頁籤選單縮合
題 名 | Are the Taiwanese Firms Listed on the Hong Kong Stock Exchange Undervalued?=在香港上市臺商之公司評價是否受到低估? |
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作 者 | 沈中華; 王健安; 連兆龍; | 書刊名 | 財務金融學刊 |
卷 期 | 23:2 2015.06[民104.06] |
頁 次 | 頁55-103 |
分類號 | 563.54 |
關鍵詞 | 臺商; 香港上市; 價值低估; 傾向分數配對法; Taiwanese enterprises; Cross listing in Hong Kong; Undervaluation; Propensity score methods; |
語 文 | 英文(English) |
中文摘要 | 以赴香港上市之臺商公司為樣本,本研究檢驗其是否因當地投資者偏好特定產業或因資訊不對稱等,而無法得到公平評價。為避免樣本選擇性偏誤,本文運用傾向分數配對法,找出與臺商類似財務特質之香港當地上市公司,供後續比較。研究結果發現,從市值面值比、本益比來看,赴港上市臺商公司之評價,並未受到低估。 |
英文摘要 | Using the sample of the Taiwanese firms listed on the Hong Kong Stock Exchange, we test whether the valuation of the listed Taiwanese firms is influenced by Hong Kong local investor preferences for specific industries or information asymmetry. To avoid sample selection bias, the propensity score methods are applied to obtain local counterparts in Hong Kong for comparison. The results show that the Taiwanese firms listed on the Hong Kong Stock Exchange are not significantly undervalued. |
本系統中英文摘要資訊取自各篇刊載內容。