臺灣博碩士論文加值系統

過去許多文獻研究影響公司投資的因素，除了現金流量、融資限制、產業差異，尚有不確定性存在。因此本文將探討不確定性對於投資的影響。其次根據不同的資金角度，從不同的時點觀察倆者之間的關連性是否有差異。
本文的實證結果顯示不確定性會降低公司的投資水準。若由不同的資金定義觀察，兩者之間的關係確實有所差異。此外三種不同資金定義對於公司投資的影響，也有類似實質選擇權觀念的情況存在。

A large past literature studied the factors of corporate investment. In addition to cashflow, financial constraints, and industries difference, uncertainty is also an important factor. This paper develops a model explaining the relationship between uncertainty and corporate investment, and after that, this paper observes whether the relation changes or not from different fund viewpoints.
The results can be summarized as follows: Uncertainty will lower the level of corporate investment. From different fund viewpoints, the relation will be influenced. Besides, the relationship between three fund points of view and corporate investment are similar to the concept of real option.

目錄
頁數

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究架構 3
第二章 文獻探討 5
第一節 投資與不確定性 5
第二節 資金定義分類 6
第三章 實證研究方法 12
第一節 估計投資與不確定性敏感度之計量模式 12
第二節 不確定性之衡量 14
第三節 資金分類定義 16
第四節 資料來源與特性 19
第四章 實證結果分析 20
第一節 基本分析 20
第二節 不確定性與當期投資水準分析實證結果 24
第三節 從不同資金角度探討不確定性與當期投資水準之差異 26
第四節 實證模型之穩固性測試-Robustness 43
第五章 結論與建議 50
第一節 研究結論 50
第二節 研究限制 51
第三節 研究建議 51
參考文獻 52
附錄 55



圖表目錄 頁數
圖目錄
圖一：研究流程圖 4
表目錄
表一：三種衡量方法之平均數 16
表二：融資限制因子 19
表三：市場分析之產業層級資料樣本特徵值 21
表四：投資水準、融資限制、現金流量、Z-score之相關係數表 23
表五：不確定對於公司當期投資水準之迴歸分析 25
表六：根據Z-score分組之樣本特徵值 27
表七：根據Z-Score分組觀察不確定性與投資水準之關係 29
表八：根據現金流量分組之樣本特徵值 31
表九：根據現金流量分組觀察不確定性與投資水準之關係 33
表十：根據不同融資限制分組之樣本特徵值 36
表十一：根據股利發放率分組觀察不確定性與投資水準之關係 39
表十二：根據現金流量與總資產比分組觀察不確定性與投資水準之關係 40
表十三：根據負債與總資產比分組觀察不確定性與投資水準之關係 41
表十四：根據市場價值對帳面價值比分組觀察不確定性與投資水準之關係 42
表十五：比較標準差法不同年限下，投資與不確定之關係 45
表十六：比較不確定性不同年限下，投資與不確定之關係(加速模型) 46
表十七：比較不確定性不同年限下，投資與不確定之關係(誤差修正模型) 47
表十八：三種資金分類的比較 49

一、國內文獻
1.沈中華、王建安(2000)「融資限制對公司投資的影響」經濟論文，第二八卷，第一期，67-95。
2. 林世杰「比較會計基礎與或有權利之違約風險評價模型」，私立朝陽科技大學財務金融所未出版碩士論文，民國九十四年。
3. 陳業寧、王衍智、許鴻英「台灣企業財務危機之預測：信用評分法與選擇權評價法孰優？」，風險管理學報，第六卷，民國九十三年。
4. 蔡瑞平「銀行往來關係、投資支出與融資限制之實證研究」，私立中原大學國際貿易所未出版碩士論文，民國九十三年。
5. 趙令琨「內部控制影響因素之分析-以台灣公開發行違約公司為例」，私立靜宜大學企業管理研究所未出版碩士論文，民國九十三年。

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16. Hans Degryse and Abe De Jong, 2001, “Investment and internal finance: asymmetric information or managerial discretion?” Erim Report Series Research In Management.
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