ⅳ. Result……………………………………………………………….27 1. Announcement-Period Abnormal Returns to the Announcing Firms, Their Customers, and Their Suppliers……………………………………27 2. Announcement-period Abnormal Returns for Customer’s Sub- Samples Grouped by Various Characteristics…………………..................29 3. Announcement-period Abnormal Returns for Supplier’s Sub- Samples Grouped by Various Characteristics…¦…………………………..34 4. Cross-Sectional Regression Analysis……………………………………….38 Ⅳ. Conclusion………………………………………………………….42 References………………………………………………………………44 Contents of Table Table 1: The Effect on Announcement-period Abnormal Returns……………….6 Table 2: Sample Distribution of Capital Investment……………………………...17 Table 3: Announcement-period Abnormal Returns to Announcers, Customers, and Suppliers…………………………………………….…..28 Table 4: Announcement-period Abnormal Returns for Main Customer’s Sub-samples Grouped by Various Characteristics……….31 Table 5: Announcement-period Abnormal Returns for Dependent Customer’s Sub-samples Grouped by Various Characteristics…….…32 Table 6: Announcement-period Abnormal Returns for Main Supplier’s Sub-samples Grouped by Various Characteristics…..…….35 Table 7: Announcement-period Abnormal Returns for Dependent Supplier’s Sub-samples Grouped by Various Characteristics…….…..36 Table 8: Cross-sectional Regression Analysis…………………………………......39291561 bytesapplication/pdfen-US資本投資上下游capital investment announcementcustomerssuppliersthesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/60894/1/ntu-95-R93723053-1.pdf