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題名 | The Relationship among Financing Decisions, Investment Decisions, Cash Dividends and Earnings for the Aggregate Stock Market in Taiwan and China |
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作 者 | Lai, Syou-ching; Li, Hung-chih; Ho, Wei-te; Patra, Arpita; | 書刊名 | Academy of Taiwan Business Management Review |
卷期 | 7:2 2011.08[民100.08] |
頁次 | 頁159-178 |
分類號 | 563.52 |
關鍵詞 | Financing decisions; Investment decision; Cash dividend and earning; |
語文 | 英文(English) |
英文摘要 | This study examines the relationship among financing decisions, investment decisions, cash dividends and earnings for the aggregate stock market in Taiwan and China. Using the multivariate vector autoregressive model and the likelihood ratio test, this study has found similarities and differences between Taiwan and China. Current dividends are significantly related to past financing decisions and higher investments and earnings cause less financing in Taiwan but not in China. However, higher financing will cause higher investments and earnings in China but not in Taiwan. The different findings tell us that if firms in China can raise funds from financing, they will have higher investments and higher earnings and since most firms in Taiwan are more mature, they would like to reduce financing if they have higher earnings and raise funds from other sources, such as equity, as leverage limits a firm’s ability to pursue its investment policy. In addition, there are similar relationships from dividends to earnings and from investments to earnings in Taiwan and China, implying that firms will adjust their investment decisions and dividend policies for expected earnings. So for a policy decision to be particularly effective, decision makers must recognize these relevant corporate decisions and make the right choices to achieve desired objectives. |
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