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Analyzing company's capital sources and uses before and after being listed:a case study of M company
Tang, Tseng Chin
Initial public offering (IPO)
|摘要:||本研究以M上市公司為研究主體，實證探討該公司在股票上市前後資金來源與資金動用的考量因素，選取的財務比例以負債比例、每股盈餘、營業毛利率、存貨週轉率、營收成長率、股東權益占總資產的比例為代表。透過皮爾森積差相關法(pearson product-moment correlation)逐步回歸(stepwise regression model)及多元迴歸(multiple regression model)模型進行實證分析，主要實證結果如下：
The primary purpose of this study is to explore M company's how to fund capital and the reasons that M company will concern about capital uses. The empirical methods utilize of several financial ratios, including debt ratio, earnings per share, gross profit margin, inventory turnover ratio, revenue growth rate, and percentage of shareholder's equity to total assets. Employing pearson product-moment correlation, stepwise regression and multiple regression model, we find the empirical results summarized as follows: During the period from year 1992 to 1997, before the company became listed, the higher the debt ratio and the revenue growth rate; the higher the percentage of short-term loan to total assets. However, after being enlisted, from year 1998 to 2004, the higher the earning per share, the higher the percentage of short-term loan to total assets. Based on the empirical evidence, M company receives more loan facility after getting listed probably because its profitability, management capability and repayment ability have been increasing dramatically. That is, the company got better reputation after being listed and the improvement of quality and transparency of financial information make the amount of loan facility increase. The company's gross profit margin, profitability, and short-term loan have significantly positive correlation whether the company got listed or not. Finally, the exogenous variable of the guaranteed loan interest rate of the central bank is insignificant before and after the company got listed.
|Appears in Collections:||高階經理人碩士在職專班|
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