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題名 上市公司赴大陸投資消息宣告對股東財富影響之研究
The Wealth Effect of Foreign Direct Investment:The Case of R.O. C. Investment in China
作者 羅美煒
Lo, Meei Wuei
貢獻者 陳隆麒<br>謝劍平
Cheng,Lung Chyi<br>Shieh,Chien Ping
羅美煒
Lo,Meei Wuei
關鍵詞 大陸
事件研究法
海外投資
股票市場
國際化
國際多角化
China
Event Study
Foreign Investment
Stock Market
Multi- nationalism
International Diversification
日期 1993
上傳時間 29-Apr-2016 16:41:07 (UTC+8)
摘要 隨著國內投資環境的惡化、大陸實施經濟改革、以及政府大陸政策的開放
參考文獻 參考文獻
一、中文部份
林彩梅，“多國企業論”，五南出版父司，民國79年3月。
周萱，“資訊常海外投資之研究”，國立政治大學未出版碩士論文，民國81年l月。
陳隆麒，“自願性資產出售宣布對於股東財富影響的研究”，管理評論，民國76年7月，第141-156頁。
彭一正，“臺灣企業進行國際併購對股東財富影響之實證研究”私立輔仁大學未求出版碩士論文，民國81年6月。
黃景輝，“臺商赴大陸投資之經營型態、策略及趨勢”，臺灣經濟研究，第14卷第6期，民國80年6 月，第38-42頁。
蔡宏明，“臺灣地區廠商赴大陸投資之總體經濟與產業結構因索之探
計“，民國81年6月，臺灣銀行季刊，第43卷第2期，第1-47頁。
劉瑞圖，“剖析國內產業外移大陸”，臺灣經濟研究，第14卷第6期，民國80年6 月，第32-37頁。
二、英文部份
Agmon ,T. , and D. R. Lessard , "Investor Recognition of Corporate International Diversification" , Jouranl of Finance , September 1977 , pp.1049-1055.
Agmon , T. , " The Relations among Equity Markets: A Study of Share Price Co-movements in The United States ,United Kingdom , Germany And Japan" , Journal of Finance , September 1972 , pp .839-855.
Black ,F. " International Capital Market Equilibrium with Investment Barriers" , Journal of Financial Economics , December 1974 , pp .337-352.
Bowman ,R.G. ," Understanding and Conducting Event Studies" , Journal of Business Finance & Accounting ,1983 , pp.561-584.
Brwer, H.L. , "Investors Benefits From Corporate Internation Diversification", Journal of Financial and Quantitative Analysis ,March 1981 ,pp.113-126.
Brown J. Stephen and Jerold B. Warner" Using Daily Stock Re-turns - The Case of Event Studies" ,Journal of Financial Economics , 14(1985) ,pp.3-31.
Stulz, R. M., " On The Effects of Barriers to International Investment" ,Journal of Finance ,36 , September 1981 , pp.923
Buhner, R. "Assessing International Diversification of West German Corporations" ,Strategic Management Journal , Vol.8 , 1987 , pp. 25-37.
Calvet , A.L. "A Synthesis of Foreign Direct Investment Theories And Theories of The Multinational Firm" , Journal of International Business Studies, Spring/Summer 1981 ,pp.43一59.
Chen , H ., Michael Y. Hu and Joseph C. P. Shieh , "The Wealth Effect of International Joint Ventures: The Case of U.S. Investment in China" ,Financial Management , Winter‘ 1991 , pp .31-41.
Cohn ,R.A. ,and J. J. Pringle , "Imperfections in international Financial Markets Implications for Risk Premia And The Cost of Capital to Firms" , Journal of Finance , 28 March, 1973 , pp.59-66.
Collins ,J.M. , "A Market Performance Comparison of U.S. Firms Active in Domestic , Developed And Developing Countries" , Journal of International Business Studies , Second Quarter, 1990 ,pp.
Corrdo J.Charles and Terry L. Zivney ," The Specification And Power of Sign Test in Event Study Hypothesis Tests Using Daily Stock Returns”，Journal of Financial And Quantitative Analysi s , V07.27 , No.3 , September 1992 , pp.465 -478.
Doukas ,J. , and Nick07aos G. Trav70s , "The effect of corporate Multinationlizm on Shareholders Wealth Evidence from International Acquisitions U, Journal of Finance , December 1988 , pp.1101-1175.
