The Analysis of the Influences of Board Structure and Financial Performance on Margin Trading.

• Main Authors: Kai-Neng Chang, 張凱能
• Other Authors: 倪衍森
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/80584747828829519493

碩士 === 淡江大學 === 管理科學學系碩士班 === 104 === Credit trading is one of popular trading behaviors in capital market. We then employ whether credit trading would be affected by the variables in term of board structure and financial statements in this study. In addition, we use the level of margin, the level of short selling and margin over short selling ratio as credit trading variables, and reveal the following important findings. First, beta is closely related with credit trading variables. Second, margin trading is seldom occurred for the firms with high market value. These two findings indicate that investors using margin trading prefer investing the stock with higher volatilities. Third, the firms with low high debt ratio, small board size, and recruiting independent directors are the targets for crediting trading, indicating that corporate governance and financial information would be taken into account in credit trading. Fourth, the firms targeted by short selling are the firms with higher firm scales resulting in higher short selling over margin ratio, which might result from the abundant source of short selling for these firms.