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    題名: Financial Performance and Business Risk of Futures Commission Merchants: A Panel Threshold Regression Approach
    其他題名: 期貨商財務績效與經營風險
    作者: Hung, J. C.;Chang, M. C;Chien-Ming. Huang;Chien-Liang Chiu
    關鍵詞: 調整後淨資本;期貨商;財務績效;縱橫資料門檻模型;Adjusted net capital;Futures commission merchants;Financial performance;Panel threshold model
    日期: 2013-11
    上傳時間: 2016-04-22 13:43:18 (UTC+8)
    出版者: 臺灣期貨交易所股份有限公司
    摘要: In this paper, we investigate the relationship between business risk and financial performance of the Futures Commission Merchants (FCMs) in Taiwan. The business risk of FCMs is proxied by the adjusted net capital (ANC) ratio. In particular, the non-dynamic panel threshold model (Hansen, 1999) is used to analyze the effect of structural asymmetry of business risk and financial performance of FCMs. The sample period starts from January 1, 2005 through December 31, 2008 and the panel data is a balanced type. The empirical results show that there exists a significant threshold between the relationship of ANC ratio and financial performance. When ANC ratio is above the threshold value, there does not exit a significant relation between ANC ratio and financial performance. However, when ANC ratio is below the threshold value, financial performance has a significant negative relationship with ANC ratio. This implies that there might be some spaces for the limit of the ANC ratio to be appropriately downward adjusted for the FCMs to enhance their financial performance through expanding their business capacities.
    關聯: 期貨與選擇權學刊 6(2), p.51-71
    顯示於類別:[財務金融學系暨研究所] 期刊論文

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