碩士 / 朝陽大學 / 企業管理系碩士班 / 88 / We explore the effect of foreign direct investment (FDI) on stockholders'' wealth. This study is different from previous studies in two points. One point is we make a CAR comparison between FDI in Southeast Asia and in Mainland China. The other is a Jensen''s free cash flow hypothesis test is made in this study, which examines free cash flow effect on stockholders'' wealth of FDI. The sample includes 129 companies, listed on Taiwan Stock Exchange during 1995-1998. The results indicate FDI in Southeast Asia leads to an insignificantly negative CAR while FDI in Mainland China has significantly positive CAR. In addition, lower CAR accompanying FDI with larger investment scale or wholly owned entry mode is due to the consideration of risk. Jensen''s argument about free cash flow deepening agency problem is also supported by our study. As for FDI in Mainland China, we find that big companies generally have a bargaining advantage so as to make better wealth effect.
| Identifer | oai:union.ndltd.org:TW/088CYUT0121009 |
| Date | January 2000 |
| Creators | Sheng-Wen Chen, 簡聖紋 |
| Contributors | Hsu-Huei Huang, 黃旭輝 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 136 |
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