Financial Ratio and Stock Return: Empirical Evidence from the Taiwanese Public-Listed Companies in Electronics Industries

碩士 === 國立中興大學 === 會計學研究所 === 105 ===   Since the 1980s, the industrial development of Taiwan has shifted from labor-intensive industries into capital-intensive industries, devoting to high value-added industry and formally enter the era of knowledged-based economic. At the end of the 20 century, the...

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Main Authors: Ting-Yu Chiu, 邱庭于
Other Authors: 陳俊合
Format: Others
Language:zh-TW
Published: 2017
Online Access:http://ndltd.ncl.edu.tw/handle/25050054790792172352
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spelling ndltd-TW-105NCHU53850152017-10-09T04:30:38Z http://ndltd.ncl.edu.tw/handle/25050054790792172352 Financial Ratio and Stock Return: Empirical Evidence from the Taiwanese Public-Listed Companies in Electronics Industries 財務比率與股票報酬:以電子產業為例 Ting-Yu Chiu 邱庭于 碩士 國立中興大學 會計學研究所 105   Since the 1980s, the industrial development of Taiwan has shifted from labor-intensive industries into capital-intensive industries, devoting to high value-added industry and formally enter the era of knowledged-based economic. At the end of the 20 century, the most progressive industry is electronics industry. Electronics industry in Taiwan plays an important role in the electronics of global supply chain about forty years and become the world’s third largest hardware-information manufacturing country second only to America and Japan in 1995. On the other side, the investors usually use Value Investing as investing strategy to analysis the company. So our research want to explore the relationship between financial ratio and stock return in the Taiwanese public-listed companies in electronics industry.   The empirical data is listed electronics corporations from 2006-2015. This paper uses financial ratios in fundamental analysis of Lev and Thiagarajan (1993) and Shen and Lin (2008) to explore the relationship between financial ratio and Stock return. The empirical results show the change in inventory turnover, change in capital expenditure, change in gross margin ratio, change in return on total assets and change in total assets turnover are positive effect on stock return of current year, change in debt ratio is negative effect on stock return of current year; change in selling and administrative expense, change in return on total assets and change in total assets turnover are positive effect on stock return of next year; change in capital expenditure and change in research and development are positive effect on stock return of last year, change in account receivable turnover, change in selling and administrative expense, change in total assets turnover and change in debt ratio are negative effect on stock return of last year. As we know from the above, the financial ratio is more explanatory to the stock return of current year and the stock return of last year compared with the stock return of next year. Therefore, the financial statement is lagging information while stock return is the leading information. When investor choose investment targets, they not only need to consider company’s financial information but also consider other information such as economic environment to take appropriate investment decisions to obtain stock return. 陳俊合 2017 學位論文 ; thesis 66 zh-TW
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language zh-TW
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description 碩士 === 國立中興大學 === 會計學研究所 === 105 ===   Since the 1980s, the industrial development of Taiwan has shifted from labor-intensive industries into capital-intensive industries, devoting to high value-added industry and formally enter the era of knowledged-based economic. At the end of the 20 century, the most progressive industry is electronics industry. Electronics industry in Taiwan plays an important role in the electronics of global supply chain about forty years and become the world’s third largest hardware-information manufacturing country second only to America and Japan in 1995. On the other side, the investors usually use Value Investing as investing strategy to analysis the company. So our research want to explore the relationship between financial ratio and stock return in the Taiwanese public-listed companies in electronics industry.   The empirical data is listed electronics corporations from 2006-2015. This paper uses financial ratios in fundamental analysis of Lev and Thiagarajan (1993) and Shen and Lin (2008) to explore the relationship between financial ratio and Stock return. The empirical results show the change in inventory turnover, change in capital expenditure, change in gross margin ratio, change in return on total assets and change in total assets turnover are positive effect on stock return of current year, change in debt ratio is negative effect on stock return of current year; change in selling and administrative expense, change in return on total assets and change in total assets turnover are positive effect on stock return of next year; change in capital expenditure and change in research and development are positive effect on stock return of last year, change in account receivable turnover, change in selling and administrative expense, change in total assets turnover and change in debt ratio are negative effect on stock return of last year. As we know from the above, the financial ratio is more explanatory to the stock return of current year and the stock return of last year compared with the stock return of next year. Therefore, the financial statement is lagging information while stock return is the leading information. When investor choose investment targets, they not only need to consider company’s financial information but also consider other information such as economic environment to take appropriate investment decisions to obtain stock return.
author2 陳俊合
author_facet 陳俊合
Ting-Yu Chiu
邱庭于
author Ting-Yu Chiu
邱庭于
spellingShingle Ting-Yu Chiu
邱庭于
Financial Ratio and Stock Return: Empirical Evidence from the Taiwanese Public-Listed Companies in Electronics Industries
author_sort Ting-Yu Chiu
title Financial Ratio and Stock Return: Empirical Evidence from the Taiwanese Public-Listed Companies in Electronics Industries
title_short Financial Ratio and Stock Return: Empirical Evidence from the Taiwanese Public-Listed Companies in Electronics Industries
title_full Financial Ratio and Stock Return: Empirical Evidence from the Taiwanese Public-Listed Companies in Electronics Industries
title_fullStr Financial Ratio and Stock Return: Empirical Evidence from the Taiwanese Public-Listed Companies in Electronics Industries
title_full_unstemmed Financial Ratio and Stock Return: Empirical Evidence from the Taiwanese Public-Listed Companies in Electronics Industries
title_sort financial ratio and stock return: empirical evidence from the taiwanese public-listed companies in electronics industries
publishDate 2017
url http://ndltd.ncl.edu.tw/handle/25050054790792172352
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