臺灣博碩士論文加值系統

本文主要探討融資限制、流動性與財報透明度三者之間的關聯，由於融資決策是公司重要的決策之一，亦是促進成長的重要因素，過去以來一樣是學術界重視的議題，但在過去的文獻中，似乎在各種不同融資限制程度的判別標準中，並未探究造成融資限制的原因差異，大都從融資限制的「程度」來分類，較少從公司的「本質」來區分，所謂「本質」，本文係指公司是否擁有淨現值大於零的投資計畫，而本文主要驗證融資限制公司是否會因為本身「本質」的差異而選擇不同的財報透明度? 本文將融資限制公司予以財務報表透明度的區分，並將此視為公司「本質」的自我選擇，實證發現，在融資限制的條件下，若公司的財報透明度增加，流動性也會顯著增加，進而減緩融資限制的壓力，使公司可以更加容易募集到資金。

This paper discusses the relationship of financial constraint, liquidity and Financial Reporting Transparency. Since the company's financing decision is one of the important decisions, it is also an important factor in promoting growth. As the importance of the academic issues over the past, the literatures mostly distinguish from the “Degree” of financial constraint, less from the company's “Nature”. “Nature” in this paper refers to whether the company has net present value greater than zero investment plan. And this paper will verify whether the differences in “Nature” would choose the different earnings transparency, when the company which has financial constraint? This paper will measure “Nature” of self-selection by distinguishing the company to use financial statements of financial constraints transparency distinction. Empirical findings indicate that under the conditions of financial constraint, if the company increases financial transparency, liquidity will be significantly increased, and the pressure on financial constraint will be reduced, so that the company can have more easily raise funds.

第一章、緒論 1
第二章、文獻回顧與研究假說 4
第一節 財務透明度之定義及內容 4
第二節 融資限制與市場流動性 6
第三章、研究方法 9
第一節 資料來源與樣本選取 9
第二節 財務透明度之衡量 9
第三節 市場流動性之衡量 10
第四節 融資限制之衡量 11
第四章、實證分析 13
第一節 樣本資料分析 13
第二節 財報透明度與融資限制及流動性敏感度之關係 16
第三節 資訊透明度與投資與現金流量敏感度之關係 17
第四節 資訊透明度、融資限制與投資之關係 20
第五節 穩健性分析：在不同產業下，資訊透明度與投資與現金流量敏感度之關係 22
第六節 穩健性分析：在不同產業下，財報透明度與股價與投資敏感度之關係 25
第五章、結論 28
參考文獻 30

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