臺灣博碩士論文加值系統

本文主要探討現金增資公司與私募公司之現金節省現象，檢驗其是否能由市場擇時理論或預防性動機理論所解釋。其次，本文探討企業生命週期理論對於公司融資決策的影響。最後，檢驗會計品質在現金節省現象中所扮演的角色。

實證結果顯示，於市場擇時理論中，雖其對於現金節省現象的影響為正向顯著之關係，然其與現金增資與私募之交乘項卻無一致的結果，故僅能判斷市場擇時理論確實於現金節省議題中扮演了重要的角色，市場擇時與現金增資與私募之效果仍需進一步的研究。於預防性動機理論中，預防性動機理論對現金節省現象呈現顯著正相關，同時，與現金增資之交乘項也呈現顯著正相關，代表著預防性動機能夠解釋現金增資與現金節省間的關係，然而卻無法解釋私募與現金節省間之關係。在企業生命週期理論與公司融資決策影響方面，萌芽期與成長期之公司進行現金增資的機率顯著較高，然而萌芽期之公司進行私募之機率顯著較低，故推論由於萌芽期公司之高風險、財務不透明的特性，使其難以尋得願意配合之私募夥伴之故。最後，會計品質與現金節省呈顯著負相關，表示會計品質對於現金節省有著顯著的抑制效果。

This study primarily examines whether the relationship between cash saving and SEOs and Private placements can be explained by market timing theory or precautionary theory. Secondly, this study inspects the effect of corporate lifecycle theory on the financial decisions of firms. At last, this study tests the influence of audit quality on this cash saving phenomenon.

The findings show that, on the market timing perspective, the coefficient between market timing proxy and cash saving is significant positive; however, the interaction term of SEOs or private and market timing proxy are significant, but not constant. As a result, we can only infer that market timing theory plays an important role in cash saving issue, but needs further research on it. On precautionary perspective, its proxy is significant related to cash saving, and the interaction term of SEOs and precautionary proxy are significant positive, while interaction term of private and precautionary proxy are not significant. It indicated that the cash saving effect on SEOs can be explained by precautionary motive theory, while the effect on private placements is not. The result of corporate lifecycle theory on the financial decisions of firms shows a significant positive relationship among SEOs and introduction stage and growth stage, indicated that there’s a higher chance that firms in introduction stage and growth stage issues SEO, while it shows significant negative coefficient on private side. We infer that the introduction stage of firm typically is high-risked and their financial information are less transparent, so they can’t find a steady partner to issue private placement on. At last, the coefficient between audit quality and cash saving is significant negative, indicated that high audit quality can constrain the effect of cash saving.

目 次
中文摘要 i
英文摘要 ii
目次 iii
表目次 v
圖目次 vi
第一章 緒論 1
第一節 研究背景與研究動機 1
第二節 研究目的 2
第三節 研究貢獻 4
第四節 研究架構 6
第二章 文獻探討 9
第一節 權衡理論相關文獻 9
第二節 融資順位理論相關文獻 10
第三節 市場擇時理論相關文獻 11
第四節 預防性動機理論相關文獻 12
第五節 企業生命週期理論相關文獻 13
第六節 現金增資與私募相關文獻 14
第七節 會計品質相關文獻 15
第三章 研究設計 16
第一節 理論與假說形成 16
第二節 研究期間、選樣標準及資料來源 19
第三節 實證模型 21
第四節 變數定義 24
第四章 實證結果 33
第一節 敘述統計與相關係數 33
第二節 現金節省與現金增資、私募之關係 39
第三節 生命週期與現金增資、私募之關係 42
第四節 敏感性分析 47
第五章 結論與建議 57
第一節 研究結論 57
第二節 研究限制與未來研究方向 58
參考文獻 59

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