Errunta , V.R. , and Lemma W. Senbet , ”The Effects of International Operationson The Market Va7ue of The Firm Theory And Evidence” ,Journal of Finance , May 1981 ,pp.
Errunza , V.R. , and Lemma W. Senbet , “ International Corporate Diversification , Market Valuation , And Size-Adjusted Evidence”, Journal of Finance , July 1984 , pp.727-745.
Fatemi , A.M. , uShareholder Benefits From Corporate International Diversification u, Journal of Finance ,December 1984 ,pp1325 一1344.
Grubel ,H.G. , Mlnternationally Diversified Portfolios:Welfare Gains and Capitalflows”, American Economic Review ,December1968 ,pp.1299-1314.
Grant ,R.M. , Azar P. Jammine And Howard Thomas , “Diversity , Diversificantion ,And Profitability Among British Manufacturing
Companies ,1972-84 J/, Academy of Management Journa7
1988 , Vo7.31 , No.4 ,pp771-801.
Grubel , H.G. , and K. Fadner , “ The Interdependence of International Equity Markets” , Journal of Finance , 26 March, 1971, pp.89-94.
Gupta , A. ,Carl B. McGowan ,Lalatendu Misra and Agnes Missirian ,
“Gains from Corporate Multinationalism: Evidence from the China Experience u,Financial Review , August 1991 ,pp.387-407.
Hughes ,J.S. ,D.E.L ,and R.J. , "Corporate Internationl7 Diversification And Mark Assigned Measures Risk And Diversification”, Journal of Financial and Quatitative, e Novembe r 1975,pp.627
Jacquillat,B ., And 8. H. Solnik , “ Multinationals Poor Tools for Diversification" , Journal of Portfolio Management ,Winter 1 , pp.8-12.
Kim ,V. S. , and Esmerlda O. Lyn ,” Multinational Corporation And International Business Studies, Spring 1986, pp.119-125.
Lee, I., and S. B. Wyatt, “The Effects of International Joint Ventures on Shareholder Wealth”, Financial Review, November 1990, p.641-649.
Lessard, D.R. “World, Country, And Industry Relationships in Equity Returns, Implications for Risk Reduction Through International Diversification”, Financial Anaylst Journal, 31 Jan/Feb, 1976, American Economic Review, 60,1970, pp.668-685.
Levy, H., and M.Sarnat,” International Diversification of Investment Portfolios”, American Economic Review, 60, 1970, pp.668-685
Mathur, I., and Amjad Waheed, “Overseas Expansion And Shareholders’ Wealth”, Journal of Applied Business Research, Vol.7, No.4.pp. 48-55.
Mathur , I. , and K. Hangan, “ Are Multinaional Corporations Superior Investment Vehicles for Achieving International Diversification? “ , Journal of International Business` Studies U,Winter 1983 , pp.135-146.
Mcconnell ,J.J , and Timothy J.Nantell ,”UCorporate Combinations
And Common Stock Returns: The Case of Joint Ventures U,
Journal of Finance , June 1985 ,pp.519-536.
Nichel, a. , and Israe7 Shaked ,” Multiationa7 Corporations VS Domestic Coporations: Financial Performance And Characteristics “，Journal of International Business Studies ,Fall 1986 , pp.89-100.
Mikhail ,A.D. and H.A. Shawky , ”lnvestment Performance of U.S. -Based Multinational corporations” ， Journal of Interntional Business Studies , Spring/Summer、1979 ， pp.53-66.
Montgomery , C.A., and Harbir Singh “Diversification Strategy And Systematic Risk” ,Strategic Management Journal ,May 1984 , pp181-191
Morck ,R.and B.Yeung , “Why Investors Value Multinationality?U , Journal of business ,Apri7 1991 ,pp.165-187.
Nicolaides , P. , “Foreign Direct Investment: Its Causes , Its Contribution And Some of Its Consequences u, Business Strategry Review , Summer 1992 , pp.1-15.
Peterson, P. “Uvent Studies :A Review of Issues And Methodology ,”Florida State University , October 1987 ,
Radebaugh , Daniels , “lnternational Business: Environments and Operations”, Six
Rugman, R.P,” Risk Reduction by International Diversification”, Journal of Finance, 1976, pp.75-80.
