The Value Relevance of Green Energy Industry in USA

• Main Authors: Cheng-Hung Cho, 卓政宏
• Other Authors: Chung-Jen Fu
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/48690660007798819998

碩士 === 國立雲林科技大學 === 會計系研究所 === 99 === Due to the rising of the crude oil prices and global environmental consciousness, the prices of stock market relative to green energy industry have risen worldwide. However, it is a controversial issue about how to evaluate the firm’s stock prices of this category reasonably. This study used the most representative market, Unite States, as a target market to discuss about the value drivers in green energy industry. The green energy industry was divided into eight sub-industries according to their product in order to investigate the effect of different green energy products on firm’s market value. This study was based on the optional evaluation Model couple with non-accounting factors,including the international crude oil prices, the constituent stock of green fund investment and financial crisis period to investigate the effect of crude oil prices and profitability on various green energy industry market values. The results of empirical analysis of market prices and relative factors shows that profitability, international crude oil prices and the constituent stock of green fund investment have the positive effect on green energy industry market prices, however; the effects may diminish by different green energy product and periods. Moreover, 2008 financial crisis have negative effect on the firms of green energy industry.