- 期刊
成長機會與可支配現金流量對海外投資宣告影響之研究－大陸與東南亞投資的實證
The Impacts of Growth Opportunities and Free Cash Flow on Announcement Effect of Foreign Direct Investment: An Empirical Study of Investment in Mainland China and South-East Asia
並列摘要
This article explores the announcement effect of foreign direct investment (FDI) on stockholders' wealth. Different from previous studies, our focus is on how growth opportunities and free cash flow make influence on FDI announcement effect. Our sample includes 236 event companies listed on Taiwan Stock Exchange during 1993-1998. Results show that: (1) announcement effect of investment in Mainland China is better than South-East Asia; (2) companies with lower growth opportunities have higher stockholders' wealth of announcement; (3) firms with more free cash flow are associated with better announcement effect; (4) companies with lower growth as well as higher free cash flow create the largest wealth effect on FDI announcement.
參考文獻
Brush, T. H.,Bromiley, P.,Hendrickx, M.(2000).The Free Cash Flow Hypothesis for Sales Growth and Firm Performance.Strategic Management Journal.21
Buckley, P. J.,Casson, M. C.(1976).The Future of the Multinational Enterprise.London:Macmillan.
Caves, R.(1971).International corporations: The industrial economics of foreign investment.Economica.56
Caves, R.(1974).Causes of direct investment: Foreign firms' shares in Canadian and United Kingdom manufacturing industries.Review of Economics and Statistics.56
Chan, Su Han,Kensinger, J. W.,Keown, A. J.,Martin, J. D.(1997).Do strategic alliances create value?.Journal of Financial Economic.46
被引用紀錄
李燕娜（2004）。成長機會與可支配現金流量對台商赴大陸投資對台灣母公司財務績效影響之研究〔碩士論文，元智大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0009-0112200611361495
延伸閱讀
- 陳可珍（2010）。經濟成長、所得分配與外人直接投資：東亞與拉丁美洲開發中國家的實證研究〔碩士論文，國立清華大學〕。華藝線上圖書館。https://doi.org/10.6843/NTHU.2010.00428
- 黃怡庭（2009）。外來直接投資之外溢效果、金融市場與經濟成長－全球實證研究之再探〔碩士論文，國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342/NTU.2009.10764
- 李文瑞（2000）。廠商海外投資股權模式關鍵影響因素之研究－台商赴東南亞投資之實證分析。管理評論，19(3)，25-49。https://doi.org/10.6656/MR.2000.19.3.CHI.25
- 楊雅筑（2018）。The Impact of Low Interest Rates on Firms’ Investment-Cash Flow Sensitivity and Internal Capital Market:An Empirical Study on Taiwan’s Listed Companies〔碩士論文，國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342/NTU201801364
- 高振洲（2008）。A Study on the Determinants and Interactive Relationships among Direct Foreign Investment, Import and Export for Taiwan and Mainland China: An Application of Panel Cointegration Approach and Its Viewpoint of Industry〔碩士論文，國立臺北大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0023-0307200811021300