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研究生: 艾麗卡
Patra, Arpita
論文名稱: The Relationship among Financing Decisions, Investment Decisions, Cash Dividends and Earning for the Aggregate Stock Market in Taiwan and China
The Relationship among Financing Decisions, Investment Decisions, Cash Dividends and Earning for the Aggregate Stock Market in Taiwan and China
指導教授: 李宏志
Li, Hung-Chih
賴秀卿
Lai, Syou-Ching
學位類別: 碩士
Master
系所名稱: 管理學院 - 國際經營管理研究所碩士班
Institute of International Management (IIMBA--Master)
論文出版年: 2008
畢業學年度: 96
語文別: 英文
論文頁數: 66
外文關鍵詞: Cash dividend and Earning, Investment Decision, Financing Decisions
相關次數: 點閱:78下載:1
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  • This study examines the relationship among financing decisions, investment decisions, cash dividends and earning for the aggregate stock market in Taiwan and China. According to Granger causality method, the multivariate vector autoregression and the Likelihood Ratio test, the dynamic relationship among them are investigated using the data of manufacturing firms. The empirical findings on the manufacturing firm of Taiwan indicate that (i) financing decision has relation with investment decision and earnings; (ii) dividend decision is the function of financing decision (iii) earning is the function of dividend decision and investment decision. There is no casual relationship from investment to financing, dividend to earning and financing to dividend. However, in case of manufacturing firm of China, (i) dividend decision is the function of investment decision (ii) investment decision is the function of earnings and financing decision (iii) earnings are the function of dividend decision, investment decision and financing decision. There is no interrelationship between dividend decision and earnings. However, there is an interrelationship between investment decision and earnings. There is also casual relationship between investment and financing decision and earning and financing decision. The major finding is that there is relationship among earnings, investment decision and cash dividend in both Taiwan and China, implying that firms have adopt suitable investment decision, dividend policies and adjust cash dividends for the expectations of earnings. So the policy decision to be particularly effective, decision makers must recognize these relevant cooperate decisions and thus makes the right choice to achieve desired objectives.

    TABLE OF CONTENTS ACKNOWLEDGEMENTS I ABSTRACT III TABLE OF CONTENTS IV LIST OF TABLES VI CHAPTER ONE INTRODUCTION 1 1.1 Research Background and Motivation 1 1.2 Importance of Selecting Taiwan and China 4 1.3 Research Contribution and Objectives 5 1.4 Research Flow 5 CHAPTER TWO LITERATURE REVIEW 7 2.1 Investment, Financing and Dividend Decisions Relation 7 2.2 Financing and Investment Decision Relation 10 2.3 Dividend and Investment Decision Relation 12 2.4 Dividend and Earning Relation 15 2.5 Investment and Earning Relation 18 2.6 Investment-Financing- Earnings- Dividend Relation 19 CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 28 3.1 Modeling Casual Relationship 28 3.1.1 Grangner Casuality 28 3.1.2 Test of the Model 29 3.2 Data and Methodology 30 CHAPTER FOUR RESULTS AND DISCUSSION 33 4.1 Empirical results on Taiwan 33 4.1.1 The Aggregate Data 33 4.1.2 Descriptive Statistics 33 4.1.3 Stationary test of the series 34 4.1.4 Empirical Results 36 4.2 Empirical results on China 43 4.2.1 The Aggregate Data 43 4.2.2 Descriptive Statistics 43 4.2.3Stationary test of the series 44 4.2.4 Empirical Results 44 CHAPTER FIVE CONCLUSIONS 50 5. 1 Research Conclusion 50 5.2 Research Contribution 52 5.3 Limitations and Future Research 52 REFERENCES 54

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