對後續研究的建議

本研究以全球最大的資本市場-美國股市為研究對象，探討處分效果跟規模效

果之間的關係。然而，受限於研究時間及資料的取得方式，我們在實證研究上仍

遭遇到一些限制。對於後續的研究者，我們提供下列的建議：

一、 本研究僅以單一市場美國股市為研究對象，後續的研究可以擴大研究對

象的範圍於國際股票市場，並且可以進一步的探討市場成熟度對於處分效

果及規模效果的影響。

二、 本研究的研究期間為西元 2000 年 1 月 1 日到 2015 年 6 月 30 日，其中

研究期間只到 2015 年 6 月 30 日，乃是因為本校 Datastream 的購買僅到該

時點為止。後續研究者可以延長研究期間，亦即可將研究期間延長至最近

或是向前追溯到 2000 年以前。

三、 本研究對於處分效果及規模效果之相互關係的調查僅使用多元迴歸分

析進行線性關係的調查，以及採用 Granger causality 進行因果關係調查，

後續的研究者可以進一步探討處分效果及規模效果之間的領先落後關係

及傳導效果等互依性的調查。

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張志向，2016，處分效果、私房錢效果與股票特徵之關係的實證研究：來自臺灣、

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