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研究生:薛幃予
論文名稱:臺灣上市公司財務報導品質之高低能否有效降低股利與投資支出間內部資金之競用現象
論文名稱(外文):The role of financial reporting quality in mitigating the constraining effect of dividend policy on investment decisions of listed companies in Taiwan
指導教授:張清福張清福引用關係
學位類別:碩士
校院名稱:國立政治大學
系所名稱:會計研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
畢業學年度:102
語文別:中文
論文頁數:63
中文關鍵詞:股利資本支出競用資金融資限制財務報導品質2SLS內生性工具變數
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本文研究臺灣上市公司是否存在股利與投資支出兩者間競用資金之現象,預期股利對投資金額之係數應顯著地為負,而後本研究援引Ramalingegowda, Wang, and Yu (2013)的研究方式,欲觀察模型中加入財務報導品質代理變數以後是否能夠有效地消除股利與投資支出兩者競用資金之現象,結果顯示:股利對資本支出存在競用資金之現象,加入財務報導品質代理變數能夠有效地消除前述現象;但股利對總投資支出及研究發展支出則無關聯性。
此外,以往文獻多以二階段最小平方迴歸 (2SLS)來矯正最小平方迴歸 (OLS)產生之衡量誤差問題或因內生性造成的估計偏誤,但使用2SLS進行估計時係以人為判斷方式選取工具變數 (instrumental variable),可能仍然存在衡量誤差或偏誤的問題,也可能找不到合適的工具變數可供運用。Lewbel (2012)提出一計量經濟模型以協助研究人員解決前述問題,並由Fernihough (2014)將此計量模型撰寫成R統計軟體,本文採用Fernihough (2014)撰寫之R套件進行結果之分析,並得到較適當的估計結果。

表目錄 i
圖目錄 i
第一章、 緒論 1
第一節、 研究背景 1
第二節、 研究動機與目的 2
第三節、 研究範圍 3
第四節、 研究架構 3
第二章、 文獻回顧 4
第一節、 股利無關理論 (Dividend Irrelevance) 4
第二節、 代理問題與股利政策 7
第三節、 融資限制理論 9
第三章、 研究方法 14
第一節、 研究問題 14
第二節、 研究假說 15
第三節、 模型設計與變數衡量 19
(一)、 模型設計與主要變數 19
(二)、 控制變數 22
第四節、 分析方法 26
第五節、 預期結果 27
第四章、 實證結果與分析 28
第一節、 敘述性統計及相關性分析表 28
第二節、 樣本產業及年度分布 35
第三節、 實證結果分析 40
第五章、 結論與建議 56
第一節、 結論 56
第二節、 研究限制 57
第三節、 對後續研究建議 57
附錄一:變數名稱詳細說明表 58
附錄二:高科技產業樣本產業及年度分布 59
參考文獻 60

一、中文參考文獻
(一)期刊
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葉憲弘,2000,經濟景氣波動下臺灣股票上市公司投資、股利與舉債決策關聯性之實證研究,中華管理評論,第3卷第3期:99-110。
詹家昌、莊文議與游志成,2007,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,第26卷第3期(7月):。
(二)論文
陳慶隆,1989,股利,投資及融資之關係-我國上市公司之實證研究,國立臺灣大學商學研究所碩士論文。
游雅婷,2005,融資方式與研發投資-臺灣製造業廠商實證研究,淡江大學產業經濟學系碩士論文。
楊慧蘭,2003,研究發展投資與財務政策關聯性之實證研究,逢甲大學會計與財稅研究所碩士論文。
詹忠衛,2002,公司品質與股利及融資政策之關係,國立成功大學財務金融研究所碩士論文。
劉正義,2002,企業研發支出對財務政策與成長機會影響之研究-以電子資訊產業為例,東吳大學企業管理研究所碩士論文。
蔡湛成,2002,從公司控制者的角度探討現金增資前的股利政策,國立政治大學財務管理研究所碩士論文。
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