The Effects of Credit Rating and Financial Indices on Reducing Capital and Treasury Stock Policies
碩士 === 中原大學 === 國際貿易研究所 === 93 === abstract The purpose of this study is to develop a Logit regression model for predicting effects of credit rating and financial indices on reducing capital and treasury stock policies. The sample was divided into three parts: “26 companies which reduce their capita...
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ndltd-TW-093CYCU53230042015-10-13T15:06:39Z http://ndltd.ncl.edu.tw/handle/85615480128834227638 The Effects of Credit Rating and Financial Indices on Reducing Capital and Treasury Stock Policies 信用評等與財務指標對公司採行減資與庫藏股政策的影響 Shu-Hua Chen 陳淑華 碩士 中原大學 國際貿易研究所 93 abstract The purpose of this study is to develop a Logit regression model for predicting effects of credit rating and financial indices on reducing capital and treasury stock policies. The sample was divided into three parts: “26 companies which reduce their capital and 26 companies which does not reduce their capital. ", "26 companies which buy back their stock and 26 buy back their stock." and "26 companies which reduce their capital and 26 companies does not buy back their stock". The explanatory variables of the model include "profitability index (return on assets, return on equity)", "debt ability index (current ratio, liability ratio, times interest earned), "productivity index (total assets turnover, receivable turnover), "capital structure (liability ratio, working capital). The major findings of the result of the empirical examination are as follows: 1. The explanatory of ratio of equity and credit rating have more significant effects for the past half, one, one and half, two years respectively, and debt ratio and credit rating have more significant effects for the past three years in 26 companies which reduce their capital and 26 companies which does not reduce their capital. 2.The explanatory of ratio of equity and credit rating have more significant effects for the past half, one, one and half, three years, but the explanatory of liability ratio and credit rating have more significant effects in 26 companies which reduce their capital and 26 companies which buy back their stock. Po-Chin Wu 吳博欽 2005 學位論文 ; thesis 89 zh-TW |
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碩士 === 中原大學 === 國際貿易研究所 === 93 === abstract
The purpose of this study is to develop a Logit regression model for predicting effects of credit rating and financial indices on reducing capital and treasury stock policies. The sample was divided into three parts: “26 companies which reduce their capital and 26 companies which does not reduce their capital. ", "26 companies which buy back their stock and 26 buy back their stock." and "26 companies which reduce their capital and 26 companies does not buy back their stock". The explanatory variables of the model include "profitability index (return on assets, return on equity)", "debt ability index (current ratio, liability ratio, times interest earned), "productivity index (total assets turnover, receivable turnover), "capital structure (liability ratio, working capital).
The major findings of the result of the empirical examination are as follows:
1. The explanatory of ratio of equity and credit rating have more significant effects for the past half, one, one and half, two years respectively, and debt ratio and credit rating have more significant effects for the past three years in 26 companies which reduce their capital and 26 companies which does not reduce their capital.
2.The explanatory of ratio of equity and credit rating have more significant effects for the past half, one, one and half, three years, but the explanatory of liability ratio and credit rating have more significant effects in 26 companies which reduce their capital and 26 companies which buy back their stock.
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author2 |
Po-Chin Wu |
author_facet |
Po-Chin Wu Shu-Hua Chen 陳淑華 |
author |
Shu-Hua Chen 陳淑華 |
spellingShingle |
Shu-Hua Chen 陳淑華 The Effects of Credit Rating and Financial Indices on Reducing Capital and Treasury Stock Policies |
author_sort |
Shu-Hua Chen |
title |
The Effects of Credit Rating and Financial Indices on Reducing Capital and Treasury Stock Policies |
title_short |
The Effects of Credit Rating and Financial Indices on Reducing Capital and Treasury Stock Policies |
title_full |
The Effects of Credit Rating and Financial Indices on Reducing Capital and Treasury Stock Policies |
title_fullStr |
The Effects of Credit Rating and Financial Indices on Reducing Capital and Treasury Stock Policies |
title_full_unstemmed |
The Effects of Credit Rating and Financial Indices on Reducing Capital and Treasury Stock Policies |
title_sort |
effects of credit rating and financial indices on reducing capital and treasury stock policies |
publishDate |
2005 |
url |
http://ndltd.ncl.edu.tw/handle/85615480128834227638 |
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