文化大學機構典藏 CCUR:Item 987654321/21040
English  |  正體中文  |  简体中文  |  全文笔数/总笔数 : 46867/50733 (92%)
造访人次 : 11886965      在线人数 : 671
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    主页 ‧ 登入 ‧ 上传 ‧ 说明 ‧ 关于CCUR ‧ 管理 到手机版


    jsp.display-item.identifier=請使用永久網址來引用或連結此文件: https://irlib.pccu.edu.tw/handle/987654321/21040


    题名: Analyzing financing strategy of public manufacturing companies
    作者: Shih, KH (Shih, Kuang-Hsun)
    Fan, KC (Fan, Kang-Chi)
    贡献者: 財務金融學系
    关键词: Financing
    Capital structure
    Manufacturing industries
    China
    日期: 2009
    上传时间: 2011-12-12 15:12:27 (UTC+8)
    摘要: Purpose - This paper focuses on Taiwanese-funded manufacturing companies operating in mainland China to analyze the factors affecting funding decision-making before and after initial public offering (IPO).

    Design/methodology/approach - This research investigates the impact and usefulness of various paths in the data system by using the structural equation modeling (SEM) to examine how the overall economy aspect and the basic aspect before IPO affect the initial returns (IRs) during the IPO and the debt ratio (DR) volatility after listing.

    Findings - The results show that the IR, percent change of stock index, and exchange rate volatility before IPO are negative associated with the DR after IPO. The age of IPO companies is positive associated with the DR after IPO. This research also finds that the interest rate volatility before and after IPO have no direct effect upon companies' financial strategies after IPO, but may indirectly affect companies' financial strategies after IPO through the IRs, which conform with the market information feedback hypothesis proposed by van Bommel and Vermaelen.

    Research limitations/implications - This paper investigates Taiwanese-funded traditional manufacturing companies in mainland China. The paper obtains the sample from the Taiwan Stock Exchange from 1990 to 2005; electronic companies and samples lacking complete data are eliminated. Finally, the sample consists of 122 companies from traditional manufacturing sectors. The results may be applied to companies not from high-tech sectors and emerging markets only. The incentive of debt financing would be lower for IPO companies with high IRs, percentage changes of stock index, and exchange rate fluctuation before listing. The paper suggests further research can investigate IRs for establishing an optimal capital structure to minimize financing costs and appreciate company value when choosing financing strategies. The new pubic companies will infer the IR and future capital structure through market interest before listing. It suggests future research may be directed at companies from financial and high-tech sectors, and may apply the methodologies to developed economies.

    Practical implications - It is suggested that IPO companies may closely examine to determine the performance of stock market, tendencies of exchange rate movement, as well as IRs in order to establish an optimal capital structure to minimize financing costs and appreciate company value. Besides, the new pubic companies will infer the IR and future capital structure through market interests before listing.

    Originality/value - This research implicated that IPO companies should fully understand the stock market circumstance and exchange rate volatility tendencies. Then, the new pubic offering companies will be able to infer the IR and future capital structure through market interest to judge relative financing costs of manufacturing companies.
    显示于类别:[財務金融學系 ] 期刊論文

    文件中的档案:

    没有与此文件相关的档案.



    在CCUR中所有的数据项都受到原著作权保护.

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