The Long-run Performance after going concern in TaiwanThe Long-run Performance after going concern in Taiwan

• Main Authors: Min-Huan Chang, 張旻桓
• Other Authors: Kuang-Ping Ku
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/90029315860349552659

碩士 === 淡江大學 === 財務金融學系碩士在職專班 === 101 === This study mainly analyzes the impact of corporation receive going-concern opinions long-term performance in Taiwan during the period from 1989 to 2008 by using the data of 67companies. In order to research the long-term investment performance, we use four different kinds of methods to estimate abnormal returns, including CAR, BHAR, CTAR and CT-FAT. On the other hand, we use the DuPont formula to estimate the long-term operational performance. The empirical findings show that： 1. Long-term investment performance： Although the performance estimated through the previous four methods failed to make consistent conclusions, but we seem can conclude that investors can earn more abnormal returns if they hold the stock longer (more than 3 years). 2. Long-term operational performance：Those companies which are received a going concern related audit opinion can not bring the corporation’s profitability up. As for operational efficiency, they make no difference to the average level. In debt-paying ability, they are worse than the average of the same industry.