Short-term and Long-term Wealth Effects Affections of Taiwanese Companies FDI in Asia
碩士 === 國立成功大學 === 企業管理學系碩博士班 === 94 === Abstract Foreign Direct Investment, especially in the Asia Pacific region, has grown increasingly in recent years. Taiwanese companies already have a long history of overseas investment across Asia. Previous research has focused primarily on short-term ab...
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ndltd-TW-094NCKU51210472016-05-30T04:21:58Z http://ndltd.ncl.edu.tw/handle/92248130555533936990 Short-term and Long-term Wealth Effects Affections of Taiwanese Companies FDI in Asia 台灣上市公司於亞洲地區進行海外投資之長短期財富效果影響性的探討 Pei-Ju Wu 吳珮如 碩士 國立成功大學 企業管理學系碩博士班 94 Abstract Foreign Direct Investment, especially in the Asia Pacific region, has grown increasingly in recent years. Taiwanese companies already have a long history of overseas investment across Asia. Previous research has focused primarily on short-term abnormal return tests rather than on performance after investments have been made. In this article, we prolong the research period and add some financial indexes in order to measure the different aspects of investment declaration and performance on stockholder wealth. We also go through how investors buy and hold these companies’ stock returns in the long run. The sample was collected from Jan. 1, 1996 to Dec. 31, 2005. It includes 45 companies approved to invest in Asia. In order to make sure that long-term financial indexes could be used completely, the short run stock price collection needed to be recorded before Dec. 31, 2000. The long-term standard is right after the date which investment was approved. The empirical model used in the short-term analysis is an event study. Therefore, yearly dummy variables were added to the original regression model to determine whether time effects influenced performance. According to the empirical results, FDI in Asia has negative abnormal effects in the short run; while FDI events have non-significant positive affect on direct investment profits. In terms of investor returns, holding company FDI stock in Asia has a negative relationship with long-term accumulative yearly returns and time effects, but moves concurrently with the stock market. Hsin-Hong Kang 康信鴻 2006 學位論文 ; thesis 66 zh-TW |
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碩士 === 國立成功大學 === 企業管理學系碩博士班 === 94 === Abstract
Foreign Direct Investment, especially in the Asia Pacific region, has grown increasingly in recent years. Taiwanese companies already have a long history of overseas investment across Asia. Previous research has focused primarily on short-term abnormal return tests rather than on performance after investments have been made. In this article, we prolong the research period and add some financial indexes in order to measure the different aspects of investment declaration and performance on stockholder wealth. We also go through how investors buy and hold these companies’ stock returns in the long run.
The sample was collected from Jan. 1, 1996 to Dec. 31, 2005. It includes 45 companies approved to invest in Asia. In order to make sure that long-term financial indexes could be used completely, the short run stock price collection needed to be recorded before Dec. 31, 2000. The long-term standard is right after the date which investment was approved. The empirical model used in the short-term analysis is an event study. Therefore, yearly dummy variables were added to the original regression model to determine whether time effects influenced performance.
According to the empirical results, FDI in Asia has negative abnormal effects in the short run; while FDI events have non-significant positive affect on direct investment profits. In terms of investor returns, holding company FDI stock in Asia has a negative relationship with long-term accumulative yearly returns and time effects, but moves concurrently with the stock market.
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author2 |
Hsin-Hong Kang |
author_facet |
Hsin-Hong Kang Pei-Ju Wu 吳珮如 |
author |
Pei-Ju Wu 吳珮如 |
spellingShingle |
Pei-Ju Wu 吳珮如 Short-term and Long-term Wealth Effects Affections of Taiwanese Companies FDI in Asia |
author_sort |
Pei-Ju Wu |
title |
Short-term and Long-term Wealth Effects Affections of Taiwanese Companies FDI in Asia |
title_short |
Short-term and Long-term Wealth Effects Affections of Taiwanese Companies FDI in Asia |
title_full |
Short-term and Long-term Wealth Effects Affections of Taiwanese Companies FDI in Asia |
title_fullStr |
Short-term and Long-term Wealth Effects Affections of Taiwanese Companies FDI in Asia |
title_full_unstemmed |
Short-term and Long-term Wealth Effects Affections of Taiwanese Companies FDI in Asia |
title_sort |
short-term and long-term wealth effects affections of taiwanese companies fdi in asia |
publishDate |
2006 |
url |
http://ndltd.ncl.edu.tw/handle/92248130555533936990 |
work_keys_str_mv |
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