碩士 / 淡江大學 / 管理科學研究所企業經營碩士在職專班 / 94 / In the past decades, many research literatures about the element. That have effect on the business value were conducted in the countries or regions under the structure of free economy. However, in China, the notion of its economical style and policies still remain at the planning economy structure. This was best demonstrated by referring to the listed companies in A shares; which 80% of the firms listed in such share are state own enterprises. Through the review of many literatures done in China, most of them were still theory based rather than on the foundation of empirical research. Thus, in order to find out what factors affect the values of listed companies in China, the main objective is to conduct an empirical research on the A shared in Shanghai Stock Exchange.
In year 2003 after the fifth Macro-economical control in China, this study became a valuable research for the organizations listed in A shares of Shanghai Stock Exchange. Based on Multiple Regression Mode analysis on 673 companies that included 12 industries, the following findings had been found:
1.Industries and MVA were found to have positive relations with firm size, business risk, gross asset to value, market/book ratio, total market value to total asset ratio, tangible asset rate future growth opportunity, growth rate, cash inflow, Earnings per share, net asset, net profit, cash investment, and cash shortage.
2.Industries and MVA were found to have negative relations with dividends per share, continuing growth rate, and non-debt tax shield.
3.Industries were found to have relations with MVA; however, with cash different industry, some variables tend to change. Those variables were net profit and net cash flow movement, and change of tax and fee.
Overall, based on the R²test on the variables used by previous scholars, the results showed a high value of R². Thus, the study can conclude that the theory of capital structure is still suitable for the listed companies in A shares of Shanghai Stock Exchange. Also, the effect of variables on the business value is similar as well. However, based on the findings, the differences still exist among different industries.
| Identifer | oai:union.ndltd.org:TW/094TKU05627034 |
| Date | January 2006 |
| Creators | Zi-Long Guo, 郭子龍 |
| Contributors | 劉燦樑 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 88 |
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