教師資料查詢 | 類別: 期刊論文 | 教師: 李文雄 Wen-shiung Lee (瀏覽個人網頁)

標題:Combined MCDM techniques for exploring company value based on Modigliani–Miller theorem
學年99
學期2
出版(發表)日期2011/07/01
作品名稱Combined MCDM techniques for exploring company value based on Modigliani–Miller theorem
作品名稱(其他語言)
著者Lee, Wen-Shiung; Tu, Wei-Shan
單位淡江大學企業管理學系
出版者Kidlington: Pergamon
著錄名稱、卷期、頁數Expert Systems with Applications 38(7), pp.8037–8044
摘要This study combines decision making trial and evaluation laboratory (DEMATEL), analytical network process (ANP), and VIKOR to discuss the influence relationship between and relative weights of the major factors influencing company value – cash flow, weighted average cost of capital (WACC), and tax shield and their sub-factors based on the Modigliani–Miller (MM) theorem. The purpose of this study is to offer a reference to investors and regulatory units on how to choose the most valuable company as well as utilize a more accurate financial econometrics model to support their decisions. The factors and sub-factors are identified through the research model proposed by this study and the 3 factors of MM are then expanded into a seven-factor model. Among the seven factors, a study on company value shows that scale of debt is the most important criterion compared to all other criteria, followed by cost of debt, and earnings before interest and tax (EBIT). Moreover, empirical findings demonstrate that among the leading companies of Taiwan, Japan and Korea’s panel sector, the investment value of Samsung Electronics is significantly higher than LG, AU Optronics (AUO), Innolux, and Sharp. Research results further indicate that decomposing the MM model into a more precise financial econometrics model can help investors make better stock investment decisions.
關鍵字MM theorem; DEMATEL; ANP; VIKOR; WACC
語言英文
ISSN0957-4174
期刊性質國外
收錄於SCI
產學合作
通訊作者Lee, Wen-Shiung
審稿制度
國別英國
公開徵稿
出版型式紙本
相關連結
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