The Effects of the Enterprise Competitive Indicators on the Profitability and Stock Price Remuneration
| Autor: | YANG, CHI-LIN, 楊季霖 |
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| Rok vydání: | 2017 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 105 This study examines the impacts of the cash conversion cycle (CCC), its component indicators, namely inventory turnover days (INV), accounts receivable turnover days (AR), accounts payable turnover days (AP), and other important financial indicators on financial performance indexes such as return on assets(ROA), return on shareholders' equity (ROE), stock returns (RET), and price-book ratio (PB). Quarterly data, ranging from 2008/Q1 to 2015/Q3, of seven listed cement firms were selected. A total of 651 observations are collected. The analytical methods include correlation analysis and standardized beta regression models are adopted. The empirical findings are summarized as follows: 1.The CCC has a negative impact on the ROE. It indicates that when the CCC days get shorter, the profitability of the enterprise and share price get better. 2.The AR has a significant positive impacts on ROA and ROE, indicating that when the AR days get longer, the profitability and stock price would be better. The INV has a negative effect on ROA and ROE, indicating that the smaller the number of INV days is, the better the profitability and the stock price are. The AP has a significant positive impact on ROE, indicating that the AP days get longer, the profitability and stock returns are better. 3.For the ROA and ROE, the inventory turnover variable has a more significant effect on the turnover cycle than the cash conversion cycle. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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