Through ¡§Economic Value Added¡¨ (EVA) approach, this study tries to observe the correlation between formation process of king stocks and their market prices. We hope to provide a useful tool to investors, which helps to realize value of king stocks and conditions of finding king stocks among numerous of listed companies, in order to make investment decisions efficiently and more precisely, and to obtain a good margin of profit. We gather financial information of those listed companies, which they had ever deemed as king stocks between 1992 and 2011. They basically have some features in common, i.e. companies with positive prospects, high market price, and newly listed. In this research, we utilize WACC, MV, COV and FGV to analyze EVA of king stocks, and find out the following empirical results: 1.When WACC of a king stock trends up in the long-run, it has a greater opportunity to improve and trigger COV trending up as well. 2.When COV of a king stock trends up, it brings stable performances of MV continuously. 3.FGV has a positive correlation with market price. When FGV of a king stock trends up, it triggers its market price to go up. In this research, we see that when MV and COV are convergent, we¡¦re able to use FGV to anticipate future trend of the stock. We also expect this study further facilitates king-stock companies themselves to set up workable market price stabilizing plans and select the best timing for stock buybacks. Keywords: King Stock, EVA, WACC, MV, COV, FGV, Stock Buybacks.

Abstract Due to the arrival of global zoned economy, the fluent fund has promoted the intercommunication of international politics and economy. The multiple investments have become research focus in recent years, leading to the reasons of the relationship and fluctuation in various countries. Thus this research, taking Taiwan as a starting point, analyzes the relationship of stock price with one of our neighbor countries, South Korea, including their deep bid, four major type stocks ( plastics, transportation, steel, electronics), nine major personal shares( Taiwan Plastics and S.K. Chemical Industry, Evergreen Shipping and Han Jin Shipping Co., China Steel Co. and Posco, Taiwan Semiconductor Manufacturing Co. and Samsung Electronics, AUO and Samsung Electronics). By use of E-view software, it analyzes their closing price from June 2001 till June 2005, expecting to improve the investment performances of the government, investors and relevant industries. The study shows that every stock price index has arrays of single root. Going on with Johansen Cointegration relationship with Granger Causality, it can get the following results: I) Only short term relation exists for deep bid, other three major type stocks and nine main industries¡¦ personal shares between S. Korea and Taiwan, except electronic stocks. II) No short term relation exists among deep bid, electronic type stock, Evergreen and Han Chin Shipping Co. personal shares. As for plastics, transportation, steel type stock, China and Posco, Taiwan Electronics and Samsung¡¦s personal shares, S. Korea is a leading indicator as it influences Taiwan¡¦s present situation. On the other hand, Taiwan influences S. Korea as a leading indicator for Taiwan Plastics and S.K. Chemical Industry. These mentioned above are mono-way cause and effect. Finally, research even shows that there¡¦s a mutual cause and effect relation between AUO and Samsung Electronics. III) Taking a general view of weigh value of equity market and short term relation, it can sum up to the following results : 1) The results are the same comparing the leading and backward relation of type stocks to large proportion personal shares. 2) The leading and backward relation of small proportion does not have the same influence as type stocks. 3) The type stocks, that originally do not have cause and effect relation, will appear mutual influence relation if the personal shares take large proportion in type stocks, due to high similarity of production among industries. Key Words: Taiwan stock market , South Korea stock market, Cointegration relationship.

During the past two decades, it was witness a dramatic global shift in economic policy away from state-owned enterprises (SOEs) towards privatization. Since privatization improves incentives, a rapid transfer of ownership and control right should be desirable. In Taiwan, the Executive Yuan of the government organized a group to promote privatization in 1989 and the officers then took the initiative to carry out the privatization program enthusiastically. By classifying the privatization process into two stages, we analyzed the effect of different stock floatation schedules, different underwriting mechanisms, and different levels of government intervention on ownership structure and corporate governance. Based on the model inference, we found that when maximizing stock floating revenue, wider share ownership, and promoting the SOEs¡¦ efficiency, a sequential transfer of ownership and control right should be better than privatized instantaneously. Under the same goals, the mechanism with partial public offering and partial auction was better than the mechanism with partial public offering and partial book building. Finally, it was not optimal for government to intervene the operating of SOEs after privatization.

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Universiẗat, Diss.--Düsseldorf, 2006. / Literaturverz. S. XVII - XLIX.

Thesis (M. Phil.)--University of Hong Kong, 2010. / Includes bibliographical references (leaves 197-215). Also available in print.

Thesis (M. Soc. Sc.)--University of Hong Kong, 1982.

Thesis (M.B.A.)--University of Hong Kong, 1984.

Thesis (M.B.A.)--University of Hong Kong, 1983.

Thesis (M.B.A.)--University of Hong Kong, 1985.