Corporate Performance during Global Financial Crisis: An Empirical Study of Global 500 Firms

全球金融風暴與企業經營績效之實證研究 - 以全球前五百大企業為例

鄭若涵(Jo-Han Cheng)

指導教授 ： 林哲群

國立清華大學/科技管理學院/國際專業管理碩士班/碩士(2010年)

摘要

This study is going to attempt to explain the cause, the impact and the solution of the Global Financial Crisis and to examine further the change in corporate performance during 2006 to 2009. Empirical results, based on the information obtained from the Bloomberg Global 500 firms in 2007, showed that there is a significant positive relation between the performance of equity returns and profitability (ROA), but no relation with asset turnover. Furthermore, the better corporate performance with lower debt ratio is also documented.

關鍵字

financial crisis ； globalization ； performance ； subprime mortgage ； MNEs

參考文獻

Baek, J. S., Kang, J. K., & Park, K. S. 2004. Corporate governance and firm value: Evidence from the Korean financial crisis. Journal of Financial Economics, 71(2): 265–313.

Borio, C. 2008. The financial turmoil of 2007-?: A preliminary assessment and some policy considerations. BIS working paper (251): March.

Capon, N., Farley, J.U. & Hoenig, S.M. 1990. A meta-analysis of financial performance. Management Science, 36(10): 1143–1159.

Chen, H., & Hu, M. Y. 2002. An analysis of determinants of entry mode and its impact on performance. International Business Review, 11(2): 193–210.

Claessens S, Djankov S, Xu LC. 2000. Corporate performance in the East Asian financial crisis, The World Bank Research Observer 15(1): 23–46.