The determining factors of stock for stock exchange ratio for Taiwan financial holding companies
碩士 === 國立政治大學 === 會計研究所 === 100 === The objective of this study is to discuss the determinants of the stock exchange ratios for mergers of the financial holding companies in Taiwan. All factors are divided into two parts, financial and non-financial. There are two models used in this study, the comm...
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ndltd-TW-100NCCU53850322016-02-21T04:19:34Z http://ndltd.ncl.edu.tw/handle/87120956750460256431 The determining factors of stock for stock exchange ratio for Taiwan financial holding companies 台灣金融控股公司換股比率影響因素之研究 Yang, Yi Ling 楊翊羚 碩士 國立政治大學 會計研究所 100 The objective of this study is to discuss the determinants of the stock exchange ratios for mergers of the financial holding companies in Taiwan. All factors are divided into two parts, financial and non-financial. There are two models used in this study, the common financial index model and the five-perspective index model, depending on the choosing standard in financial factors. Financial factors in the common financial index model are widely used in financial statement analysis, while in five-perspective index model they’re chosen based upon five critical elements of CAMEL ratings system, a method of evaluating the health of credit unions. All non-financial factors used are indifferent between the two models. Choosing the study sample which has been a member of financial holding company until December 2011 and using ordinary least square (OLS) method, the empirical investigations suggest that in the common financial index model there are five factors have significantly positive effects on the exchange ratio, which are book value per share, average employees’ ages, the educational background of employees, corporate ownership and service locations. The intercepts in this model are not statistically significant in the regressions, implying that there are not any premiums or discounts after incorporating the impact of the financial and non-financial factors. In the five-perspective index model there are eight factors have significantly positive effects on the exchange ratio, which are financial leverage, Berry ratio, net sales revenue per employee, the proportion of capital of the pretax income, net profit margin, average ages of employees, number of employees and service locations. In summary, the interpretation power of the five-perspective index model is greater than the common financial index model. But the fact that the intercepts in this model are statistically significant, implying that there might be some other factors which have been omitted. Kuo, Horng Ching 郭弘卿 學位論文 ; thesis 73 zh-TW |
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碩士 === 國立政治大學 === 會計研究所 === 100 === The objective of this study is to discuss the determinants of the stock exchange ratios for mergers of the financial holding companies in Taiwan. All factors are divided into two parts, financial and non-financial. There are two models used in this study, the common financial index model and the five-perspective index model, depending on the choosing standard in financial factors. Financial factors in the common financial index model are widely used in financial statement analysis, while in five-perspective index model they’re chosen based upon five critical elements of CAMEL ratings system, a method of evaluating the health of credit unions. All non-financial factors used are indifferent between the two models.
Choosing the study sample which has been a member of financial holding company until December 2011 and using ordinary least square (OLS) method, the empirical investigations suggest that in the common financial index model there are five factors have significantly positive effects on the exchange ratio, which are book value per share, average employees’ ages, the educational background of employees, corporate ownership and service locations. The intercepts in this model are not statistically significant in the regressions, implying that there are not any premiums or discounts after incorporating the impact of the financial and non-financial factors. In the five-perspective index model there are eight factors have significantly positive effects on the exchange ratio, which are financial leverage, Berry ratio, net sales revenue per employee, the proportion of capital of the pretax income, net profit margin, average ages of employees, number of employees and service locations. In summary, the interpretation power of the five-perspective index model is greater than the common financial index model. But the fact that the intercepts in this model are statistically significant, implying that there might be some other factors which have been omitted.
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author2 |
Kuo, Horng Ching |
author_facet |
Kuo, Horng Ching Yang, Yi Ling 楊翊羚 |
author |
Yang, Yi Ling 楊翊羚 |
spellingShingle |
Yang, Yi Ling 楊翊羚 The determining factors of stock for stock exchange ratio for Taiwan financial holding companies |
author_sort |
Yang, Yi Ling |
title |
The determining factors of stock for stock exchange ratio for Taiwan financial holding companies |
title_short |
The determining factors of stock for stock exchange ratio for Taiwan financial holding companies |
title_full |
The determining factors of stock for stock exchange ratio for Taiwan financial holding companies |
title_fullStr |
The determining factors of stock for stock exchange ratio for Taiwan financial holding companies |
title_full_unstemmed |
The determining factors of stock for stock exchange ratio for Taiwan financial holding companies |
title_sort |
determining factors of stock for stock exchange ratio for taiwan financial holding companies |
url |
http://ndltd.ncl.edu.tw/handle/87120956750460256431 |
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