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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

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題名:	Financial Liberalization, Foreign Ownership and Corporate Operational Efficiency: The Case of Taiwan Market
作者:	李桐豪 Lee, Tung-Hao;Huang, Jiun-Kai
貢獻者:	金融系
關鍵詞:	Financial liberalization;Foreign portfolio;Operating efficiency;DEA;QFII
日期:	2013-08
上傳時間:	2016-06-21 16:13:03 (UTC+8)
摘要:	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.
關聯:	Review of Economics & Finance, Vol. 3, No. 3, pp.34-47
資料類型:	article
顯示於類別:	[金融學系] 期刊論文

文件中的檔案:

檔案	描述	大小	格式	瀏覽次數
1923-7529-2013-03-34-14.pdf		1278Kb	Adobe PDF2	556	檢視/開啟

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