Evaluation of “Stock Grants” on the Value of Investment in Domestic Information Technology Stock

• Main Authors: Jia-How Liou, 劉家豪
• Other Authors: Dr.You Gong Li
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/47818870960411776566

碩士 === 淡江大學 === 國際貿易學系 === 92 === Among the electronic companies in Taiwan，the most popular institution is “stock grants”.But when the companys grant stocks to seize elites，this expenditure is not taken into account.Within the tendency of world，it is supposed to expending.This paper we will focus on costing stock grants，then analyse the shock on stocks return of the electronic stocks. First，the electronic stocks in domestic market is our core of research We try to analyse the distribution of stock grants、the effect of expendation on EPS(earning per shares) and the other related important characteristics；On the other hand，we use the stepwise regression model to elicit the significant explanatory variables in determination of rate of return on electronic stocks.By utilization of impact effect and total effect，we evaluate of stock grants on rate of return of electronic stocks. During our research periods，we find the propotion that whole electronic company execute stock grants is beyond seventy percent except 2001 and 2002.Besides，the listing market does more than Over The Counter market. In the analyse of stepwise regression model，we find in 1998 and 2002 in listing market and in 1999 and 2001 in Over The Counter market，stock grants appears its importance.It results in the damage of 30.55%、21.89% and 32.82%、19.19%simple average of rate of return in each period. As we know，if we take stock grants into consideration，the damage to rate of return on electronic stocks can not be ignored.