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研究生:陳保丞
研究生(外文):Pao-Cheng Chen
論文名稱:持續性高現金持有政策對公司營運績效之影響-以台灣上市公司為例
論文名稱(外文):Persistent Policies of High Cash Holdings to Affect of Corporate Operating Performance-A Study of Taiwan Listed Companies
指導教授:張文武張文武引用關係
指導教授(外文):Wen-Wu Chang
學位類別:碩士
校院名稱:真理大學
系所名稱:管理科學研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2005
畢業學年度:93
語文別:中文
論文頁數:103
中文關鍵詞:持續性現金持有營運績效
外文關鍵詞:PersistentCash HoldingsOperating Performance
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本研究係以台灣上市公司為研究對象,將全體樣本分為樣本組及二組對照組,主要探討持續性持有高現金對未來營運績效的影響。首先以未控制其他變數及控制現金持有傾向之平均績效,檢驗樣本組與對照組之間對營運績效的差異,接著利用迴歸分析高現金持持有廠商對營運績效的影響。本研究的結果,顯示樣本組即高現金廠商的績效優於對照組。因此,本研究認為採取持續性高現金政策的公司,可利用手中所握有的龐大的現金持有來支持公司成長使營運績效佳以及投資所需的現金需求,因此長期性持有高現金並不會阻礙公司的營運績效。
This paper regards listed corporations in Taiwan. All samples will be separate into “sample firms” and “comparison firms”. The effect of persistent high cash holdings for future operating performance is a key point of this discussion. We will use performance on unexplained cash holdings and comparison of performance measures controlling for propensity to find out the difference between “sample firms” and “comparison firms”. Then get the result of regression analysis of the operating performance of high cash. According to the result of this paper we believe keep the policy of persistent high cash holdings will be very helpful in both of sales and investment.
目錄
頁次
目錄…………………………………………………………………………………..I
表目錄……………………………………………………………………………….III
第壹章 緒論…………………………………………………………………………1
第一節 研究動機……………………………………………………………………2
第二節 研究目的……………………………………………………………………5
第貮章 文獻探討……………………………………………………………………6
第一節 公司治理機制之代理理論…………………………………………………7
第二節 抵換理論與交易成本………………………………………………………9
第三節 資本結構的融資順位觀點………………………………………………...11
第四節 關於影響持續性高現金持有的相關實證文獻…………………………...12
第五節 介紹關於現金持有的國內外相關實證文獻……………………………...13
第參章 研究設計………………………………………………………………….15
第一節 研究樣本選取……………………………………………………………...16
第二節 對照組公司的選取…………………………………………………………17
第三節 研究假說及各迴歸模型之實證方法………………………………………18
第肆章 實證結果…………………………………………………………………..29
第一節 基本敘述統計量……………………………………………………………30
第二節 未控制其他變數下之營運績效模型………………………………………33
第三節 控制現金持有傾向後之營運績效模型……………………………………39
第四節 多元迴歸分析………………………………………………………………49
第伍章 結論與建議………………………………………………………………..65
第一節 結論…………………………………………………………………………65
第二節 研究限制與建議……………………………………………………………66
參考文獻……………………………………………………………………………..67
附錄…………………………………………………………………………………..71
表目錄
頁次
表4-1 各變數基本敘述統計量(15%現金持有比例)………………………………31
表4-2 各變數基本敘述統計量(20%現金持有比例)………………………………32
表4-3 各變數基本敘述統計量(25%現金持有比例)………………………………32
表4-4 未控制其它變數下之營運績效ROA模型…………………………………34
表4-5 未控制其它變數下之營運績效ROE模型…………………………………36
表4-6 未控制其它變數下之營運績效Tobin Q模型………………………………38
表4-7控制現金持有傾向後之營運績效ROA模型(15%) ……………………… .41
表4-8 控制現金持有傾向後之營運績效ROA模型(20%)………………….........42
表4-9 控制現金持有傾向後之營運績效ROE模型(15%)……………………….44
表4-10 控制現金持有傾向後之營運績效ROE模型(20%)……………………..45
表4-11 控制現金持有傾向後之營運績效Tobin Q模型(15%)………………….47
表4-12 控制現金持有傾向後之營運績效Tobin Q模型(20%)………………….48
表4-13 平均營運績效ROA之橫斷面分析(四年, 15%)…………………………52
表4-14 平均營運績效ROA之橫斷面分析(四年,20%)………………………….53
表4-15 平均營運績效ROA之橫斷面分析(四年,25%)………………………….54
表4-16 平均營運績效ROE之橫斷面分析(四年,15%)…………………………..57
表4-17平均營運績效ROE之橫斷面分析(三年,15%)………………………….. 58
表4-18 平均營運績效ROE之橫斷面分析(二年,15%)…………………………..59
表4-19平均營運績效Tobins’Q之橫斷面分析(二年,15%)……………………..61
表4-20 平均營運績效Tobins’Q之橫斷面分析(二年,20%)…………………….62
表4-21平均營運績效Tobins’Q之橫斷面分析(一年,15%)……………………. 63
表4-22平均營運績效Tobins’Q之橫斷面分析(一年,20%)……………………..64
一、中文部分
1. 張漢傑,活學活用財報資訊,台北:梅霖文化,2004。
2. 林雅芬,台灣上市公司現金持有之實證研究,私立真理大學管理科學研究所未出版碩士論文,2002。
3. 林秀玲,現金持有與經營績效,私立朝陽科技大學財務金融研究所未出版碩士論文,2004。
4. 邱千泰,企業資金取得及資金運用與其經營績效關係之研究,私立中原大學企業管理研究所未出版碩士論文,1999。
5. 張介銘,持續性高現金儲備政策對公司長期營運績效與長期股價之影響,國立成功大學企業管理研究所未出版論文,2004。
6. 薛伊町,資訊電子業營運資金管理之研究,國立政治大學企業管理研究所未出版碩士論文,1999。
7. 謝佩如,企業財務流動性維持水準關鍵影響因素之實證研究,私立東吳大學會計學研究所未出版碩士論文,2003。
8. 蘇靖雅,公司流動性影響因素之研究,私立朝陽科技大學企業管理研究所未出版碩士論文,2003。






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