產業結構變遷對電子產業與傳統產業價值創造之影響研究
Date Issued
2005
Date
2005
Author(s)
歐陽運翰
DOI
zh-TW
Abstract
There are quite satisfying empirical findings in Ohlson’s equity valuation model. However, there is no clear definition in “other information” of this model. Therefore, we choose several factors of industrial structure changes as other information, such as labor density, capital density, technical density, export ratio, industrial growth rate of contribution and wage ratio, to examine what variables explain the business value relevance.
Based on the adjusted model of Barth, Clement, Foster, and Kasznik (1998), we introduce two kinds of empirical models, including price model and return model, to analyze what effects that changes in industrial structure make on firms’ market value and returns. First, we carry out some empirical analysis according to the data of 420 listed companies from 1995 to 2004, including electronic industry, textile industry, plastic industry, rubber industry, and engineering industry. Furthermore, we discuss the different effects on business value creation by separate industries and IPO years.
The major empirical findings are as follows: (1) changes in industrial structure have effects on firms’ market value and returns. Technical density and export ratio are significantly positively related to business value, but labor density and wage ratio are significantly negatively related. (2) In separate industries, different factors of industrial structure changes have different impacts on business value creation. (3) Different IPO years, due to major change of IPO system, provide significant explanatory power for the stability in business value creation. (4) The interaction effect of industries and IPO years on business value is significantly associated.
Subjects
產業結構
價值創造
電子業
傳統產業
Industrial structure
value creation
electronic industry
traditional industry
IPO
SDGs
Type
other
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