The Evaluation for the Listed Firms' Basement Value of Taiwan Stock Exchange Corporation: The Perspective of Residual Income Model
| Autor: | Tao Hang, 黃道 |
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| Rok vydání: | 2003 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 91 Recently, with the diversity of stock market and the chaos of market order, valuation is becoming an important issue for investors. In this thesis, we will try to understand the basement value of ”Taiwan Fifty Index” by using Ohlson’s “Residual Income Model”. According to the thesis, we found that： 1.In the aspect of forecasting ability, basement value to real price（V/P）is more suitable for long-term forecast of industrial rate of return；comparatively speaking, book value to real price（B/P）is more suitable for short-term forecast. 2.In the aspect of industrial application, is suitable for the forecast of long-term rate of return for all industries except financial industry and fundamental industry；B/P is a good reference in short-term for all industry；sales to real price（S/P）is better for financial industry and fundamental industry；equity to price（E/P）is more suitable for the electronic industry and cycle and non-cycle consumptive industry in the short-term. 3.After considering the growth rate of nominal GNP, deposit rate and the growth rate of trade, we found that forecasting ability of V/P is affected slightly in the short-term, and without any influence in the long-term. 4.According to the results of regression analysis, we found that the growth rate of nominal GNP is vital for all kinds of industries；and deposit rate is an important factor for financial industry either in short period or long period；the growth rate of trade is not a good index for the forecast of rate of return. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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