The Relationship between the Firm Attributes and Tobin's Q - Trading Strategy of Cash Dividend Yield

• Main Authors: Kuo, Hung-Ta, 郭宏達
• Other Authors: Wang, Sue-Fung
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/31311276458894315284

碩士 === 國立交通大學 === 管理學院財務金融學程 === 100 === We analyze the relationship between the attributes and Tobin's Q. The observations of this paper are the top thirty of cash dividend yield companies in Taiwan during 2001 and 2010. We divided our sample firms into high-tech groups or non high-tech groups. This paper uses index to describe the attributes of business administration, the years after IPO, the size of firms, industry category, TSE company or OTC, ratio of insider ownership, debt ratio and revenue growth ratio. The empirical results showed that, first, in unclassified samples, company size, revenue growth rates and corporate shareholding ratio can enhance the company’s market valuation, and insider ownership will reduce it. Second, in high-tech samples, TSE, debt ratio, the selected number can reduce market valuation. In non high-tech samples, size and revenue growth rates can enhance the company’s market valuation. Third, corporate governance is an important variable. Joining the corporate governance variables, the explanatory power increased dramatically; the type decomposition of insider ownership will help us to be more precise interpretation of the company in the evaluation.