The Relations Among the Investment Decisions of Institutional Investors、Corporate Stock and the Enterprise Value：Taking Information Disclosure and Transparency Ranking System for Example
| Autor: | Tseng, Yi-Cheng, 曾毅晟 |
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| Rok vydání: | 2015 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 103 This study was designed to investigate the relevance affects among the investment decisions of institutional investors, corporate stock, and the enterprise value. Secondly, this paper employed event study method and Tobin's Q Ratio as measurements of the Information Disclosure and Transparency Ranking System. In a Meanwhile, the paper took Information Disclosure and Transparency Ranking System as an example to conduct empirical research for the three major Institutional investors, and Taiwan listed or OTC ( over the counter) companies on the TWSE in the period 2009 to 2013. Empirical results indicate that the evaluation results has a positive effect with stock holding turnover rate of institutional investors. In addition, the evaluation results with the preferred scores of the companies have a significant positive effect with stock holding turnover to the QFII (Qualified foreign institutional investors). The results showed that the implementation of Information Disclosure and Transparency Ranking System has presented with a reference value for institutional investors.Lastly, the empirical results also reveal that the evaluation results of Information Disclosure and Transparency Ranking System really affect the stock price, enterprise value itself and caused the share price has abnormal returns. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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