| Summary: | 碩士 === 國立中正大學 === 企業管理學系碩士在職專班 === 105 === This paper mainly discusses the influence of the China investment to the quality of securities market of Taiwanese listed companies. We use three indexes as the proxy variables to measure the change of transaction quality. The indexes are bid-ask spread, market depth and market volatility. We also add four search variables in this study: IM1 and IM2 (means of investment in China), SR (direct and indirect shareholding), Ca (paid-in capital). This study will exam samples from January 1, 2003 to December 31, 2014, a total 874 Intraday trading (common stock only) of Taiwanese security market listed companies. We assume Taiwanese listed companies have information asymmetry when investing China. It causes increase of bid-ask spread, shrinking of market depth, and volatility going up and result in fluidity of market quality decreasing. This study found that if the listed companies invest through third region, except the depth in market depth, all the other indicate worse in market quality. The volatility of the security market has increased significantly. On the other hand, if the companies invest directly, market quality will be better. The result indicates that the investors want to get clear info about company’s investment. We really hope this study inspires how listed companies invest and how the authorities deal with issues related to China investment.
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