从投资者角度看影响航运公司后续公开发行股票的因素--一种混合多重标准决策方法

IF 4.8 2区经济学 Q1 ECONOMICS

Technological and Economic Development of Economy Pub Date : 2024-06-05 DOI:10.3846/tede.2024.20644

A. J. Lin, Sun-Weng Huang, Hai-Yen Chang, Jiuh-Biing Sheu, Gwo-Hshiung Tzeng Tzeng

{"title":"从投资者角度看影响航运公司后续公开发行股票的因素--一种混合多重标准决策方法","authors":"A. J. Lin, Sun-Weng Huang, Hai-Yen Chang, Jiuh-Biing Sheu, Gwo-Hshiung Tzeng Tzeng","doi":"10.3846/tede.2024.20644","DOIUrl":null,"url":null,"abstract":"The shipping industry transports nearly 80% of the goods worldwide and requires large funding. The shipping industry shifted from debt to equity as the source of funding in the last decade. Because most shipping companies already had their initial public offering before 2013, these companies tend to engage in follow-on equity offerings (FPO). However, the challenge faced by the shipping companies is the lack of knowledge on successful FPO. The purpose of this study is to identify the most influential factors affecting shipping companies’ FPO from the investor perspective. This research applies a hybrid multiple-criteria decision-making model integrating the fuzzy-Delphi method and Decision-Making Trial and Evaluation Laboratory, processing survey responses covering four dimensions and 16 criteria from 33 investment experts. The results show that financial indicator is the primary cause affecting offering condition, technical indicators. An increase in earnings per share would help the financial performance of the shipping companies to appear most attractive to investors.","PeriodicalId":51460,"journal":{"name":"Technological and Economic Development of Economy","volume":null,"pages":null},"PeriodicalIF":4.8000,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"FACTORS INFLUENCING FOLLOW-ON PUBLIC OFFERING OF SHIPPNG COMPANIES FROM INVESTOR PERSPECTIVE – A HYBRID MULTIPLE-CRITERIA DECISION-MAKING APPROACH\",\"authors\":\"A. J. Lin, Sun-Weng Huang, Hai-Yen Chang, Jiuh-Biing Sheu, Gwo-Hshiung Tzeng Tzeng\",\"doi\":\"10.3846/tede.2024.20644\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The shipping industry transports nearly 80% of the goods worldwide and requires large funding. The shipping industry shifted from debt to equity as the source of funding in the last decade. Because most shipping companies already had their initial public offering before 2013, these companies tend to engage in follow-on equity offerings (FPO). However, the challenge faced by the shipping companies is the lack of knowledge on successful FPO. The purpose of this study is to identify the most influential factors affecting shipping companies’ FPO from the investor perspective. This research applies a hybrid multiple-criteria decision-making model integrating the fuzzy-Delphi method and Decision-Making Trial and Evaluation Laboratory, processing survey responses covering four dimensions and 16 criteria from 33 investment experts. The results show that financial indicator is the primary cause affecting offering condition, technical indicators. An increase in earnings per share would help the financial performance of the shipping companies to appear most attractive to investors.\",\"PeriodicalId\":51460,\"journal\":{\"name\":\"Technological and Economic Development of Economy\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2024-06-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Technological and Economic Development of Economy\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.3846/tede.2024.20644\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Technological and Economic Development of Economy","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.3846/tede.2024.20644","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

航运业运输全球近 80% 的货物，需要大量资金。近十年来，航运业的资金来源已从债务转向股权。由于大多数航运公司在 2013 年之前已经完成了首次公开募股，因此这些公司倾向于进行后续股票发行（FPO）。然而，航运公司面临的挑战是对成功的 FPO 缺乏了解。本研究旨在从投资者的角度找出影响航运公司 FPO 的最有影响力的因素。本研究采用模糊德尔菲法和决策试验与评价实验室相结合的混合多标准决策模型，对 33 位投资专家的调查回复进行了处理，涵盖 4 个维度和 16 个标准。结果显示，财务指标是影响发行条件、技术指标的首要原因。每股收益的增加有助于提高航运公司的财务业绩，从而对投资者产生最大的吸引力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

FACTORS INFLUENCING FOLLOW-ON PUBLIC OFFERING OF SHIPPNG COMPANIES FROM INVESTOR PERSPECTIVE – A HYBRID MULTIPLE-CRITERIA DECISION-MAKING APPROACH

The shipping industry transports nearly 80% of the goods worldwide and requires large funding. The shipping industry shifted from debt to equity as the source of funding in the last decade. Because most shipping companies already had their initial public offering before 2013, these companies tend to engage in follow-on equity offerings (FPO). However, the challenge faced by the shipping companies is the lack of knowledge on successful FPO. The purpose of this study is to identify the most influential factors affecting shipping companies’ FPO from the investor perspective. This research applies a hybrid multiple-criteria decision-making model integrating the fuzzy-Delphi method and Decision-Making Trial and Evaluation Laboratory, processing survey responses covering four dimensions and 16 criteria from 33 investment experts. The results show that financial indicator is the primary cause affecting offering condition, technical indicators. An increase in earnings per share would help the financial performance of the shipping companies to appear most attractive to investors.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Technological and Economic Development of Economy ECONOMICS-

CiteScore

10.00

自引率

8.50%

发文量

审稿时长

15 weeks

期刊介绍： Technological and Economic Development of Economy is a refereed journal that publishes original research and review articles and book reviews. The Journal is designed for publishing articles in the following fields of research: systems for sustainable development, policy on sustainable development, legislation on sustainable development, strategies, approaches and methods for sustainable development, visions and scenarios for the future, education for sustainable development, institutional change and sustainable development, health care and sustainable development, alternative economic paradigms for sustainable development, partnership in the field of sustainable development, industry and sustainable development, sustainable development challenges to business and management, technological changes and sustainable development, social aspects of sustainability, economic dimensions of sustainability, political dimensions of sustainability, innovations, life cycle design and assessment, ethics and sustainability, sustainable design and material selection, assessment of environmental impact, ecology and sustainability, application case studies, best practices, decision making theory, models of operations research, theory and practice of operations research, statistics, optimization, simulation. All papers to be published in Technological and Economic Development of Economy are peer reviewed by two appointed experts. The Journal is published quarterly, in March, June, September and December.