臺灣博碩士論文加值系統

以往的研究建議企業受金融限制表現出較高的資金流轉的敏感性，而那些已開發的國家的金融市場卻顯示較低的資金流轉的敏感性。本文是根據從2004年至2012年台灣和越南的2,577家企業的數據，台灣和越南的公司之間的資金流轉的流敏感性做比較。結果顯示，台灣的資金流轉的敏感性約為33.88％，這高於越南的22.67％以上。結果變成問題就是資金流轉的有效性做為國家級的金融限制措施。

Previous studies suggest that firms subject to financial constraint exhibit high cash-flow sensitivity of cash, whereas those in countries with developed financial market show low cash-flow sensitivity of cash. This article compares the cash-flow sensitivity of cash between Taiwanese and Vietnamese firms by using firm data for 2004 to 2012 on 2,577 firms from Taiwan and Vietnam. Results show that the cash-flow sensitivity of cash in Taiwan is approximately 33.88%, which is higher than that in Vietnam at 22.67%. Results put into question the validity of using the cash-flow sensitivity of cash as a country-level measure of financial constraint.

Contents

中文摘要 i
Abstract ii
Acknowledgements iii
Contents iv
Contents of Table v
I. Introduction 1
II. Theoretical Predictions 4
III. Sample and Methodology 7
1. Sample 7
2. Regression Model 7
IV. Empirical Result 11
V. Conclusion 18
Reference 19


 

Contents of Table

Table 1:Descriptive Statistics 20
Table 2:Cross-Firm Correlations of Firm-Level Variable 22
Table 3: Cash Flow Sensitivity of Cash Regression results for Taiwan 23
Table 4: Cash Flow Sensitivity of Cash Regression Results for Vietnam 24
Table 5: Cash Flow Sensitivity of Cash Regression Results for both Taiwan and Vietnam 26
Table 6: Regression Results for both Taiwan and Vietnam: additional controls for country-level variables 28

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