A Research on Association of EVA, Corporate Governance and Firm Value in Industrial Characteristic

• Main Authors: Min-chang Lin, 林敏昌
• Other Authors: Weissor Shiue
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/57159994436176048591

碩士 === 國立高雄第一科技大學 === 財務管理所 === 95 === There is a considerable incentive to research the different industry type, bear/bull market and different debt ratio in Ohlson (1995) equity value model. For responding the economic benefits and cost of capital to expresses the economic value of firm, therefore EVA was used to reflect the abnormal earning in the financial information. Corporate governance is paid attention to investor and firm in recent years, offers investors important information in investment decisions, makes firms sounder effectively in planning operation strategies, therefore it was used to reflect in the non-financial information. In order to obtain the best results, we adopt director ownership ratio, director collateral ratio, investment ratio, materiality information, set up independent director etc. as measure index of corporate governance. The research to discuss the difference on explanation ability of EVA and corporate governance to firm value in market conditions, and consider the mutual influence on the two factors of different industry type and bear/bull market. The conclusions are follows: 1. There is association on EVA and corporate governance with firm value. 2. The explanation ability in EVA and corporate governance to firm value of electronics industry is higher than tradition industry''s. 3. The explanation ability in EVA and corporate governance to firm value of bear market is higher than bull market''s. 4. When different industry facing the bear/bull market, there is significant difference in EVA and corporate governance. 5. Firms with higher debt ratio have higher explanation ability in EVA and corporate governance to firm value, but higher than certain level explaining ability drops instead. Therefore manager adapt strategies to changing market conditions, pursue the perfect of corporate governance and earn investors’confidence to improve operation performance and reduce business risk, and maximize firm value and stockholders’wealth.