Senchack, A.J. , And W.L. Beedles ,”Is Indirect International Diversification Desirable?” ,Journal of Portfolio Management, Winter 1980, pp.49-57.
Shaked ,I. , “Are Multinational Corporations Safer?”,Journal International Business Studies ,Spring 1986 多pp.83-106.
Sharipo ,A.C. ,”Multinaional Financial Management”, Fourth Edition ,1992.
Solnik ,B.H. ,” Why Not Diversify Internationally Rather Than Domestically?”, Financial Analysts Journal, July-August 1974, pp.48-54.Solnik And Bruno,”Why not Diversify Internationally Rather Than Doestically”, inancial Analysis Journal, July/August 1974, pp.48-53.
Speidell, L.S., and Ross Sappenfield, “Global Diversification In a Shrinking World”, Journal of Portfolio Management, Fall 1992, pp.57-67.
Stehle, R., “An Empirical Test of The Alternative Hypotheses of National and International Pricing of Risky Assest”, Journal of Finance, May 1977, pp.493-502.
描述 碩士
國立政治大學
企業管理學系
G80355019
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002004067
資料類型 thesis
dc.contributor.advisor 陳隆麒<br>謝劍平zh_TW
dc.contributor.advisor Cheng,Lung Chyi<br>Shieh,Chien Pingen_US
dc.contributor.author (Authors) 羅美煒zh_TW
dc.contributor.author (Authors) Lo,Meei Wueien_US
dc.creator (作者) 羅美煒zh_TW
dc.creator (作者) Lo, Meei Wueien_US
dc.date (日期) 1993en_US
dc.date.accessioned 29-Apr-2016 16:41:07 (UTC+8)-
dc.date.available 29-Apr-2016 16:41:07 (UTC+8)-
dc.date.issued (上傳時間) 29-Apr-2016 16:41:07 (UTC+8)-
dc.identifier (Other Identifiers) B2002004067en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/88955-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理學系zh_TW
dc.description (描述) G80355019zh_TW
dc.description.abstract (摘要) 隨著國內投資環境的惡化、大陸實施經濟改革、以及政府大陸政策的開放zh_TW
dc.description.tableofcontents 第壹章緒論
第一節研究動機與目的．．．．．．．．．．1
第二節研究範圍與限制．．．．．．．．．．4
第三節研究架構．．．．．．．．．．6
第貳章文獻探討
第一節投資組合國際多角化．．．．．．．．．．8
第二節企業海外投資理論之探討．．．．．．．．．．12
第三節海外投資與股東財富關係之實證研究．．．．．．．．．．19
第四節投資決策與股東財富．．．．．．．．．．33
第三章研究設計
第一節理論架構與研究假說．．．．．．．．．．39
第二節資料來源與樣本．．．．．．．．．．46
第三節研究方法．．．．．．．．．．53
第肆章實證結果分析
第一節整體樣本分析結果．．．．．．．．．．60
第二節複迴歸分析結果．．．．．．．．．．69
第伍章結論與建議
第一節結論．．．．．．．．．．78
第二節建議．．．．．．．．．．83
參考文獻．．．．．．．．．．87		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002004067en_US
dc.subject (關鍵詞) 大陸zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) 海外投資zh_TW
dc.subject (關鍵詞) 股票市場zh_TW
dc.subject (關鍵詞) 國際化zh_TW
dc.subject (關鍵詞) 國際多角化zh_TW
dc.subject (關鍵詞) Chinaen_US
dc.subject (關鍵詞) Event Studyen_US
dc.subject (關鍵詞) Foreign Investmenten_US
dc.subject (關鍵詞) Stock Marketen_US
dc.subject (關鍵詞) Multi- nationalismen_US
dc.subject (關鍵詞) International Diversificationen_US
dc.title (題名) 上市公司赴大陸投資消息宣告對股東財富影響之研究zh_TW
dc.title (題名) The Wealth Effect of Foreign Direct Investment:The Case of R.O. C. Investment in Chinaen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 參考文獻
一、中文部份
林彩梅，“多國企業論”，五南出版父司，民國79年3月。
周萱，“資訊常海外投資之研究”，國立政治大學未出版碩士論文，民國81年l月。
陳隆麒，“自願性資產出售宣布對於股東財富影響的研究”，管理評論，民國76年7月，第141-156頁。
彭一正，“臺灣企業進行國際併購對股東財富影響之實證研究”私立輔仁大學未求出版碩士論文，民國81年6月。
黃景輝，“臺商赴大陸投資之經營型態、策略及趨勢”，臺灣經濟研究，第14卷第6期，民國80年6 月，第38-42頁。
蔡宏明，“臺灣地區廠商赴大陸投資之總體經濟與產業結構因索之探
計“，民國81年6月，臺灣銀行季刊，第43卷第2期，第1-47頁。
劉瑞圖，“剖析國內產業外移大陸”，臺灣經濟研究，第14卷第6期，民國80年6 月，第32-37頁。
二、英文部份
Agmon ,T. , and D. R. Lessard , "Investor Recognition of Corporate International Diversification" , Jouranl of Finance , September 1977 , pp.1049-1055.
