| Summary: | 碩士 === 國立臺灣大學 === 會計學研究所 === 103 === The main purpose of this thesis is to study the relation between political connection and firm value. Using Taiwan’s public listed enterprises as samples, the parameters of the models built in the study are estimated by logit regression, multiple linear regression, and reverse regression method. We define political connection by two ways: (1) whether the government is the shareholder of the company, and (2) the percentage of shares held by government. Our research results indicate that political connection can increase the return of assets, the Tobin’s Q, debt rate, expense of R&D, and capital intensity. In the sensitivity analysis, we redefine political connection as the government holds more than 1% stocks of the company to test the relation between political connection and firm value. The result is virtually the same as the one of original regression.
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