臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：成長機會與可支配現金流量對海外投資宣告影響之研究--大陸與東南亞投資的實證
書刊名：管理評論
作者：黃旭輝
作者(外文)：Huang, Hsu-huei
出版日期：2002
卷期：21:2
頁次：頁103-119
主題關鍵詞：成長機會；可支配現金流量；海外直接投資；大陸投資；東南亞投資；Growth opportunities；Free cash flow；FDI；Investment in south-east Asia；Investment in Mainland China
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:2
  • 共同引用共同引用:11
  • 點閱點閱:52
本文的主要研究目的在於探討海外直接投資宣告對股東財富的影響，有別於過去研究的是，本文研究成長機會與可支配現金流量對海外投資宣告效果的影響，研究期間為民國82年至87年，樣本包含236個上市公司之大陸投資與東南亞投資的宣告事件，實證結果發現，東南亞投資之宣告效果呈現不顯著為負，而大陸投資的宣告效果則顯著為正，另外，成長機會對投資宣告效果具有顯著為負的影響，可支配現金流量對宣告效果具有顯著為正的影響，綜合而言，低成長、高現金流量的公司，其海外投資的宣告效果最佳。
This article explores the announcement effect of foreign direct investment (FDI) on stockholders' wealth. Different from previous studies, our focus is on how growth opportunities and free cash flow make influence on FDI announcement effect. Our sample includes 236 event companies listed on Taiwan Stock Exchange during 1993-1998. Results show that: (1) announcement effect of investment in Mainland China is better than South-East Asia; (2) companies with lower growth opportunities have higher stockholders' wealth of announcement; (3) firms with more free cash flow are associated with better announcement effect; (4) companies with lower growth as well as higher free cash flow create the largest wealth effect on FDI announcement.
期刊論文
1.Kohn, Tomas O.(1997)。Small Firms as International Players。Small Business Economics，9(1)，45-51。  new window
2.Lewellen, Wilbur G.、Loderer, Claudio、Martin, Kenneth(1987)。Executive Compensation and Executive Incentive Problems: An Empirical Analysis。Journal of Accounting and Economics，9(3)，287-310。  new window
3.Chan, S. H.、Kensinger, John W.、Keown, Arthur J.、Martin, John D.(1997)。Do strategic Alliances Create Value?。Journal of Financial Economics，46(2)，199-221。  new window
4.Brush, T. H.、Bromiley, P.、Hendrickx, M.(2000)。The Free Cash Flow Hypothesis for Sales Growth and Firm Performance。Strategic Management Journal，21(4)，455-472。  new window
5.Caves, R. E.(1974)。Causes of Direct Investment: Foreign Firms' Shares in Canadian and United Kingdom Manufacturing Industries。Review of Economics and Statistics，56，272-293。  new window
6.Chung, I. Yung、Koford, K. J.、Lee, Insup(1993)。Stock market views of corporate multinationalism: Some evidence from announcements of international joint ventures。Quarterly Reviews of Economics and Finance，33(3)，275-293。  new window
7.Pan, Y.、Chi, P. S. K.(1999)。Financial Performance and Survival of Multinational Corporations in China。Strategic Management Journal，20(4)，359-374。  new window
8.Harford, Jarrad(1999)。Corporate Cash Reserves and Acquisitions。The Journal of Finance，54(6)，1969-1997。  new window
9.Woolridge, J. R.(1988)。Competitive decline and corporate restructuring: Is a myopic stock market to blame?。Journal of Applied Corporate Finance，1(1)，26-36。  new window
10.McConnell, J. J.、Muscarella, C. J.(1985)。Corporate Capital Expenditure Decisions and the Market Value of the Firm。Journal of Financial Economics，14(3)，399-422。  new window
11.Chen, S. S.、Ho, K. W.(1997)。Market Response to Product-Strategy and Capital-Expenditure Announcements in Singapore: Investment Opportunities and Free Cash Flows。Financial Management，26，82-88。  new window
12.Gomes-Casseres, B.(1997)。Alliance Strategies of Small Firms。Small Business Economics，9(1)，33-44。  new window
13.魏啟林、陳厚銘(19950700)。臺灣廠商對外投資之區位選擇--折衷典範與網路變數分析。管理科學學報，12(2)，153-168。  延伸查詢new window
14.Koh, Jeongsuk、Venkatraman, N.(1991)。Joint Venture Formations and Stock Market Reactions: An Assessment in the Information Technology Sector。Academy of Management Journal，34(4)，869-892。  new window
15.Horst, Thomas(1972)。Firm and Industry Determinants of the Decision to Invest Abroad: an Empirical Study。Review of Economics and Statistics，54(3)，258-266。  new window
