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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/63833

    Title: 中國宏觀調控政策與 A股上市鋼鐵產業之經營績效和投資價值
    Authors: 林玲銘;LIN,LING-MING
    Contributors: 管理學院高階主管企管碩士班
    Keywords: 上市鋼鐵公司;宏觀調控;托賓 Q值;chinese macroeconomic regulation and control;investment value;Tobin Q-value
    Date: 2008-07-18
    Issue Date: 2014-05-08 15:33:14 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 鋼鐵產業可謂是所有產業之母。古今中外,凡有人文發展的地方,所有產業皆貣源
    其沖。本研究主要觀察宏觀調控政策實施的近 4年內,調控措施對上市鋼鐵企業之獲冺
    和價值的影響。將A股上市鋼鐵公司共 38家在2004年至2007 年間做研究。分析經營
    翔(2007),彭韶兵、李曉寒、黃益建(2007)和巴曙松(2008)等皆證實了托賓 Q值
    ;The steel and iron industry may be said to be the mother of all industries.
    From ancient to modern ages, in China and abroad, in every place where
    industrialization has occurred, the steel and iron industry forms the foundation.
    Today, the effect of globalization has resulted in sharing resources and the
    segmentation of labor, and therefore this fundamental industry has been
    redefined. Every country, because of their economic and environmental climate,
    has created different structural characteristics in the steel and iron industry.
    Ever since the Chinese economic reforms, the economy has progressed by leaps
    and bounds. Economic demands domestically and internationally have been
    extremely high, and have resulted in especially high demands in the steel and
    iron industry.
    During this overheated economic period, the Chinese government launched a
    series of macroeconomic regulation and control measures. The steel and iron
    industry bore the brunt of these policies. This study analyses the impacts of
    these policies from 2004 to 2007 on investment value and in profit achievements.
    It focuses on 38 publicly traded companies within the steel and iron industry
    (on the A-listing). The measures studied include rate of return on asset,
    shareholders’ rate of return, the price earnings (PE) ratio, market-to-book
    rate and the Tobin Q-value.
    This study collected financial data from 38 publicly-traded companies in
    the iron and steel industry. The above measures were calculated and then used
    to confirm that the government’s macroeconomic regulations and control has an
    impact in the iron and steel industry. Prior to this research, mainland Chinese
    researchers such as Ho Chang Ying, Li Xiang (2007), Peng Shao Bing, Li Xiao Han,
    Huang Yi Jian (2007) and Ba Shu Song (2008) have validated that the Tobin Q-value
    has dramatic effects on the Chinese stock market. This study obtained the same
    results from the steel and iron industry listed in China’s A listing.
    It was discovered that the Tobin Q-value is correlated to the activities
    of the biggest shareholder such as selling stocks, and more fundraising plans
    for companies and/or as well as more initial public offerings(IPO) in the stock
    market. The larger the Tobin Q-value, the more frequent these activities.
    Appears in Collections:[高階主管企管(EMBA)碩士班] 博碩士論文

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