A Study on the Information Declaration Effect of Adopting Closing-Auction Execution for Chunghwa Telecom’s Stock for Privatization

[[abstract]]本論文乃是以中華電信民營化釋股做為研究對象。中華電信依據行政院規劃時程原本計劃於90年6月底前，釋出官股66%，將中華電信民營化。但是中華電信並未能如期於90年6月底前完成民營。本研究之目的乃是研究中華電信在民營化釋股過程中，實施盤後拍賣是否有產生訊息宣告效果。 研究方法乃採用t檢定方法，檢定在訊息宣告前、後股價報酬率是否有顯著效果。經研究結果發現，在盤後拍賣宣告前30日至25日及宣告前7日至宣告前2日，均達0.05顯著水準。因此，中華電信在實施盤後拍賣，有訊息宣告效果產生。建議中華電信在實施盤後拍賣時，對於資訊應適當管理，避免產生資訊不對稱效果。[[abstract]]This thesis intends to study the Privatization of a public-owned company, the Chunghwa Telecom Company. According to Executive Yuan’s planning, Chunghwa Telecom was scheduled to release 66% of its public holding stocks by June 2001 for privatization. Chunghwa Telecom, however, failed to complete privatization on schedule. This thesis aims to study the impact of information declaration effect of adopting closing-auction execution of Chunghwa Telecom’s stock for privatization. This research uses the t-test statistical method to test the significance of price earning ratio, before and after information declaration. This research finds that both periods between 25 days to 30 days and between 2 days to 7 days before the information declaration have all reached a 0.05 level of significance. Therefore, the information declaration of Chunghwa Telecom’s adoption of closing auction execution of stock did result in a significant impact. This thesis suggests that Chunghwa Telecom manage its information declaration properly while proceeding closing-auction to prevent the result of information dissymmetry from happening