查詢結果分析
來源資料
頁籤選單縮合
題 名 | 成長機會與可支配現金流量對海外投資宣告影響之研究--大陸與東南亞投資的實證=The Impacts of Growth Opportunities and Free Cash Flow on Announcement Effect of Foreign Direct Investment: An Empirical Study of Investment in Mainland China and South-East Asia |
---|---|
作 者 | 黃旭輝; | 書刊名 | 管理評論 |
卷 期 | 21:2 2002.04[民91.04] |
頁 次 | 頁103-119 |
分類號 | 563.52 |
關鍵詞 | 成長機會; 可支配現金流量; 海外直接投資; 大陸投資; 東南亞投資; Growth opportunities; Free cash flow; FDI; Investment in south-east Asia; Investment in Mainland China; |
語 文 | 中文(Chinese) |
中文摘要 | 本文的主要研究目的在於探討海外直接投資宣告對股東財富的影響,有別於過去研究的是,本文研究成長機會與可支配現金流量對海外投資宣告效果的影響,研究期間為民國82年至87年,樣本包含236個上市公司之大陸投資與東南亞投資的宣告事件,實證結果發現,東南亞投資之宣告效果呈現不顯著為負,而大陸投資的宣告效果則顯著為正,另外,成長機會對投資宣告效果具有顯著為負的影響,可支配現金流量對宣告效果具有顯著為正的影響,綜合而言,低成長、高現金流量的公司,其海外投資的宣告效果最佳。 |
英文摘要 | This article explores the announcement effect of foreign direct investment (FDI) on stockholders' wealth. Different from previous studies, our focus is on how growth opportunities and free cash flow make influence on FDI announcement effect. Our sample includes 236 event companies listed on Taiwan Stock Exchange during 1993-1998. Results show that: (1) announcement effect of investment in Mainland China is better than South-East Asia; (2) companies with lower growth opportunities have higher stockholders' wealth of announcement; (3) firms with more free cash flow are associated with better announcement effect; (4) companies with lower growth as well as higher free cash flow create the largest wealth effect on FDI announcement. |
本系統中英文摘要資訊取自各篇刊載內容。