東華大學圖書館 |

語系: 繁體中文

說明(常見問題)

回圖書館首頁

手機版館藏查詢

登入

回首頁

切換: 標籤 | MARC模式 | ISBD

Essays on Corporate Vertical Integra...

Li, He.

FindBook

Google Book

Amazon

博客來

Essays on Corporate Vertical Integration.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on Corporate Vertical Integration./
作者:	Li, He.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2017,
面頁冊數:	129 p.
附註:	Source: Dissertation Abstracts International, Volume: 78-11(E), Section: A.
Contained By:	Dissertation Abstracts International78-11A(E).
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10273085
ISBN:	9781369887136

Essays on Corporate Vertical Integration.
Li, He.

Essays on Corporate Vertical Integration. - Ann Arbor : ProQuest Dissertations & Theses, 2017 - 129 p.

Source: Dissertation Abstracts International, Volume: 78-11(E), Section: A.

Thesis (Ph.D.)--The University of Texas at El Paso, 2017.

My dissertation examines the corporate diversification strategy of vertical integration. Vertical integration refers to the organizational structure in which divisions within the firm are integrated along the supply chain. I examine the advantages and disadvantages associated with vertical integration in two chapters. In Chapter 2, I model how inter-divisional spillover effects mitigate internal capital market (ICM) inefficiencies. The model shows that the spillover effect helps align the objectives of division managers and the objective of the CEO and the firm, and thus facilitates efficient capital allocation at equilibrium. Empirically, I measure the size of the spillover effect by the degree of vertical integration of the firm. I present evidence that higher level of vertical integration is associated with more efficient internal capital markets. In Chapter 3, I show that vertically integrated firms are relatively lower valued firms. Using a vertical integration coefficient (VIC), constructed with Industry Benchmark Input-Output accounts data, provided by the Bureau of Economic Analysis (BEA), I find that compared to laterally integrated firms, vertical integration is associated with a significant firm value discount of approximately 1.56%. Even more strikingly, compared to firms located in the lowest VIC quartile, firms located in the highest VIC quartile exhibit a significant larger discount of approximately 3.34%. I find that there are two important sources of this additional discount: lower profit margins and more cross-subsidization.

ISBN: 9781369887136Subjects--Topical Terms:

542899
Finance.

Essays on Corporate Vertical Integration.
LDR:02464nmm a2200289 4500 001 2156554
005 20180517120324.5
008 190424s2017 ||||||||||||||||| ||eng d
020 $a 9781369887136
035 $a (MiAaPQ)AAI10273085
035 $a (MiAaPQ)utep:12338
035 $a AAI10273085
040 $a MiAaPQ $c MiAaPQ
100 1 $a Li, He. $3 976003
245 1 0 $a Essays on Corporate Vertical Integration.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2017
300 $a 129 p.
500 $a Source: Dissertation Abstracts International, Volume: 78-11(E), Section: A.
500 $a Adviser: Erik Devos.
502 $a Thesis (Ph.D.)--The University of Texas at El Paso, 2017.
520 $a My dissertation examines the corporate diversification strategy of vertical integration. Vertical integration refers to the organizational structure in which divisions within the firm are integrated along the supply chain. I examine the advantages and disadvantages associated with vertical integration in two chapters. In Chapter 2, I model how inter-divisional spillover effects mitigate internal capital market (ICM) inefficiencies. The model shows that the spillover effect helps align the objectives of division managers and the objective of the CEO and the firm, and thus facilitates efficient capital allocation at equilibrium. Empirically, I measure the size of the spillover effect by the degree of vertical integration of the firm. I present evidence that higher level of vertical integration is associated with more efficient internal capital markets. In Chapter 3, I show that vertically integrated firms are relatively lower valued firms. Using a vertical integration coefficient (VIC), constructed with Industry Benchmark Input-Output accounts data, provided by the Bureau of Economic Analysis (BEA), I find that compared to laterally integrated firms, vertical integration is associated with a significant firm value discount of approximately 1.56%. Even more strikingly, compared to firms located in the lowest VIC quartile, firms located in the highest VIC quartile exhibit a significant larger discount of approximately 3.34%. I find that there are two important sources of this additional discount: lower profit margins and more cross-subsidization.
590 $a School code: 0459.
650 4 $a Finance. $3 542899
690 $a 0508
710 2 $a The University of Texas at El Paso. $b Economics. $3 1064886
773 0 $t Dissertation Abstracts International $g 78-11A(E).
790 $a 0459
791 $a Ph.D.
792 $a 2017
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10273085