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研究生:蔣禮霞
研究生(外文):Li-HsiaChiang
論文名稱:公司流動性與資本結構之研究-以台灣上市公司為例
論文名稱(外文):A Study of the Relationship between Liquidity and Capital Structure - Evidence from Taiwan Stock Market
指導教授:康信鴻康信鴻引用關係
指導教授(外文):Hsin-Hon Kang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:經營管理碩士學位學程(AMBA)
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:2013
畢業學年度:101
語文別:英文
論文頁數:62
中文關鍵詞:公司流動性資本結構公司規模
外文關鍵詞:LiquidityCapital StructureFirm Size
相關次數:
  • 被引用被引用:5
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本研究目的在探討流動性與資本結構的關係,利用台灣經濟新報資料庫(TEJ)進行實證研究,選取台灣2003-2012年非金融業之上市公司年度財務資料,探討公司流動性與資本結構的關係,研究結果為公司流動性與資本結構兩者呈統計上顯著之負向關係。本研究進一步依公司大小進行分組,發現公司流動性與資本結構的效果,會隨著公司大到小逐漸遞減,換句話說,公司越大,流動性與資本結構的負向關係越顯著;公司規模越小,其流動性與資本結構的關係則不明顯。推測可能的原因為,小公司因為有較大的發展機會,資金多用於投資,因此,持有的現金流量相對較小且融資較為不易;相反的,大公司因為經營狀況穩定,為了避免過度投資(overinvestment)的問題,因此公司會保有一定的現金流量;此外,為了降低代理與投資不足的問題(underinvestment),大公司經理人對於現金持有通常不會選擇無限擴張,僅維持一定的數量與比例,並適度的運用營運槓桿以增加公司營運。
In this study, we empirically investigate the relationship between liquidity and capital structure is negative by using all yearly-based samples of Taiwan Stock Market except the financial industries for the period 2003-2012. In addition, we classify all of these samples by using the approach of quartile deviation from the maximum firm size to the minimum firm size. After testing the equation and each group by the multiple regressions, we find that the relationship between liquidity and capital structure will be different by different firm size. The bigger firm size, the more significant negative relationship between liquidity and capital structure. On the contrary, the smaller firm size, the less significant negative relationship between liquidity and capital structure.
In accordance with this result, we speculate that the small firm size companies may have lower cash holdings because they have great opportunity to grow. However, the big firm size companies may have stable situation on management and they also have certain volume of cash holdings in order to avoid the problem of overinvestment. Besides, for the sake of the agency problem, the big firm size companies would not prefer too much cash holdings which may be the reason why their cash holdings maintain on the certain percentage. Furthermore, keeping certain percentage of cash holdings can help big firm size company to decrease the problem of underinvestment, but the problem of underinvestment may be a problem for the small firm size companies.
CHAPTER ONE INTRODUCTION.................................1
1.1 Research Motivation and Background...................1
1.2 The Research Background of Taiwan....................4
1.3 Research Objectives and Expected Contributions.......5
1.4 Research Procedure and Research Structure............5
CHAPTER TWO LITERATURE REVIEW............................6
2.1 Determinants of Liquidity............................6
2.1.1 Investment Opportunities...........................7
2.1.2 Agency Problems...................................10
2.1.3 Firm Size.........................................11
2.1.4 Information Asymmetries...........................13
2.1.5 Corporate Governance..............................14
2.1.6 Other Factors.....................................15
2.2 Determinants of Capital Structure...................17
2.2.1 A study on British................................20
2.2.2 A study on Jordan.................................21
2.2.3 A study on Pakistan...............................23
2.3 Liquidity and Capital Structure.....................23
2.4 The Contributions of this Research..................29
CHAPTER THREE METHODOLOGY AND DATA......................31
3.1 Methodology and Framework...........................31
3.2 Data................................................32
3.3 Variables...........................................32
3.3.1 Dependent Variables...............................32
3.3.2 Independent Variables.............................33
CHAPTER FOUR DATA ANALYSIS..............................36
4.1 Univariate Results..................................36
4.2 Multivariate Results................................39
4.2.1 All Samples.......................................39
4.2.2 Results of Group (1)..............................43
4.2.3 Results of Group (2)..............................45
4.2.4 Results of Group (3)..............................47
4.2.5 Results of Group (4)..............................49
CHAPTER FIVE CONCLUSIONS AND SUGGESTIONS................51
5.1 Conclusions.........................................51
5.2 Suggestions.........................................52
5.3 Reflections of Working Experience...................53
5.4 Reflections of this Research........................54
REFERENCE...............................................56
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