| Summary: | 碩士 === 國立成功大學 === 國際企業研究所碩博士班 === 90 === Abstract
With lifting the ban on foreign investment and seeking the cheaper cost of laboring and natural resource, activities of foreign investment are booming now. The companies are doing everything for promoting competitive advantages. And these activities can create value for stockholders.
There are many methods of foreign investment like: export, licensing and foreign direct investment. Greenfield investment is one kind of foreign direct investment. The reasons why companies choose foreign direct investments could be the imperfections of market, different tax, imperfection of factor market and etc.
The companies choose Greenfield investment because it can create value for companies but we wonder the stock market can receive the investment information message of these companies. If the stock market can receive the message, it will judge the values and adjust the stock prices of the companies. That is our main objectives of research.
In the empirical research, we found that the stock market had abnormal return on the day before announcement day. But the cumulative abnormal return (CAR) does not have significance effect in total sample. However, we divided the sample into wholly-owned greenfield investment and joint-venture greenfield. The stock market has positive significance to joint-venture greenfield investment announcement but negative insignificance to wholly-owned. In regression analysis, we found that the ownership structure and the number investment announced by companies have effects on cumulative abnormal return.
Key words: Greenfield、Foreign direct investment、FDI、announcement effect
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