政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/55001
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113303/144284 (79%)
造访人次 : 50812622      在线人数 : 874
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/55001


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/55001


    题名: Economic growth, national competitiveness, and stock retrun
    作者: 王彥文
    Wang, Yen Wen
    贡献者: 周行一
    Chow, Edward
    王彥文
    Wang, Yen Wen
    关键词: Economic growth
    National competitiveness
    Stock return
    日期: 2011
    上传时间: 2012-10-30 14:36:23 (UTC+8)
    摘要: It is wide believed that the economic growth is good to stockholders, but there still exist some arguments about the positive relationship between the economic growth and stock market returns. We prove that the economic growth has positive effect on the stock market returns. As a result, the stockholders could use the economic index to choose their target market to earn return. We find that the stock market could only reflect the short term condition of the country and could not reflect the long term accumulation of a country. That is, the national competitiveness could not reflect on the stock market return for stockholders in the long term. Otherwise, we also find that the capital formation and productivity are significantly positive to the stock market returns.
    We use the real GDP growth rate as the economic growth proxy and the national competitiveness rank to measure the national competitiveness from IMD competitiveness center. The time period of data is from 1997~2010. Fifty countries included in our sample.
    參考文獻: 1. Anderson, C. W., L. G.-F. O, 2006, "Empirical Evidence on Capital Investment, Growth Options, and Security Returns" Journal of Finance 62, 171-192.
    2. Banz, Rolf W., 1981, "The relationship between return and market value of common stocks" Journal of Financial Economics 9, 3-18.
    3. Barro, R., Sala-i-Martin, X., 1992, "Convergence" Journal of Political Economy 100, 223-251.
    4. Barro, R., Sala-i-Martin, X., 1995, "Economic Growth" McGraw Hill, New York.
    5. Begg, 1999, " Cities and Competitiveness" Urban Studies 36. 5/6 : 795-809
    6. Berk J. B., R. C. Green, V. Naik, 1999, " Optimal Investment, Growth Options, and Security Returns", Journal of Finance54, Issue 5, 1553-1607
    7. Bhandari, 1988, "Debt/Equity Ratio and Expected Common Stock Returns: Empirical Evidence", Journal of Finance 43, No. 2, 507-528
    8. Bodurtha, J., James N., D. C. Cho, 1989, "Economic forces and the stock market: An international perspective" Global Finance Journal 1, 21-46.
    9. Burton A. Weisbrod, 1962, "Education and Investment in Human Capital" Journal of Political Economy 70, No. 5, 106-123
    10. Chen, N., R. Roll and S. Ross, 1986, "Economic Forces and the Stock Market." Journal of Business 59, 383-403.
    11. Clark J. , Guy K., 1998, " Innovation and competitiveness: a review", Technology Analysis & Strategic Management, Vol 10, issue 3, 363-395
    12. Eugene F. Fama and Kenneth R. French, 1992, "The Cross-Section of Expected Stock Returns", The Journal of Finance, Vol. 47, No. 2, 427-465
    13. Fama E. and French K., 1993, "Common risk factors in the returns on stocks and bonds" Journal of Financial Economics, 3-56.
    14. Faug"ere, C., J. V. Erlach, 2006, "The Equity Premium: Consistent with GDP Growth and Portfolio Insurance" The Financial Review 41, 547-564.
    15. Garcia V. F. and Liu L., 1999, "macroeconomic determinant of stock market development" Journal of Applied Economics, Vol. II, No. 1, 29-59
    16. Georghiou L. G., J. S. Metcalfe, "Evaluation of the impact of European community research programmes upon industrial competitiveness", R&D Management Volume 23, Issue 2, 161-170
    17. Levine, R., Renelt, D., 1992, "A sensitivity analysis of cross-country growth regressions" The American Economic Review 82, 942-963.
    18. Lu Zhang, 2005, " The Value Premium", Journal of Finance, Volume 60, Issue 1, 67-103
    19. Mankiw, G., Romer, D., Weil, D., 1992, "A contribution to the empirics of economic growth." Quarterly Journal of Economics 107, 407-437.
    20. Moretti, E., 2004, "Workers` Education, Spillovers, and Productivity: Evidence from Plant-Level ProductionFunctions." The American Economic Review 94 (3), 656-690.
    21. Myoung-jae Lee, 2002, "Panel Data Econometrics, Methods of Moments and Limited Dependent Variables."
    22. Nonneman, W., Vanhoudt, P., 1996, "A further augmentation of the Solow model and the empirics of economic growth for OECD countries." Quarterly Journal of Economics 111, 943-953.
    23. Porter M.E., 1990, " The competitive advantage of nations: with a new introduction"
    24. Rapkin, DP and J, R. Strand, 1995, "Competitiveness: useful concept, political slogan or dangerous obsession", International Journal of Political Economy Yearbook, 8, 1-20.
    25. Ritter, J. R., 2005, "Economic Growth and Equity Returns" Pacific-Basin Finance Journal 13, 489-503.
    26. Roger G. Ibbotson and Peng Chen, "Long-Run Stock Returns: Participating in the Real Economy", Financial Analysts Journal ,Vol. 59, No. 1: 88-98
    27. 陳冠位, 2002, "Study on the Evaluation System of City Competitiveness." ,博士論文
    28. 薛瀾, 1995, “從國際競爭力評估美國在全球競爭地位”，美歐月刊，pp.44-60。
    描述: 碩士
    國立政治大學
    財務管理研究所
    99357006
    100
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0099357006
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    700601.pdf757KbAdobe PDF21012检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