碩士 / 國立暨南國際大學 / 財務金融學系 / 92 / This paper examines and analyzes the behavioral determinants and impacts of overseas financing policies on the Taiwan high-tech enterprises from 1998 to 2001. We also extend the analysis to the various types of oversea financing tools. Our empirical findings are consistent with the following notions. First, the financial characters including the debt ratio, current ratio and EPS do not pronounce consistent influences on the enterprises’ overseas financing decisions. Second, in contrast, most of the behavior characters such as persistent behavior, mental account and attractiveness effects as well as international investment effects do significant impact on the enterprises’ overseas financing decisions. Moreover, persistent behavior effects significantly pronounce in the corporations with DR or ECB only. Attractiveness effects make significant influence in the corporations with DR. The mental account effects significantly pronounce in Taiwan high-tech enterprises regardless of various foreign financing tools. There are positive relationship between foreign investment and overseas financing behaviors, especially in the corporations using both of DR and ECB. Third, the overseas financing policies have no consistent influences on the stock return means, but do significant decreases in the stock return volatilities, especially for the enterprises with DR only.
| Identifer | oai:union.ndltd.org:TW/092NCNU0304010 |
| Date | January 2004 |
| Creators | Hsuan-Ho Chen, 陳宣賀 |
| Contributors | Ming-Yung Leon Li, 黎明淵 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 41 |
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