| Summary: | 碩士 === 國立中興大學 === 企業管理研究所 === 86 === Along with economics developing, enterprises are pursuing growth and expansion scale. Different ways of growth and expansion result in different related businesses, which are connected with each other in economic activities, capital flow, business connection and producing - selling activities. Taking risk and profits into consideration, enterprises are also engaged in portfolio and internationalization, thus forming a business group. On the surface, they are independent corporate entities, while in fact, they are one large-scale business unity. The international environment has changed radically. To maintain competitive advantages, enterprises must accumulate capital from the public through issuing securities so that they may expand business scale, increase capital, promote industry level, and stabilize enterprise quality. The centralized stock market has become one of the best choices for enterprises to collect long-term capital in recent years. And there is also a tendency for group enterprises to transform their subsidiary departments into independent companies. Although by making their stock into market and OTC, enterprises share their profits with the public, they also transfer their managing risk to inventors. Therefore, for the benefit of the inventors, those enterprises that want to make their stock into market or OTC must have the ability to make profits and the perspective to develop. That is why there is the scrutiny system for such enterprises. It will benefit the parent company a lot if the company of transferred investment or the new branch company can pass the scrutiny system. Whether, because of investors'' expectation, the stock of the parent company will have abnormal premium before or after the declaration of passing the scrutiny is worth exploring. And before and after the transferred investing subsidiary formally go into market or OTC, whether the stock price of the parent company will be influenced or not is anotherinteresting topic. The present study intends to analyze the influence of the subsidiary''s passing the scrutiny system and its formally gettinginto OTC on the parent company''s premium by applying the interference model of the mutilvariable time series. It will also study whether the declaration of passing scrutiny and its official operation into OTC have information effects. To summarize all these relations, this study contains estimates of the AR and CAR for all samples. The empirical results are as follows：1. For the individual parent company, most of the time, inventors can not obtain abnormal premium.2. For all parent companies, they can have abnormal premium on the eighth, eleventh and fifteenth days before the declaration of passing OTC scrutiny；and on the second, sixteenth and eighteenth days after the declaration.3. For all parent companies, they can have abnormal premium on the seventeenth and twenty-second days before officially going into OTC; while not abnormal premium after it.4. For all parent companies, there is not information effect before the declaration of passing the OTC scrutiny and inventors cannot obtain abnormal premium.5. For all parent companies, there is information effect after one-and-a-half weeks to two-and-a-half weeks and inventors can obtain abnormal premium.6. For all parent companies, there is not information effect before officially goint into OTC and inventors cannot obtain abnormal premium.7. For all parent companies, there is information effect after one-and-a-half weeks to three weeks and the inventors can obtain abnormal premium.8. Parent companies with higher percentage of stock share over their subsidiaries have higher accumulated abnormal premium between the second to eleventh days before the declaration of passing OTC Scrutiny.9. Parent companies with different percentages of stock share do not have significantly different abnormal premium after the first totwenty -second days of officially going into OTC.
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