淡江大學機構典藏:Item 987654321/106253
English  |  正體中文  |  简体中文  |  全文笔数/总笔数 : 58237/91808 (63%)
造访人次 : 13785098      在线人数 : 46
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU 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


    jsp.display-item.identifier=請使用永久網址來引用或連結此文件: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/106253


    题名: Financial Performance and Business Risk of Futures Commission Merchants: A Panel Threshold Regression Approach
    其它题名: 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
    关键词: 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
    上传时间: 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
    显示于类别:[財務金融學系暨研究所] 期刊論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    Financial Performance and Business Risk of Futures Commission Merchants A Panel Threshold Regression Approach.pdf2083KbAdobe PDF0检视/开启
    index.html0KbHTML49检视/开启

    在機構典藏中所有的数据项都受到原著作权保护.

    TAIR相关文章

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - 回馈