資本支出宣告與產業資訊移轉：由知識資本與價值鏈之影響論析

Analyzing the Effect of Knowledge Capital and Value Chain on the Industrial Information Transfer of Capital Expenditure

王曉雯(Hsiao-Wen Wang)；李書行(Shu-Hsing Li)；吳明政(Ming-Cheng Wu)

資本支出宣告 ； 資訊內涵 ； 資訊移轉 ； 知識資本 ； 產業價值鏈 ； Capital Expenditure Announcement ； Information Content Effect ； Information Transfer Effect ； Knowledge Capital ； Industrial Value Chain

管理與系統

18卷2期（2011 / 04 / 01）

175 - 206

繁體中文

企業發生重大事件，或者是宣告相關營運訊息，此項資訊不但會影響公司股價表現，通常亦會影響產業內其它競爭對手的股價報酬。本文以台灣資訊電子業爲樣本，探討高科技公司揭露資本支出產生的資訊內涵與資訊移轉效果是否將會受到宣告公司的知識資本與產業價值鏈階段所影響。實證結果可歸納如下：(1)企業資本支出宣告具有資訊內涵；資本市場將自願性資本支出宣告解讀爲公司向投資人傳遞有利前景之財務報表補充訊息。(2)相較於擁有低知識資本品質企業，投資人對於高知識資本品質公司宣告資本支出，平均而言，將會給予較大股價反應。(3)相較於處在產業價值鏈中；下游企業，投資人對於價值鏈上游公司宣告資本支出，平均而言，將會給予較大股價反應。(4)相較於高知識資本品質（產業價值鏈上游）企業，隨著資本支出宣告窗期逐漸拉長，低知識資本品質（產業價值鏈中；下游）公司宣告資本支出對同產業競爭公司股價異常報酬將會由蔓延效果轉變成爲競爭效果。

The occurrence of major events or the announcement of information on operations not only affects a corporation's stock prices, but also the returns of competitors. We use Taiwanese information and electronic companies as sample and explore whether the information content and transfer effects of capital expenditure are affected by the knowledge capital and value chain stage of announcing firms. We find that the announcements of capital expenditure by high-tech firms convey information content. Second, compared to the firms owning lower quality of knowledge capital, we find that investors will make larger positive price reactions for the firms having higher quality of knowledge capital. Third, capital expenditure announcements, on average, generate more significant abnormal returns for the upstream firms than the midstream and downstream companies. Finally, as the windows of capital expenditure announcements become longer, the industrial information transfer of the firms having lower quality of knowledge capital will first show the contagion intra-industry effect and then switch to the competitive intra-industry effect. The midstream and downstream companies show the similar results.

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