| dc.contributor.advisor | 林宛瑩 | zh_TW |
| dc.contributor.advisor | Lin, Wan-Ying | en_US |
| dc.contributor.author (Authors) | 曾博昇 | zh_TW |
| dc.contributor.author (Authors) | Tseng, Po-Sheng | en_US |
| dc.creator (作者) | 曾博昇 | zh_TW |
| dc.creator (作者) | Tseng, Po-Sheng | en_US |
| dc.date (日期) | 2003 | en_US |
| dc.date.accessioned | 11-Sep-2009 17:18:22 (UTC+8) | - |
| dc.date.available | 11-Sep-2009 17:18:22 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Sep-2009 17:18:22 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0090353005 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/30127 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 會計研究所 | zh_TW |
| dc.description (描述) | 90353005 | zh_TW |
| dc.description (描述) | 92 | zh_TW |
| dc.description.abstract (摘要) | This study explores various drivers of Internet stock prices. This study extends the previous work on Internet stock valuation along two dimensions: (1) the separation of Internet firms into web-related and non-web-related groups. (2) the incorporation of consideration for the effect of Internet shakeout on value drivers identified in this study. The primary findings are as follows. First, this study finds evidence that contradicts the claims made by some analysts that web traffic metrics are no longer important. The findings show that web-traffic remains value-relevant to Internet stock price for the period Oct 1998 to May 2003. Second, this study documents evidence against the “common wisdom”, as represented in the business press, that traditional financial statement information has limited usefulness in pricing of Internet stocks. The variable “revenues” is significantly positively associated with the stock price in the pre- and post-shakeout period for all Internet firms. Third, consistent with prior research on other intangibles-intensive industries, this study finds that, in particular, product development (R&D) appears to be capitalized as assets by investors in their assessment of values of web firms during the testing period, including period subsequent to the industry shakeout in the spring of 2000. This research thus provides preliminary evidence of the value-relevance of R&D expense of the shakeout and maturation of the B2C Internet sector. Fourth, with respect to the inquiry of the potential effect of difference in web-traffic on the pricing of Internet stock, the empirical results demonstrate the importance of this consideration. The findings indicate that raw web-traffic variable is not value-relevant for non-web firms, while it is value-relevant for web firms. Finally, the market condition of Internet stocks appears to be influential in explaining the pricing of Internet share. The empirical result shows that the share prices of Internet stocks are higher before the market correction, when holding other variable as controlled. | en_US |
| dc.description.tableofcontents | 1. RESEARCH BACKGROUND AND MOTIVATIONS 1 2. PRIOR RESEARCH REVIEW 6 2.1. NETWORK ADVANTAGES 6 2.2. THE PRICING OF INTERNET STOCKS 8 3. THEORY AND HYPOTHESIS DEVELOPMENT 12 3.1. THE VALUE-RELEVANCE OF NON-FINANCIAL INFORMATION (WEB VISITORS) 12 3.2. THE VALUE-RELEVANCE OF FINANCIAL MEASURES (REVENUES AND R&D EXPENSES) 14 3.2.1 The Value-Relevance of Revenues 14 3.2.2 The Value-Relevance of R&D Expenses 15 3.3 THE EFFECT OF INTERNET MARKET CORRECTION ON PRICING OF INTERNET STOCKS 15 4. RESEARCH DESIGN 16 4.1. RESEARCH SAMPLE AND DATA 17 4.1.1 Research Sample 17 4.1.2. Data sources 22 4.1.2.1 Web Visitors data 22 4.1.2.2 Financial Data (Revenues and R&D Expenses) and Stock Price Data 22 4.2. EMPIRICAL MODEL 23 4.3. VARIABLE DESCRIPTIONS AND MEASUREMENT 28 5. EMPIRICAL RESULTS 30 5.1. THE DESCRIPTIVE STATISTICS 30 5.2. REGRESSION RESULTS 32 6. CONCLUSIONS AND DISCUSSION 37 6.1. THE ASSOCIATION BETWEEN PRICE AND WEB VISITORS (HYPOTHESIS H1 & H4) 37 6.2. THE ASSOCIATION BETWEEN PRICE AND REVENUE (HYPOTHESIS H2 & H4) 37 6.3. THE ASSOCIATION BETWEEN PRICE AND R&D EXPENSES (HYPOTHESIS H3 & H4) 38 6.4 OTHER RELATED ISSUES 39 6.5. SUMMARY OF CONCLUSIONS 39 7. LIMITATIONS AND POSSIBLE EXTENSIONS 41 7.1. STUDY LIMITATIONS 41 7.2. POSSIBLE EXTENSIONS 41 REFERENCES 43 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0090353005 | en_US |
| dc.subject (關鍵詞) | 網路公司 | zh_TW |
| dc.subject (關鍵詞) | 定價 | zh_TW |
| dc.subject (關鍵詞) | 網路瀏覽者 | zh_TW |
| dc.subject (關鍵詞) | 銷貨收入 | zh_TW |
| dc.subject (關鍵詞) | 研發費用 | zh_TW |
| dc.subject (關鍵詞) | internet stocks | en_US |
| dc.subject (關鍵詞) | pricing | en_US |
| dc.subject (關鍵詞) | web visitors | en_US |
| dc.subject (關鍵詞) | sales revenue | en_US |
| dc.subject (關鍵詞) | R&D expense | en_US |
| dc.title (題名) | The role of web visitors, sales revenue and R&D expense in the pricing of Internet stocks | zh_TW |
| dc.type (資料類型) | thesis | en |
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