Exploring Research Development and Equity Valuation – The Biotechnology Industry in Taiwan
| Autor: | WANG, LU-CHU, 王律筑 |
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| Rok vydání: | 2018 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 106 Based on Ohlson’s (1995) equity evaluation model, this study explores how research and development in the biotechnology industry is related to equity valuation, and also how capital structure and equity structure impact upon it. The results show that equity and earning per share are all significantly positive related to equity valuation. Among corporate governance variables, stock ownerships of directors are significantly negative related. As for research and development, no matter what the ratio of revenue or total assets, it has a significant and positive correlation to equity valuation. Also, goodness-of-fit of this model is the highest. In addition, we study the impact of debt ratio of capital structure. We find companies with lower debt ratio net equity and R&D all have significant and positive correlations to equity valuation, but those companies with higher debt ratio do not. In addition, we study the impact of managers’ stock ownership of equity structure. We find R&D has a significant and positive correlation to equity valuation regardless of managers’ shareholding ratio. However, only when the ratios of managers’ shareholding are lower do shareholding ratios of managers and major shareholders have significant and positive correlations to equity valuation. Otherwise, they have negative correlations. This means that there is an ideal shareholding ratio of managers. Once it’s too high, it will have unfavorable effect. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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