The Relationship between Taiwan National Quality Award and the Market Value of the Firm: Application of Analytical Approach

• Main Authors: Kuo, Ya-Peng, 郭雅芃
• Other Authors: Su, Chao-Ton
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/w96j6s

碩士 === 國立清華大學 === 工業工程與工程管理學系所 === 106 === Total quality management (TQM) is a key to success in competitive world. To encourage the companies to fully conduct TQM in production process, Taiwan government set up National Quality Award (NQA). This study investigates the short term impact of award-winning news on the market price by using exponential smoothing and resilient backpropagation. This study also extends to the long-term observation by comparing the return on investment (ROI) between award-winning companies and market sector indices. It concludes that the stock price of the award-winning company may be upward in short-term, but no significant stock fluctuation in large parts of them. Furthermore, there is no evidence showing that there is significant contribution to the stock price comparing with the market sector indices in the long run.