股票市場表現與公司投資行為之關聯性研究

• Main Authors: Huang Yu Woan, 黃鈺琬
• Other Authors: 詹家昌
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/00326018734041107302

碩士 === 東海大學 === 國際貿易學系 === 94 === A lot of researches discussed which factors affect the managers’ investment decisions. Is the stock market an important or minus factor？ Under what kind of situations stock market would become the major factors while the managers are making their investment decisions? This paper discussed whether the stock market affects managers’ investment decision under five situations. Firstly I discuss whether these managers make investment decisions based on the company’s fundamental situation or the company’s stocks price. In the second section we discuss whether the investment decisions would be different if the manager comes from a firm of financial constraints. Third, I discuss if the factors of investment decision change from a financial constraints and over-investment company. Forth, I discuss the situation from a financial constraints and under-investment company. Last I discuss the situation if the stock price is overpriced. From the above analyses I found that the managers make their investment decisions based on the targeted company’s fundamental rather than its stock performance. Moreover, I found under most situations stock market is not the important investment factor. The stock market only matters when the company is under financial constraints and under-investment situation.