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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/55001


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    題名: Economic growth, national competitiveness, and stock retrun
    作者: 王彥文
    Wang, Yen Wen
    貢獻者: 周行一
    Chow, Edward
    王彥文
    Wang, Yen Wen
    關鍵詞: Economic growth
    National competitiveness
    Stock return
    日期: 2011
    上傳時間: 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.
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    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
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    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
    資料類型: thesis
    顯示於類別:[財務管理學系] 學位論文

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