| Summary: | 碩士 === 國立交通大學 === 管理學院財務金融學程 === 101 === This paper examines the relationship between Tobin’s Q and firm attributes following special events, namely, the “high systematic risk events”. We use data from TEJ in 2002 to 2004. The firm attributes that we used include industry type, whether the firm was listed or not, capital size, IPO ages, debt ratio, profitability, sales growth, liquidity and corporate governance. In addition, we classify the sample into two groups by BHAR (buy-and-hold abnormal returns) and analyze if there are any differences in market valuation by distinguished long-term performance of stock price.
The results are as follows: 1. Under the high systematic risk events, without considering the BHAR groups, longer IPO ages and debt ratio are negatively related to market valuation, while higher profitability and higher liquidity are beneficial to market valuation. 2. In the aspect of corporate governance, manager and institution are positively related to Tobin’s Q, which are consistent with the convergence-of- interest hypothesis. 3. The firms in the category of “BHAR>0” are mostly belonging to traditional industry, and vice versa. 4. Under the high systematic risk, high-Tech industry, higher shareholding ratio of board and manager is positively related to market valuation in the “BHAR>0” group, and vise versa.
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