||Financial Studies related to the Financial Statements and Corporate Governance
||Doctoral Program, Department of Management Sciences
Overseas Convertible Bonds
|| 台灣許多企業的績效和公司價值與其財報資訊和公司治理有關。第一篇文章為以財務報表之五力分析來評估發行可轉換公司債的公司，由於有些高科技公司以海外可轉債來籌措資金，是以本研究乃是評估這些發行海外可轉債之公司績效，在本研究中，採用財報的五力分析，其中包含流動比率，負債比率，資產週轉率，淨利率和本益比來評估這些公司的績效。而本研究所採用Technique for Order Preference by Similarity to Ideal Solution (TOPSIS,理想解類似度偏好順序評估法)研究方法，其相當有助於在有限的樣本中選取投資標的，此與傳統的財務研究方法有所不同。是以本研究對此財務領域的相關文獻應有其貢獻，亦為此相關研究有擴展之效。
第二篇文章為探討是否公司治理會影響外資機構的持股變化的因素，其初步結果顯示，公司治理和財務表現並不影響外資機構持股的變化。然而在採用Censored Panel Data Models (設限的縱橫資料模型)來聚焦於外資持股增加的樣本時，發覺公司治理和財務表現確實會影響到國外機構持股的變化，此結果類似於採用Quantile Regression Models (分量迴歸模型)，高分位的實證結果與低分位的實證結果可能會有所不同。
|| This dissertation is to explore whether the information related to financial statements and corporate governance would matter such as screening stocks among the firms listed in Taiwan Stock Exchange for investors or shareholding enhanced for institutional investors. In this study, we incorporate two essays to explore the issues mentioned above.
Essay one is to measure the financial performance of overseas convertible bonds according the analysis of five forces retrieved from financial statements, including the current ratio, debt ratio, asset turnover ratio, net profit ratio, and P/E ratio, as convertible bonds are occasionally issued by high-tech firms for raising funds in Taiwan. By using the evaluation method called technique for order preference by similarity to ideal solution (TOPSIS), we reveal the firms with superior performance using a limited sample, unlike the other approaches adopted in finance. We argue that this study will contribute to the existing literature by presenting persuasive results using limited samples, which is rarely explored in the relevant literature.
Essay two is to explore the factors that affect the shareholding change of foreign institutions, results showed that corporate governance and financial issues may not be related to the shareholding change of foreign institutions. After employing censored panel data models by focusing on either positive or negative samples in term of the shareholding change of foreign institutions, results revealed that corporate governance and financial performance are related to the shareholding change of foreign institutions for positive samples instead of negative samples, which is similar to that results might not be the same for low quantile or high quantile estimation by using quantile regression models. The above concern seems rarely examined in the relevant literature.
In sum, Essay one is to measure the financial performance of overseas convertible bonds according the analysis of five forces retrieved from financial statements. Essay two is to shows that the factors that affect the shareholding change of foreign institutions. In these two essays, we reveal that the firms with better financial performance and corporate governance would be taken into account by foreign institutions to enhance their shareholding as well as be regarded as worthwhile investing targets for the firms issuing convertible bonds.
List of Tables III
Chapter 1 Introduction 1
Chapter 2 Evaluating Overseas Convertible Bonds from Financial Statements Using Five Forces Analysis 4
2.1 Introduction 4
2.2 Variable Selected and Measured 6
2.2.1 Variable Selected 6
2.2.2 Measurement of Variables 7
2.3 Empirical Results and Analyses 8
2.3.1 Performance Values of the Firms 8
2.3.2 Normalization and Weighted-normalized of the Performance Values of the Firms 10
2.3.3 The Ideal Solution to the Firms 11
2.4 Summary Remarks 12
Chapter 3 Foreign Institution Investors, Shareholding Change, and Corporate Governance 16
3.1 Introduction 16
3.2 Data, Variables, and Methodology 22
3.2.1 Data and variables 22
3.2.2 Model 24
3.3 Empirical Results and Analyses 25
3.3.1. Descriptive statistics 25
3.3.2 Factors affecting the shareholding change of foreign institutions 27
3.4 Summary Remarks 32
Chapter 4 Conclusions and Suggestions 39
List of Tables
Table 2-1 Performance values of the eight companies 9
Table 2-2 Normalization of the performance values of the eight companies 10
Table 2-3 Weighted-normalized performance values of the eight companies 10
Table 2-4 The ideal solution A* (and the negative-ideal solution A-) of the eight companies 11
Table 3-1 Definition of variables 23
Table 3-2 Descriptive statistics 26
Table 3-3 Empirical Results I 28
Table 3-4 Empirical Results II 30
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