Agmon , T. , " The Relations among Equity Markets: A Study of Share Price Co-movements in The United States ,United Kingdom , Germany And Japan" , Journal of Finance , September 1972 , pp .839-855.
Black ,F. " International Capital Market Equilibrium with Investment Barriers" , Journal of Financial Economics , December 1974 , pp .337-352.
Bowman ,R.G. ," Understanding and Conducting Event Studies" , Journal of Business Finance & Accounting ,1983 , pp.561-584.
Brwer, H.L. , "Investors Benefits From Corporate Internation Diversification", Journal of Financial and Quantitative Analysis ,March 1981 ,pp.113-126.
Brown J. Stephen and Jerold B. Warner" Using Daily Stock Re-turns - The Case of Event Studies" ,Journal of Financial Economics , 14(1985) ,pp.3-31.
Stulz, R. M., " On The Effects of Barriers to International Investment" ,Journal of Finance ,36 , September 1981 , pp.923
Buhner, R. "Assessing International Diversification of West German Corporations" ,Strategic Management Journal , Vol.8 , 1987 , pp. 25-37.
Calvet , A.L. "A Synthesis of Foreign Direct Investment Theories And Theories of The Multinational Firm" , Journal of International Business Studies, Spring/Summer 1981 ,pp.43一59.
Chen , H ., Michael Y. Hu and Joseph C. P. Shieh , "The Wealth Effect of International Joint Ventures: The Case of U.S. Investment in China" ,Financial Management , Winter‘ 1991 , pp .31-41.
Cohn ,R.A. ,and J. J. Pringle , "Imperfections in international Financial Markets Implications for Risk Premia And The Cost of Capital to Firms" , Journal of Finance , 28 March, 1973 , pp.59-66.
Collins ,J.M. , "A Market Performance Comparison of U.S. Firms Active in Domestic , Developed And Developing Countries" , Journal of International Business Studies , Second Quarter, 1990 ,pp.
Corrdo J.Charles and Terry L. Zivney ," The Specification And Power of Sign Test in Event Study Hypothesis Tests Using Daily Stock Returns”，Journal of Financial And Quantitative Analysi s , V07.27 , No.3 , September 1992 , pp.465 -478.
Doukas ,J. , and Nick07aos G. Trav70s , "The effect of corporate Multinationlizm on Shareholders Wealth Evidence from International Acquisitions U, Journal of Finance , December 1988 , pp.1101-1175.
Errunta , V.R. , and Lemma W. Senbet , ”The Effects of International Operationson The Market Va7ue of The Firm Theory And Evidence” ,Journal of Finance , May 1981 ,pp.
Errunza , V.R. , and Lemma W. Senbet , “ International Corporate Diversification , Market Valuation , And Size-Adjusted Evidence”, Journal of Finance , July 1984 , pp.727-745.
Fatemi , A.M. , uShareholder Benefits From Corporate International Diversification u, Journal of Finance ,December 1984 ,pp1325 一1344.
Grubel ,H.G. , Mlnternationally Diversified Portfolios:Welfare Gains and Capitalflows”, American Economic Review ,December1968 ,pp.1299-1314.
Grant ,R.M. , Azar P. Jammine And Howard Thomas , “Diversity , Diversificantion ,And Profitability Among British Manufacturing
Companies ,1972-84 J/, Academy of Management Journa7
1988 , Vo7.31 , No.4 ,pp771-801.
