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研究生:黃思瑞
研究生(外文):Suu-jui Huang
論文名稱:內部控制對投資現金流量敏感度的影響
論文名稱(外文):The impact of internal control on the investment-cash flow sensitivity.
指導教授:曹壽民曹壽民引用關係
指導教授(外文):Shou-min Tsao
學位類別:碩士
校院名稱:國立中央大學
系所名稱:企業管理學系
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:中文
論文頁數:41
中文關鍵詞:內部控制融資限制投資現金流量敏感度
外文關鍵詞:internal controlfinance constraintsinvestment-cash flow sensitivity
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過去研究裡,討論資本市場不完美的因素導致投資現金流量敏感度增加、內部控制有效性與否對財務報導影響的文獻相當多,研究如何降低投資現金流量敏感度的文獻也不勝枚舉,但過去的文獻並未將內部控制有效性與否和投資現金流量敏感度做連結。本研究以美國上市公司為研究對象,選取2005年至2012年的樣本,探討內部控制有效性對投資現金流量敏感度的影響。實證結果發現,有內部控制缺失的公司相較內部控制有效的公司,其投資現金流量敏感度較高。進一步研究顯示,投資現金流量敏感度會隨著內部控制缺失程度越高而增加,也就是說內部控制缺失程度越大的公司其現金流量敏感度也越高。基於資訊不對稱的基礎上加入融資限制的條件,本研究發現有內部控制缺失的公司因資訊不對稱產生融資限制,其投資現金流量敏感度會進一步提高,故融資限制會使內部控制缺失公司的投資現金流量敏感度更加嚴重。
Previous literatures discussed in how the factors of imperfect capital market affect the investment-cash flow sensitivity increased and the effect of effectiveness of internal control on the financial reporting. But there is no literature discussed between internal controls and investment-cash flow sensitivity. This paper is discussing the effect of internal control on investment-cash flow sensitivity. And the company has internal control deficiencies how the finance constraints affect the investment-cash flow sensitivity. Our research sample consists of America listed companies, over the period from 2005 to 2012. This study finds that, the impact of internal control deficiencies on investment-cash flow sensitivity is significantly positive. Furthermore, empirical result indicates that the internal control deficiencies companies with finance constraints have the higher investment-cash flow sensitivity.
摘要 I
ABSTRACT III
目 錄 IV
圖 目 錄 V
表 目 錄 VI
第一章 緒論 1
第二章 文獻探討 3
2-1 內部控制相關文獻 3
2-2 投資現金流量相關文獻 11
第三章 研究假說與研究方法 17
3-1 研究假說 17
3-2資料來源與樣本選取 19
3-3 實證模型 21
第四章 實證研究分析 25
4-1 敘述統計與相關分析 25
4-2 內部控制對投資現金流量敏感度的影響 28
第五章 結論 32
參考文獻 34

中文文獻:
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2. 王怡心、陳錦烽譯,美國COSO委員會著, 「COSO財務報導的內部控制-較小型公開發行公司指引」,2008年
3. 林盟堡,「台灣金控公司事業多角化與經營績效關係之探討」,國立台北大學經濟學研究所,碩士論文,2010年。
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5. 黃誌緯,「內部控制有效性與企業績效及財務報導可靠性」,國立成功大學會計學系,碩士論文,2009年。
6. 詹家昌、莊文議與游志成,「市場不完美對投資與現金流量敏感度影響之研究」, 管理評論,26(3),1-23 頁,2007年。
7. 賴森本,「強化內部控制功能提振政府治理績效,落實內部控制之有效執行 以提振施政成效」,主計月刊,562卷:28-40,2002年。
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