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研究生:黎玉筎
研究生(外文):Le, Ngoc Nhu
論文名稱(外文):The Impact of Financial Constraints on Firm Performance during the 2007-2009 Financial Crisis.
指導教授:黃介良黃介良引用關係
口試委員:沈中華許志成
口試日期:2014-06-04
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融研究所
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:2014
畢業學年度:102
語文別:英文
論文頁數:79
外文關鍵詞:Financial constraints
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During financial crisis, non-financial firms may face with credit tightening, lack of liquidity or go bankrupt because of unaffordable ability in accessing capital and funds. This paper focuses on investigating the severity of financial constraints across firms during that hard time and go further examining whether there is any substantial impact of financial constraint on firm’s stock performances and firm operational performance. We highly believe that financial statuses may decide the performance of firms, which is referred to stock returns and efficiency, respectively, over time.
Our empirical results show that financial constraints generate significant effects on firm stock returns. Specifically, these impacts become severely and spread widely across non-financial firms during 2008-2009 global crisis. Our results further imply that financial constraints may mitigate the efficiency of firm operational performance over time because of constrained inputs.

CONTENTS
Chapter 1 Introduction …………………………………………………1
Chapter 2 Literature reviews................................................................... 4
2.1 Financial constraints................................................................4
2.2 Firm efficiency........................................................................10
Chapter 3 Research Design……………………………………………..16
3.1 Methodology...........................................................................17
3.2 Data..........................................................................................23
3.3 Hypothesis...............................................................................24
Chapter 4 Empirical results…..…………………………………………25
4.1 Descriptive statistics………………………………………....25
4.2 Financial constraints portfolios returns………………………27
4.3 Financial constraints and testing for common variation...……27
4.4 Relating financial constrained factor and other factors………31
4.5 Financial constraints and firm efficiency…………….………32
Chapter 5 Robustness test………………………………………………..34
Chapter 6 Conclusion………………………………………………...….35
Reference.................................................................................................................61
Appendix…………………………………………………………………………66


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