Grubel , H.G. , and K. Fadner , “ The Interdependence of International Equity Markets” , Journal of Finance , 26 March, 1971, pp.89-94.
Gupta , A. ,Carl B. McGowan ,Lalatendu Misra and Agnes Missirian ,
“Gains from Corporate Multinationalism: Evidence from the China Experience u,Financial Review , August 1991 ,pp.387-407.
Hughes ,J.S. ,D.E.L ,and R.J. , "Corporate Internationl7 Diversification And Mark Assigned Measures Risk And Diversification”, Journal of Financial and Quatitative, e Novembe r 1975,pp.627
Jacquillat,B ., And 8. H. Solnik , “ Multinationals Poor Tools for Diversification" , Journal of Portfolio Management ,Winter 1 , pp.8-12.
Kim ,V. S. , and Esmerlda O. Lyn ,” Multinational Corporation And International Business Studies, Spring 1986, pp.119-125.
Lee, I., and S. B. Wyatt, “The Effects of International Joint Ventures on Shareholder Wealth”, Financial Review, November 1990, p.641-649.
Lessard, D.R. “World, Country, And Industry Relationships in Equity Returns, Implications for Risk Reduction Through International Diversification”, Financial Anaylst Journal, 31 Jan/Feb, 1976, American Economic Review, 60,1970, pp.668-685.
Levy, H., and M.Sarnat,” International Diversification of Investment Portfolios”, American Economic Review, 60, 1970, pp.668-685
Mathur, I., and Amjad Waheed, “Overseas Expansion And Shareholders’ Wealth”, Journal of Applied Business Research, Vol.7, No.4.pp. 48-55.
Mathur , I. , and K. Hangan, “ Are Multinaional Corporations Superior Investment Vehicles for Achieving International Diversification? “ , Journal of International Business` Studies U,Winter 1983 , pp.135-146.
Mcconnell ,J.J , and Timothy J.Nantell ,”UCorporate Combinations
And Common Stock Returns: The Case of Joint Ventures U,
Journal of Finance , June 1985 ,pp.519-536.
Nichel, a. , and Israe7 Shaked ,” Multiationa7 Corporations VS Domestic Coporations: Financial Performance And Characteristics “，Journal of International Business Studies ,Fall 1986 , pp.89-100.
Mikhail ,A.D. and H.A. Shawky , ”lnvestment Performance of U.S. -Based Multinational corporations” ， Journal of Interntional Business Studies , Spring/Summer、1979 ， pp.53-66.
Montgomery , C.A., and Harbir Singh “Diversification Strategy And Systematic Risk” ,Strategic Management Journal ,May 1984 , pp181-191
Morck ,R.and B.Yeung , “Why Investors Value Multinationality?U , Journal of business ,Apri7 1991 ,pp.165-187.
Nicolaides , P. , “Foreign Direct Investment: Its Causes , Its Contribution And Some of Its Consequences u, Business Strategry Review , Summer 1992 , pp.1-15.
Peterson, P. “Uvent Studies :A Review of Issues And Methodology ,”Florida State University , October 1987 ,
Radebaugh , Daniels , “lnternational Business: Environments and Operations”, Six
Rugman, R.P,” Risk Reduction by International Diversification”, Journal of Finance, 1976, pp.75-80.
Senchack, A.J. , And W.L. Beedles ,”Is Indirect International Diversification Desirable?” ,Journal of Portfolio Management, Winter 1980, pp.49-57.
Shaked ,I. , “Are Multinational Corporations Safer?”,Journal International Business Studies ,Spring 1986 多pp.83-106.
Sharipo ,A.C. ,”Multinaional Financial Management”, Fourth Edition ,1992.
Solnik ,B.H. ,” Why Not Diversify Internationally Rather Than Domestically?”, Financial Analysts Journal, July-August 1974, pp.48-54.Solnik And Bruno,”Why not Diversify Internationally Rather Than Doestically”, inancial Analysis Journal, July/August 1974, pp.48-53.
Speidell, L.S., and Ross Sappenfield, “Global Diversification In a Shrinking World”, Journal of Portfolio Management, Fall 1992, pp.57-67.
Stehle, R., “An Empirical Test of The Alternative Hypotheses of National and International Pricing of Risky Assest”, Journal of Finance, May 1977, pp.493-502.		zh_TW