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• Main Authors: LING-MING LIN, 林玲銘
• Other Authors: Jing-Twen Chen
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/pu3fx6

碩士 === 國立中央大學 === 管理學院高階主管企管碩士班 === 96 === The steel and iron industry may be said to be the mother of all industries. From ancient to modern ages, in China and abroad, in every place where industrialization has occurred, the steel and iron industry forms the foundation. Today, the effect of globalization has resulted in sharing resources and the segmentation of labor, and therefore this fundamental industry has been redefined. Every country, because of their economic and environmental climate, has created different structural characteristics in the steel and iron industry. Ever since the Chinese economic reforms, the economy has progressed by leaps and bounds. Economic demands domestically and internationally have been extremely high, and have resulted in especially high demands in the steel and iron industry. During this overheated economic period, the Chinese government launched a series of macroeconomic regulation and control measures. The steel and iron industry bore the brunt of these policies. This study analyses the impacts of these policies from 2004 to 2007 on investment value and in profit achievements. It focuses on 38 publicly traded companies within the steel and iron industry (on the A-listing). The measures studied include rate of return on asset, shareholders’ rate of return, the price earnings (PE) ratio, market-to-book rate and the Tobin Q-value. This study collected financial data from 38 publicly-traded companies in the iron and steel industry. The above measures were calculated and then used to confirm that the government’s macroeconomic regulations and control has an impact in the iron and steel industry. Prior to this research, mainland Chinese researchers such as Ho Chang Ying, Li Xiang (2007), Peng Shao Bing, Li Xiao Han, Huang Yi Jian （2007） and Ba Shu Song （2008） have validated that the Tobin Q-value has dramatic effects on the Chinese stock market. This study obtained the same results from the steel and iron industry listed in China’s A listing. It was discovered that the Tobin Q-value is correlated to the activities of the biggest shareholder such as selling stocks, and more fundraising plans for companies and/or as well as more initial public offerings（IPO） in the stock market. The larger the Tobin Q-value, the more frequent these activities.