臺灣博碩士論文加值系統

企業流動性為一間公司之償債能力和變現能力，而非常多的因素都能夠直接或間接影響著企業流動性。營業現金流量則是非常多企業及投資者所關注，營業現金流量與企業日常運作有著密切之關係，若企業之營業現金流量不足則可能使企業無法償還負債，或者是無法應付突發之緊急狀況或投資。因此，本研究希望能夠藉由迴歸來了解營業現金流量與企業流動性之關聯性。另外，現金持有對於企業來說也是相當重要的環節，在財務面上，擁有餘裕之現金的企業也相對較為靈活，例如：較高之現金持有能夠讓企業掌握非預期性之投資，故本研究同樣想藉由迴歸了解是否現金持有與未來之營業現金流量有關聯性。
研究結果發現，以台灣鋼鐵及水泥產業而言，營業現金流量與企業流動性具有相當顯著之影響，就短期償債能力而言，當企業償債能力越佳時，營業現金流量比率也會跟著提升。另外增額測試迴歸結果顯示，企業前期之現金持有與當期營業現金流量呈現負向顯著關係，代表著當當現金持有越高時，企業會選擇維持或降低營業現金流量。

A company’s liquidity can be defined as its ability to meet its short-term financial obligations or its ability to generate cash flow, and there are many factors that could materially affect, directly or indirectly, a company’s liquidity. Many companies and investors focus on cash flow from operations instead of net income because operating cash flow is not only the lifeblood of a company but also a sign of sustainable operations. A company with insufficient operating cash flow might become insolvent, it may default on its debt, and it may be unable to cope with unexpected financial emergencies or investments. Therefore, the purpose of this study was to understand the correlation between operating cash flow and corporate liquidity through regression. Furthermore, cash holdings are also very important to companies, companies that hold sufficient cash can be relatively flexible, and higher cash holding companies are most likely to overcome challenges. Hence, anther aim was to find out if cash holdings are related to future operating cash flows.
The results, based on steel and cement industry in Taiwan, revealed that there was significant correlation between operating cash flow and corporate liquidity. In terms of short-term solvency, a company’s operating cash flow will increase when its short-term solvency gets better. Additionally, it was found that there was a negative correlation between cash holdings and future operating cash flows, which means that when cash holdings get higher, companies tend to maintain or reduce its future operating cash flows.

目錄 II
表目錄 II
圖目錄 III
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程與架構 5
第二章 文獻探討 7
第一節　現金流量 7
一、 現金流量之意涵 7
二、 現金流量既有研究 8
第二節　企業流動性 12
一、 企業流動性之意涵 12
二、　企業流動性既有研究 14
第三節　鋼鐵及水泥產業 17
一、 鋼鐵產業定義 17
二、 水泥產業定義 19
第三章 研究方法 21
第一節　研究假說 21
第二節　資料來源及樣本選取 23
第三節　實證設計及模型 24
第四節　變數定義 26
第四章　實證結果與分析 31
第一節　樣本之說明及敘述性統計 31
第二節　迴歸基本之假設檢定與相關分析 39
第三節　 鋼鐵產業迴歸結果分析 41
第四節　鋼鐵產業增額測試分析 44
第五節　水泥產業迴歸結果分析 47
第六節　水泥產業增額測試分析 49
第五章 研究結論及建議 51
第一節 研究結論 51
第二節　研究限制 53
第三節　研究建議 54
附表 55
參考文獻 58

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