16.Caves, Richard E.(1971)。International corporations: the industrial economics of foreign investment。Economica，38(149)，1-27。  new window
17.Chung, Kee H.、Charoenwong, Charlie(1991)。Investment Options, Assets in Place, and the Risk of Stocks。Financial Management，20(3)，21-33。  new window
18.Lehn, Kenneth、Poulsen, Annette(1989)。Free Cash Flow and Stockholder Gains in Going Private Transactions。The Journal of Finance，44(3)，771-787。  new window
19.Smith, Clifford W. Jr.、Watts, Ross L.(1992)。The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies。Journal of Financial Economics，32(3)，263-292。  new window
20.蔡渭水、楊仲偉(20000500)。臺商自大陸技術移轉模式之研究。管理評論，19(2)，113-137。new window  延伸查詢new window
21.康信鴻、邱麗娟(19970700)。影響國際投資進入模式之實證研究：以臺灣石化產業為例。管理評論，16(2)，139-179。new window  延伸查詢new window
22.Chen, Homin、Chen, Tain-Jy(1998)。Network Linkages and Location Choice in Foreign Direct Investment。Journal of International Business Studies，29(3)，445-468。  new window
23.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review，76(2)，323-329。  new window
24.Gupta, A.、Misra, Lalatendu(2000)。The Value of Experiential Learning By Organizations: Evidence From International Joint Ventures。The Journal of Financial Research，33，77-102。  new window
25.Gupta, A.、McGowan, C. B.、Misra, L.、Missirian, A.(1991)。Gains from corporate multinationalism: Evidence from the China experience。Financial Review，26，387-407。  new window
26.Hu, M. Y.、Chen, H.、Shieh, J. C.(1992)。Impact of U. S.-China joint ventures on stockholders' wealth by degree of international involvement。Management International Review，32，135-148。  new window
27.Howe, K. M.、Vogt, S.(1996)。On 'q'。Financial Review，May，265-286。  new window
28.Lee, Insup、Wyatt, S.(1990)。The effects of international joint ventures on shareholder wealth。Financial Review，25，641-649。  new window
29.McConnell, J. J.、Nantell, T. J.(1985)。Corporate combinations and common stock returns: The case of joint ventures。The Journal of Finance，40，519-536。  new window
30.Waheed, Amjad、Mathur, Ike(1995)。Wealth Effects of Foreign Expansion by U. S. Banks。Journal of Banking & Finance，Aug.，823-842。  new window
31.Tsang, Eric W. K.(1998)。Foreign direct investment in China: A consideration of some strategic options。Journal of General Management，15-34。  new window
學位論文
1.王秀菊(1994)。台灣企業國際合資宣告對股東財富影響之研究(碩士論文)。輔仁大學。  延伸查詢new window
2.李文明(1994)。台灣企業進行國外直接投資宣告對股東財富的影響(碩士論文)。輔仁大學。  延伸查詢new window
3.吳清豐(1992)。國際直接投資案宣告對股價影響之研究：以臺灣電子資訊業為例(碩士論文)。國立臺灣大學。  延伸查詢new window
4.葉秋美(1993)。臺灣企業購併宣告對股東財富之影響(碩士論文)。國立政治大學。  延伸查詢new window
5.羅美煒(1993)。上市公司赴大陸投資消息宣告對股東財富影響之研究(碩士論文)。國立政治大學。  延伸查詢new window
6.邱足恩(1995)。上市公司從事海外直接投資對股東財富影響之研究，0。  延伸查詢new window
7.彭一正(1992)。臺灣企業國際購併宣告對股東財富影響之研究，0。  延伸查詢new window
8.黃楚淵(1996)。臺灣上市公司宣告海外直接投資訊息對股東財富之影響：異質條件變異數分析法，0。  延伸查詢new window
圖書
1.Buckley, Peter J.、Casson, Mark(1976)。The Future of the Multinational Enterprises。London：Macmillan。  new window
2.Hymer, Stephen H.(1976)。The International Operations of National Firms: A Study of Direct Foreign Investment。Massachusetts Institute of Technology Press。  new window
3.Dunning, J. H.(1981)。International Production and the Multinational Enterprises。International Production and the Multinational Enterprises。London, UK。  new window
4.Wells, Louis(1983)。Third world multinationals。Third world multinationals。Cambridge, MA。  new window
圖書論文
1.Lummer, S. L.、McConnell, J.J.(1990)。Stock Valuation Effects of International Joint Ventures。Pacific-Basin Capital Markets Research。New York：Elsevier Science Publishers。  new window
2.Lall, S.(1996)。The Investment Development Path: Some Conclusions。Foreign Direct Investment and Governments: Catalysis for Economic Restructuring。London：Routledge。  new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
無相關點閱
 
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：1081（臺灣：1067，外國：14） ／ 本年度總使用人次：4415624 ／ 訪客人次（自102年09月）：74880016
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上