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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/53830

    Title: 市場自由化與公司治理對公司價值及投資限制的影響─跨公司分析
    Other Titles: The Impact of Market Liberalization and Corporate Governance on Firm Value and Financial Constraints - a Cross-Firm Analysis
    Authors: 周冠男
    Contributors: 國立政治大學財務管理學系
    Keywords: 跨公司分析
    Date: 2011
    Issue Date: 2012-10-22 11:11:11 (UTC+8)
    Abstract: 自1980 年代末期開始,許多新興國家開始實行資本市場自由
    重要因素。Many of the emerging economies have experienced liberalization of their capital markets
    since the late 1980s, inducing massive amounts of capital inflow, and at the same time
    giving rise to broad academic interest. Most of the prior studies on financial market
    liberalization focus on the aggregate change in the cost of capital (Stulz, 1999; Bekaert and
    Harvey, 2000; Henry, 2000a), little evidence is available on whether firm values are
    increased and whether financial constraints are effectively lifted in the post-liberalization
    period, at firm level. The importance of the firm-level corporate governance quality on
    firm performances has been well documented in the literature. The better corporate
    governance is highly correlated with better operating performance and market valuation.
    To the best of our knowledge, few of these studies, if any, have examined how a firm’s
    corporate governance structure would interact with the impact of financial market
    liberalization. In the first year’s project, we examine the role of financial market
    liberalization on the wealth effects. We find significant influences of corporate governance
    on the effect of market liberalization events. Market responses to stock market and
    announcements are more favorable and valuable for firms with better corporate governance.
    Further, we find that firms with better corporate governance quality experience a greater
    release of their financial constraint following the stock market and the banking sector
    liberalization. Overall, we find that corporate governance is an important factor affecting
    firm performances and their financial constraints after both the stock market and banking
    liberalization in emerging markets.
    Relation: 基礎研究
    研究期間:10008~ 10107
    Data Type: report
    Appears in Collections:[財務管理學系] 國科會研究計畫

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