碩士 / 國立東華大學 / 國際企業研究所 / 90 / Abstract
One is to the past few years the international economic environment fast changes, according to questions of the NT dollars rapid revaluating、wages and land price rising、laborer and environmental protection conscious raising to makes some labor –intensive enterprises move out so that it adapt the change of economic structures. Another is since 1978’s, the China government loose foreign control and open up the countrymen to go to the China to visit with one’s relatives the inspect even the investment increases day by day. In the same time, the China active follow out the extrovert economic development strategies along the coast. As to the strategy absorbs the needs of the foreign capital and technological recommend increase. From 1988’s July announcing 「to encourage the Taiwanese invested rule」 to give the enterprises form Taiwan a lot of preferences on the investment besides having superiority the same with the China region according to the closed geography place 、blood relationship 、language 、the custom habits and adding labor abundant 、land tax cheap to make the China is another choice to foreign investment to the enterprises from Taiwan following the South East Asia.
To take a brand view the economic develop of the developed country, spend the three phases to form the transnational-ism county. The first phase , a business makes the product and export the other countries passing the international trade. The second phase, a business to set up branch and factory , product losing competition manufactures in home country. The manufactures major in focus of attention backing sell the home market before promoting the international trade ability. The third phase, fitting to break through national economic domain in order form multinational corporation . Join with the other different regions except home country to manage model of the superior economical condition 、international research 、production sales world. Taiwan is lying in the second phase to turn to third phase. We must use low-cost direct investment strategies one is maintain original competition superiority , the other is using the stepping-stone to create profits to promote the product technology in order to develop the international market and progressively turn to add-value competition condition. Enter the third phase successfully.
Therefore , how to use it to make enterprises in Taiwan better, is our thinking direction. Companies entering the market to go to the China invest is a powerful current. This is may thesis’ research motivation. The study in the financial point of view to confer the corporation going to the China invest to announce messages as regards shareholder. What kind of the message can be prevent the risk in advance, and provide a company decider a consult.
My study uses the data from the economic daily paper and industry and commerce time paper announcing information 、use 「AREMOS」database Section of education to do data analyzing and event-study to confer announcing message facing stock return influence research to corporation going to the China direct investment.. Using the market-model to work out the SAR and CSAR. Test method is CUSUM-Sqs test . Period time is 1997/1/1 to 90/6/30. Total has 127 samples. The result is the whole samples time are upright and no conspicuous unusual return, this is means to shareholder a good new but unobvious to going to the China direct investment. In the information contents according to the amount of money and form by investing、entering timing，the result is the more lower investing money the better stock market reaction. No matter different forms by investing have unusual return. The entering time has different reaction in the stock market. In the properties, a different property has different reaction but unobvious. In the corporation scale and beta risk-value, the corporation scale has unobvious and different reaction to the stock market but the beta risk-value is negative and notable reaction. This means to increasing the uncertain risk maybe by the government policy news to the shareholder.
The study try to use the regression to find out the source of the unusual return, the explain variables are beta risk-vale、opposite rate of the investing money 、properties、 joint venture、entering timing 、EPS、ROE、ROA、corporation scale、capital-intensive etc. but all of the are not unobvious. The follow-up research can do this direction to research.
| Identifer | oai:union.ndltd.org:TW/090NDHU5320021 |
| Date | January 2002 |
| Creators | Ming-Jen Liu, 劉敏禎 |
| Contributors | Ting-shen Wang, 王廷升老師 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 128 |
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