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研究生：	陳昱誠 Chen, Yu-Cheng
論文名稱：	地域性多角化與投資機會對公司權益資金成本之影響 Geographic Diversification, Investment Opportunity Set and Cost of Equity Capital
指導教授：	王明隆 Wang, Ming-Long
學位類別：	碩士 Master
系所名稱：	管理學院 - 財務金融研究所 Graduate Institute of Finance
論文出版年：	2016
畢業學年度：	104
語文別：	英文
論文頁數：	51
中文關鍵詞：	地域性多角化、投資機會、權益資金成本
外文關鍵詞：	Geographic Diversification, Investment Opportunity Set, Cost of Equity Capital
相關次數：	點閱：162 下載：0
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本研究主要探討地域性多角化與投資機會對於公司權益資金成本的影響，我們採用來自21個國家的全球樣本資料，期間為2002年到2014年，樣本數共計11,176筆。研究結果顯示，地域性多角化策略將會造成公司權益資金成本上升，而當公司具有好的投資機會時，表示未來公司會有較大的競爭優勢跟獲利成長空間，此將有助於降低公司的權益資金成本。因此，本研究進一步探討地域性多角化策略與好的投資機會之下，將對公司之權益資金成本帶來何種影響。研究結果發現，好的投資機會帶來的獲利空間將會超越地域性多角化策略所引起的公司權益資金成本的增加，進而改善公司的權益資金成本。

This research mainly examines the effect of geographic diversification and good investment opportunities on firm cost of equity capital. We examine a total of 11,176 observations of a sample of global corporations across over 21 countries from the period 2002 to 2014. The results indicate that the cost of equity capital of these firms will be increased when a geographic diversification strategy is adopted; however, the cost of equity will be lower once a good investment opportunity arrives; that is, the corporations will have greater competitive advantages in the near future, and this will lower the cost of equity capital. The findings demonstrate that the benefits of good investment opportunities outweigh the losses from geographic diversification and improve the cost of equity capital in the case of multinational companies.

CONTENTS
摘要 I
ABSTRACT II
CONTENTS IV
LIST OF TABLES VI
Chapter 1 Introduction 1
1.1 Research Background and Motivations 1
1.2 Research Objective 4
1.3 Research Contributions 6
1.4 Research Framework 7
Chapter 2 Literature Review and Hypothesis Development 9
2.1 Previous Evidence on Multinationals and Geographic Diversification 9
2.1.1 The Benefits of Geographic Diversification 10
2.1.2 Loss from Geographic Diversification 11
2.2 Investment Opportunity Set (IOS) 13
2.3 Hypotheses Development 14
Chapter 3 Sample, Variable Definitions and Methodology 17
3.1 Data Source and Sample Selection 17
3.2 The Measurement of the Cost of Equity Capital 18
3.2.1 Claus and Thomas Model (2001) 19
3.2.2 Easton (2004) 20
3.2.3 Ohlson and Juettner-Nauroth (2005) 20
3.2.4 Gordon Finite Horizon Model (1997) 21
3.2.5 Price–Earnings–Growth (PEG) ratio 22
3.3 The Measurement of Geographic Diversification 23
Herfindahl Index 23
3.4 The Measurement of Investment Opportunity Set 24
3.4.1 Market-to-Book Equity (MBE) Ratio 25
3.4.2 Earnings to Price (EP) Ratio 26
3.4.3 R&D to Total Assets Ratio 26
3.4.4 Capital expenditures to Asset Ratio 27
3.5 Control Variables Selection 27
3.5.1 Size 28
3.5.2 Beta 28
3.5.3 Leverage 29
3.5.4 Inventory 29
3.5.5 Book to Market Ratio 29
3.5.6 Foreign Operations 30
3.5.7 Loss 30
3.5.8 Sales Growth Rate 31
3.6 Empirical Model 31
Chapter 4 Empirical Results 34
4.1 Descriptive Statistics Analysis 34
4.2 Regression Analysis 41
Chapter 5 Conclusions 46
References 48


 
LIST OF TABLES
Table 1: Descriptive Statistics for all Variables 35
Table 2: Pearson Correlation Coefficient for all Variables 37
Table 3: Descriptive Statistics and Pearson correlation coefficients for Costs of Equity Capital estimates 39
Table 4: Pearson Correlation Coefficients for Investment Opportunity Set Proxies 40
Table 5: Empirical Result of Cost of Equity Capital on Three Models 44








                                    

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校內：2021-06-20公開
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