The Influence of Company Listing from Emerging Stock Market to Over-the-counter Market or Stock Exchange Market

• Main Authors: Yu-Lin Wang, 王煜玲
• Other Authors: Shu-Chin Chang
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/11217717059965189559

碩士 === 中原大學 === 會計研究所 === 101 === This study uses the sample of firms listed in emerging stock market from 2004 to 2010 to examine the key success factors of company listing from emerging stock market to over-the-counter (OTC) market or stock exchange market by using logistic regression model. The key success factors include return on assets (ROA), earnings per share (EPS), gross profit rate, R&;D expenditure intensity, sales revenue growth rate, debt ratio, sales return percentage, firm size, accounts receivable turnover, inventory turnover, shares collateralized by board of directors, the duality of board chair and CEO, independent directors and supervisors, and industry. The empirical results indicate that the EPS, firm size, and inventory turnover of the emerging firms are positively related to the probability transferring to listed markets. In addition, the debt ratio of the emerging firms is negatively related to the probability transferring to listed markets. Finally, the results also show that the emerging firms with electronic industry are more likely to transfer to over-the-counter market or stock exchange market.