The Study of the Impact of Economic Fluctuations and Overseas Investments on Firm Value

• Main Author: 梁文昇
• Other Authors: 吳明政
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/15085405102768560425

碩士 === 國立彰化師範大學 === 商業教育學系 === 98 === This study tries to get three impact factors of the firm value, economic fluctuations, overseas investment, and corporate governance, together to discuss their interactions with each another. First, this paper investigates the relationship among the firm value, economic fluctuations, and the configurations of overseas investment. We introduce the Tobin-Q as a measurement of the firm value. Furthermore, we use the realized variance, which is calculated from the weekly closed data in Taiwan's weighted stock index, as a proxy for the economic fluctuation. Second, after employing corporate governance variables, this paper further discusses the relationship among the firm value, the configurations of overseas investment, and the economic fluctuations. The results find that the more fluctuations in the economy, the lower value of the company. When the economic fluctuations are more uncertainty, there is a positive effect between the firm value and the overseas investment configurations of investing more and being less depth. Incorporating corporate governance variables, under economy uncertainty, Enterprises with more investment and less depth has more significant impact on firm value.