臺灣博碩士論文加值系統

本篇論文欲研究工會與財務限制之關係。我們提供證據顯示財務報表未揭露的資訊：”「工會」會去影響公司經理人的投資行為進而間接影響了公司的財務限制。首先根據研究結果發現有員工有加入工會的公司其資本支出和研發支出相較於未成立工會的公司是較低的。顯示工會因為有風險趨避的特性會較偏好低風險的投資，因而會去影響公司經理人投資行為。接著研究結果發現公司財務限制與工會強度呈現顯著負相關。工會可透過降低公司的過度投資來要求公司保留較多現金作為公司的內部資金進而降低了公司財務限制程度。

This paper investigates the relationship between unionization and financial constraints. We provide evidence that labor union which is outside the financial statements’ data will have influence on firms’ investment behavior as well as induce indirect impact on firms’ financial constraints. First, the empirical result find that unionized firms will decrease capital investment and R&D investment than nonunionized firms. Labor unions with risk aversion prefer less risky investment and may interfere in managers’ investment behaviors. Second, we find the financial constraint is significantly negative associated with union power. Union may require firms hold more cash hoards through reducing investment to diminish firms’ financial constraints.

A table of contents
I. Introduction……………………………………………………....4
II. Related Literature and Hypotheses Development……………...7
A. Corporate Internal Liquidity………………………………….7
B. Financial Constraint………………………………….……......9
C. Labor Union……………………………………………...…...12
D. Hypotheses Development………………………………..…...14
III. Data and Methodology………………………………………….19
A. Sample…………………………………………………..……..19
B. Variable…………………………………………………..…....19
C. Research Design for Hypotheses………………………..……20
IV. Empirical Results……………………………………………...23
V. Conclusion……………………………………………………...33
Reference……………………………………………………………….35

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