How Private Benefit of Control Affects Emerging Market Enterprises Market Value When They Go Abroad

• Main Authors: TSAI, YI-YIN, 蔡依穎
• Other Authors: KAO, MING-SUNG
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/s2p994

碩士 === 輔仁大學 === 金融與國際企業學系金融碩士班 === 105 === This study focused on the effects of different private benefits on the multinational corporate value in emerging markets based on the sample of listed in Taiwan from 2009 to 2015. The empirical results show that deviation between control rights and cash flow rights, and related party transaction are negatively correlated with enterprise internationalization value, and these mean that control shareholders in order to obtain private benefits will make an unfavorable company's international decision. But earnings management is positively correlated with enterprise internationalization value, it means investors pay more attention to the earnings performance after earnings management rather than agency problem. As a result, private benefit is also one of the factor that will affect enterprise internationalization value.