Title page for etd-0814112-132032


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URN etd-0814112-132032
Author Tzu-Ching Lee
Author's Email Address arthur0726@emome.net
Statistics This thesis had been viewed 5350 times. Download 2037 times.
Department EMBA
Year 2011
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title Research on Formation Process of King Stocks in Taiwan through “Economic Value Added”Approach
Date of Defense 2012-06-05
Page Count 101
Keyword
  • EVA
  • King Stock
  • Stock Buybacks
  • WACC
  • MV
  • FGV
  • COV
  • Abstract  Through “Economic Value Added” (EVA) approach, this study tries to observe the correlation between formation process of king stocks and their market prices. We hope to provide a useful tool to investors, which helps to realize value of king stocks and conditions of finding king stocks among numerous of listed companies, in order to make investment decisions efficiently and more precisely, and to obtain a good margin of profit.
     We gather financial information of those listed companies, which they had ever deemed as king stocks between 1992 and 2011. They basically have some features in common, i.e. companies with positive prospects, high market price, and newly listed. In this research, we utilize WACC, MV, COV and FGV to analyze EVA of king stocks, and find out the following empirical results:   
    1.When WACC of a king stock trends up in the long-run, it has a greater opportunity to improve and trigger COV trending up as well.
    2.When COV of a king stock trends up, it brings stable performances of MV continuously.
    3.FGV has a positive correlation with market price. When FGV of a king stock trends up, it triggers its market price to go up.
     In this research, we see that when MV and COV are convergent, we’re able to use FGV to anticipate future trend of the stock. We also expect this study further facilitates king-stock companies themselves to set up workable market price stabilizing plans and select the best timing for stock buybacks.
    Keywords: King Stock, EVA, WACC, MV, COV, FGV, Stock Buybacks.
    Advisory Committee
  • Pei-how Huang - chair
  • Chi-Cheng Wu - co-chair
  • Jen-Jsung Huang - advisor
  • Files
  • etd-0814112-132032.pdf
  • indicate access worldwide
    Date of Submission 2012-08-14

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