Since the financial markets keep developing, the way of off-balance-sheet financing weeds through the old to bring forth the new, Accounting information frequently cannot promptly and faithfully responds the real finance condition of a company. Those activities, such as operating leases, sale of receivables with the right of recourse, asset-backed securitization (ABS), joint ventures and investment in affiliates, finance subsidiaries, take-or-pay contracts, throughput arrangements, hedging activities, pensions and other employee benefits, have insufficient expression in financial reports that may let investors neglect the influence on the company behind these activities.
This research namely wants to discuss how off-balance-sheet financing activities influence the value of the stockholder equity. Because the types of off-balance-sheet financing activities are many, and the correlative information obtains not easily, this research only chooses available information ¡§off-balance-sheet pensions financing¡¨ as the proxy variable of off-balance-sheet financing.
It is found that, the equity book value and abnormal earnings as Ohlson (1995) says, have significant positive influence on stock price. It is also found that preceding-period off-balance-sheet pensions financing can be used to forecast current stock price, this may attribute to that investors only can obtain the preceding -period off-balance-sheet pensions financing, but unable to obtain current pensions information.
Among the related theories that affect the funding policy, the findings suggest that: (1) Financial slack theory is tenable. (2) The debt covenant effect theory has not obtained the uniform conclusion. (3) Tax effect theory isn¡¦t supported.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0615104-185435 |
| Date | 15 June 2004 |
| Creators | Wu, Mei-Chan |
| Contributors | Lo,Henry Y., Miao-Ling Chen, Y. Chris Liao |
| Publisher | NSYSU |
| Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
| Language | Cholon |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0615104-185435 |
| Rights | withheld, Copyright information available at source archive |
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