| Summary: | 碩士 === 國立中央大學 === 會計學研究所 === 98 === This study explores the sample of capital expenditure announcements made by Taiwan electronic firms during 2000 to 2009 and examines the information content and intra-group information transfer effects of these announcements. In addition, we separates the sample into business group’s core company and business group’s noncore company and examine their information content and intra-group information transfer effects. This study uses event study to analyze information content and then uses regression to analyze intra-group information transfer effects. The empirical results are as follow:
(1) The announcing firms have positive cumulative abnormal return during event period, that is to say, the announcements of capital expenditure convey information content.
(2) There are positive relation between the cumulative abnormal return of announcing firms and the cumulative abnormal return of affiliated firms. This suggests that there are contagion information transfer effects among business group.
(3) Compared with the capital expenditure announcements of the business group’s core company, investors will make a better stock price reaction for the announcements of business group’s noncore company.
(4) The capital expenditure announcements of the noncore company have intra-group’s information transfer effects, whereas the capital expenditure announcements of the core company did not.
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