An Estimation Study of Simultaneous Model of Financial Indicators

• Main Authors: Zhang, Shu-Zhen, 張淑珍
• Other Authors: Shih Neng-Ren
• Format: Others
• Language: zh-TW
• Published: 1998
• Online Access: http://ndltd.ncl.edu.tw/handle/59899520057637097150

碩士 === 國立彰化師範大學 === 商業教育學系 === 86 === In this paper, stock price, dividend, earning per share and shareholders* equity return rate are used to build the simultaneous financial model of industry. Two stage least squares and three stage least squares are applied on the estimation of simultaneous financial model. The optimal control theory will be applied to build the optimal financial control model, and the optimal control solution will serve as a guide for business managers to make financial decisions. Two major points are found in this research: 1.Three stage least squares is better than two stage least squares in R-square and the significance of variables. Therefore, in this paper, the simultaneous model estimated by three stage least squares will be used to build the optimal control model. 2.Depending on the optimal control model, we suggest that Taiwan Liton electronic co.ltd can enhance it*s liabilities- assets ratio. It should set the turnover of fixed assets to 2.96, and the net profit rate to 1.41%. Keywords: simultaneous model, optimal control theory, estimation method