中國物聯網企業在境內上市與在美國上市的對比;Market Valuation of Chinese IOT Enterprises: Listing in U.S. Versus Listing in China

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Title:	中國物聯網企業在境內上市與在美國上市的對比;Market Valuation of Chinese IOT Enterprises: Listing in U.S. Versus Listing in China
Authors:	宋雅雯;Yawen, Song
Contributors:	財務金融學系
Keywords:	物聯網;企業評價;上市;Internet of things;Market Valuation;Listing
Date:	2017-06-28
Issue Date:	2017-10-27 13:49:21 (UTC+8)
Publisher:	國立中央大學
Abstract:	2009年8月溫家寶總理提出“感知中國”以來，物聯網被正式列為國家五大新興戰略性產業之一，物聯網在中國受到了全社會極大的關注，因此本文想要探究這個新的概念題材。本文探究中國的物聯網企業在中國境內上市與在美國上市對比，其估值會不會有所不同，透過73家在中國上市的中國物聯網企業和15家在美國上市的中國物聯網企業， 2011年到2015年的年資料，通過比較這些公司的Tobin’s q值，實證結果發現在中國境內上市之中國物聯網企業的Tobin’s q值高於在美國上市之中國物聯網企業，且結果顯著，表明中國物聯網企業在中國上市有較好的評價。並且，在2015年物聯網企業的估值顯著高於其他年份。;Since 2009.8, the Prime Minister of China, Mr. Wen Jia Bao, brought the concept “Experience China” to public, IOT is officially became one of the FIVE ultramodern Strategic industries in China. China’s society was paying much more attention on IOT. Therefore, this article is aimed to explore this subject matter which is the new concept to public. This paper is going to find out the difference for Chinese IOT enterprises to become listed in China and USA. When IOT enterprises list in different countries (China and USA), whether it would cause any difference in valuation. This paper uses the annual data from 2011-2015, among 73 Chinese IOT enterprises listed in China and 15 Chinese IOT enterprises listed in USA, through the Tobin’s Q of these companies, the result shows the enterprises listed in China has higher Tobin’s Q than the Chinese enterprises listed in USA, and the result is significant. That means Chinese IOT enterprises have better evaluation when they listed in China. The valuation of IOT enterprises in 2015 is significantly higher than other years.
Appears in Collections:	[Graduate Institute of Finance] Electronic Thesis & Dissertation

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