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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/98155

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/98155

Title:	Financial Liberalization, Foreign Ownership and Corporate Operational Efficiency: The Case of Taiwan Market
Authors:	李桐豪 Lee, Tung-Hao;Huang, Jiun-Kai
Contributors:	金融系
Keywords:	Financial liberalization;Foreign portfolio;Operating efficiency;DEA;QFII
Date:	2013-08
Issue Date:	2016-06-21 16:13:03 (UTC+8)
Abstract:	Using a non-parametric data envelopment analysis (DEA) method, this paper investigates the investment allocation choices of foreign investors and how the foreign ownership and corporate operational efficiency play roles in Taiwan market with more financial liberalization. Empirical results suggest a possible channel. Through this channel, a high level of foreign ownership significantly positively affects corporate operational efficiency, and then higher operational efficiency triggers better performance. With more liberalization, some foreign investors are not only speculators, but also they play the role of monitoring or disciplinary. They improve corporate operational efficiency and performance, and thus in turn their investment profits, especially high-tech and exporting companies. These two roles are not mutually exclusive. The case of Taiwan market may have established a paradigm for developing countries to follow.
Relation:	Review of Economics & Finance, Vol. 3, No. 3, pp.34-47
Data Type:	article
Appears in Collections:	[金融學系] 期刊論文

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