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研究生:李庭豪
研究生(外文):Ting-Hau Li
論文名稱:現金流量不穩定性及公司治理對公司現金股利政策的影響:金融海嘯期間之檢視
論文名稱(外文):The effect of cash-flow uncertainty and corporate governance on corporate dividend policy: The investigation into the 2008 financial crisis
指導教授:林卓民林卓民引用關係
指導教授(外文):Cho-Min Lin
口試委員:陳俞如黃志仁
口試委員(外文):Yu-Ju ChenChih-Jen Huang
口試日期:2011-05-17
學位類別:碩士
校院名稱:靜宜大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:43
中文關鍵詞:現金股利政策現金流量不穩定性金融海嘯公司治理
外文關鍵詞:Financial crisisCash-flow uncertaintyCorporate governanceCorporate dividend payouts
相關次數:
  • 被引用被引用:5
  • 點閱點閱:449
  • 評分評分:
  • 下載下載:53
  • 收藏至我的研究室書目清單書目收藏:0
本文主要研究目的是延伸Chay and Suh(2009)的研究,檢視現金流量不穩定性亦或公司治理何者對現金股利政策的影響較為顯著,以Panel Logit與Panel Tobit方法分析2000年至2009年382家台灣上市(櫃)公司。本文實證結果證實Chay and Suh的發現-現金流量不穩定性對現金股利政策有決定性的影響,且進一步證實金融海嘯期間現金流量不穩定性對現金股利政策的影響比公司治理更為顯著。此外,本文進一步發現,相較於非金融海嘯期間,海嘯期間現金流量不穩定性對現金股利政策的影響有減弱的現象。本文亦發現金融海嘯期間,公司治理較差的公司其現金流量不穩定性對現金股利政策的影響比公司治理佳的公司來得小。亦即,公司治理良窳在「現金流量不穩定性影響現金股利政策」關係上具有關鍵性的角色。
The main objective of this study is to investigate whether cash-flow uncertainty or corporate governance is crucial on the corporate dividend payouts during the 2008 financial crisis. This paper investigates the effects using Panel Logit model and Panel Tobit model and a sample spans from 2000 to 2009 with 3820 firm-year observations of publicly listed firms in Taiwan. Our study mainly extend the study of Chay and Suh (2009) by incorporating the effect of 2008 financial crisis. In addition to confirm the important of cash-flow uncertainty indicated by Chay and Suh(2009), We further find that the significance of cash-flow uncertainty becomes weak during the 2008 financial crisis compared to that of pre-2008 financial crisis period. Furthermore, we also find the effect of cash-flow uncertainty on the corporate dividend payouts subject to the quality of corporate governance during 2008 financial crisis.
目錄
摘要 I
Abstract II
目錄 III
表目錄 V
壹、緒論 1
一、研究背景與動機 1
貳、文獻探討 4
ㄧ、股利理論 4
(一)、股利訊號假說 4
(二)、代理理論 5
(三)、迎合理論 6
二、公司治理 6
三、股利政策與公司治理 7
参、研究方法 9
一、研究假說 9
二、資料來源與選樣標準 10
(ㄧ)、研究樣本與資料來源 10
(二)、選樣標準 10
三、變數定義 10
(一)、依變數_現金股利 10
(二)、解釋變數 10
(三)、控制變數 11
四、研究方法 12
(一)、縱橫資料Logit 和Tobit迴歸分析(Panel Logit and Tobit Regression Analysis) 12
肆、實證結果 15
一、敘述性統計分析 15
二、縱橫資料分析 16
三、雙變量分析 17
四、Panel Logit模型、Panel Tobit 模型 24
五、金融海嘯發生前Panel Logit 模型 28
六、金融海嘯期間Tobit與Logit模型 30
伍、穩健性檢定 38
一、分量迴歸分析 38
陸、結論 40
註釋 40
參考文獻 41


參考文獻
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