| 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 |
| 分享至: |
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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.
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