The Influences of Investment Efficiency on Corporate Value

• Main Authors: LIU,CHIA-YEN, 劉佳燕
• Other Authors: ZHANG,SEN-HE
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/25rn8d

碩士 === 逢甲大學 === 商學專業碩士在職學位學程 === 107 === This study describes and discusses the influences of investment efficiency on corporate value. This study wants to know if corporate value will be affected when companies overinvest or underinvest by using Tobin's Q as the proxy variable. In addition, it wants to understand whether companies that invest in inefficiently influence corporate value or not when they adopt different competitive strategies. The data provided by listed companies of Taiwan from 2005 to 2017 was used as samples. The empirical results indicate: (1) There is no significantly negative correlation between investment efficiency and corporate value; there is no significantly positive correlation between overinvestment and corporate value; there is a significantly negative correlation between underinvestment and corporate value. (2) The companies are divided into overinvestment companies and underinvestment companies; their respective investment efficiency has no influence on corporate value. (3) Cost leadership strategy or differentiation strategy used by overinvestment companies or underinvestment companies have no influence on corporate value. In summary, the influences on corporate value in terms of investment efficiency have little effect.