Factors that affect the performances of full delivery securities after reinstated

• Main Authors: Yang, Chihfan, 楊智汎
• Other Authors: Cheng,Leeyoung
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/10386125868688383091

碩士 === 國立中正大學 === 財務金融研究所 === 100 === This study focuses on the securities in which the trading method had been changed to require full delivery and later reinstated during 2000 to 2010. The sample companies are divided into companies whose transactions of securities were all reinstated, companies reinstated and back to normal trading, and the reinstated companies went full delivery again, or even delisted. This study investigates the effect of corporate finance variables and corporate governance variables to the sample companies’return on stock value after reinstated normal trading. The results show that return on assets (ROA) has a positive impact on the return of stock value in all of the sample companies. The results indicate that the higher the return on assets, the easier for companies to have better return on stock value. When those companies reinstated from full delivery,the higher the leverage ratio, or the higher the equity pledge ratio of directors and supervisors, or the lower the total assets turnover in the financial statement, the more the chances of those reinstated companies to go full delivery again, or even delisted. The securities changed to full delivery would have positive returns of stock value after reinstated. Whether went full delivery once more, or even delisted from transactions, those companies’securities would be given positive evaluation from the market, and would have positive returns on stock value.