| 摘要(英) |
This thesis is about companies that were claimed to be change trading method stocks by Taiwan Stock Exchange Corporation (TSEC) and Gre Tai Securities Market (also known as OTC) of Taiwan. To have an objective benchmark, we select companies whose E/P ratios are the last 10% of the whole security market to be comparable companies. With these benchmarks, we can compare the performances and financial variables between sample companies and comparable companies, and further understand how well sample companies work when/after they experienced financial distress.
In this thesis, we will introduce three empirical results. First, we find out that the ratio of net income to total assets and the ratio of total debt to total assets have influences upon return on equity significantly. The result also indicates that the lower the ratio of net income to total assets is or the higher ratio of total debt to total assets is, the greater the return on equity would be. Second, we use linear combination of some variables to test whether the multicollinearity affects the result or not. In this part, it shows that the residual from the combination of current ratio and the ratio of total debt to total assets will have significant effect. Finally, since there is a lot of difference between the results of total samples and recovery samples, we further separate the resources of variables to see how they affect the outcome. It turns out that the ratio of net income to total assets and the ratio of total debt to total assets coming from un-recovery companies would affect the regression results more significantly than the opposite. With this result, we can infer that the performances and the financial situation of recovery companies are better, so there is no significant difference from recovery companies and comparable companies. |
| 參考文獻 |
一、 中文參考文獻
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15. 公開資訊觀測站 http://newmops.tse.com.tw/
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二、 英文參考文獻
1. Degeorge, F. and Richard Zeckhauser, “The Reverse LBO Decision and Firm Performance: Theory and Evidence”, The Journal of Finance, Vol. 48, pp. 1323-1348, September 1993.
2. Cao, J. and Josh Lerner, “The Performance of Reverse Leveraged Buyouts”, NBER working paper 12626, October 2006.
3. Datta, S. and Mai E. Iskandar-Datta, “Reorganization and Financial Distress: An Emprical Investigation”, The Journal of Financial Research, Vol. 18, pp. 15-32, 1995.
4. Mian, S. and James Rosenfeld, “Takeover Activity and the Long-Run Performance of Reverse Leveraged Buyouts”, Financial Management, Vol. 22, pp. 46-57, 1993.
5. Opler, T. C. and Sheridan Titman, “Financial Distress and Corporate Performance”, The Journal of Finance, Vol. 49, pp.1015-1040, July 1994.
6. Beaver, William H., “Financial Ratios As Predictors of Failure”, Journal of Accounting Research, Vol. 4, pp.71-111, 1966.
7. Wooldridge, Jeffery M., 3rd, Introductory Econometrics – A Modern Approach, Thomson South-Western, the United States of America, 2006. |
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