An Empirical Study of the Type of Transformation and the Value of Firms: The Perspective of the Traditionally Listed Firms
| Autor: | Nan-Fu Chang, 張男福 |
|---|---|
| Rok vydání: | 2002 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 90 Recently, as a result of internationalization and globalization under a tendency, from government departments to civil corporate, transformation and reengineering seem already become a stream of great mass fever. However, many transformation industries in domestic to face grave crisis between life and death in competition environment. They are in the act of active transformation vigorously, but whether can transformation take real value? Therefore, the study arranges presently internal and foreign about transformation literature to confer transformation classification and type. Then, to select the internal traditionally listed firms, which had already to precede transformation strategy into different industry as samples. Use Tobin’Q method which measure corporate operate effects index, and impersonal market value method to empirical study. The objective is to view weather can transformation make corporate value change. Then, Multiple Regression applied to go a step further in the analysis of the effect variables and degree in the parts of corporate value change. The study conclusions find that more and more traditional industry firms through transformation to enter new domain and many transformational cases to succeed. The Tobin’Q and value of the study samples have to rise year by year. It is to show that transformation firms’ value increase gradually and operation achievements to rise. Besides, the factors, which effect transformational firms’ value, include “Earning ability”, “Firm scale”, “Lever ratio” and “Growing ability” ect. “Earning ability” and “Growing ability” have positive effect to transformational firms’ value, “Lever ratio” has negative effect to transformational firm’s value, then “Firm scale” has positive effect in the beggin of transformation but has negative effect in transformation process. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
| Externí odkaz: |
|