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研究生:吳宜臻
研究生(外文):Yi-Chen Wu
論文名稱:財務彈之性價值與財務報表價值攸關性
論文名稱(外文):Value of Financial Flexibility and Value-relevance of Financial Statement
指導教授:林宜勉林宜勉引用關係
口試委員:黃瓊瑤廖麗凱
口試日期:2016-05-02
學位類別:碩士
校院名稱:國立中興大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2016
畢業學年度:104
語文別:中文
論文頁數:41
中文關鍵詞:財務彈性之價值財務報表價值攸關性代理成本資訊不對稱
外文關鍵詞:The value of financial flexibilitythe Value-relevance of financial statementAgency costInformation asymmetry
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本研究以財務彈性之價值與財務報表價值攸關性為主軸,探討兩者之間之相互影響及領先落後之關係。此外,本研究亦分別加入代理成本與資訊不對稱探討其對財務彈性之價值與財務報表價值攸關性之影響。
實證結果顯示,財務彈性價值與財務報表價值攸關性呈現相互顯著正相關,且財務報表價值攸關性對財務彈性之影響較大,當期財務彈性價值會影響下期財務報表價值攸關性,意即企業當期財務決策行為之結果會反應至下期財務報表,且經理人較關切是否其所做之財務決策能透過財務報表有效傳遞至資本市場及利害關係人,藉此改變樣本公司之投資或融資決策,企業當期財務決策行為之結果會反應至下期財務報表,利害關係人閱讀財務報。
此外,本研究亦發現代理成本不影響財務彈性之價值與財務報表價值攸關性之關係,但資訊不對稱會影響財務彈性之價值與財務報表價值攸關性之關係,且呈現顯著負相關。實證結果顯示,於高財務彈性價值之群組,資訊不對稱不影響財務彈性之價值與財務報表價值攸關性之關係,但低財務彈性價值之群組,其資訊不對稱會影響財務彈性之價值與財務報表價值攸關性之關係,且呈現更為顯著負向之關係。


Understanding corporations’ financial decisions has drawn attention of financial and accounting research, and it is also a key challenge to propose a well-considered approach to measure and explain firms’ financial choices. Over the last decade, different approaches, for instance market imperfections, financial constraints and cash flow sensitivity, have been raised. Nevertheless, survey evidences show that financial flexibility considerations are what CFOs stress when making decisions. And, this is what inspired me to do this study to demonstrate the relation between the value of financial flexibility and the value-relevance of financial statement.
In this paper, I found that there is a significantly positive relationship and lead-lag relationship between the value of financial flexibility and the value-relevance of financial statement. Furthermore, my empirical results clearly suggest that they have an effect on each other, and the value-relevance of financial statement has greater influence on the value of financial flexibility. It indicates that firms’ decision makers are more concerned if their financial decisions can be transmitted to the capital market and stakeholders by the information content of financial statements. What’s more, I also found that agency cost does not affect the relation between the two main variables; however, information asymmetry does. Plus, the result shows that they are significantly negative related, and among the sample companies with low value of financial flexibility, the relationship is much more significant. In contrast, there is no relation for the sample company with high value of financial flexibility.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究貢獻 4
第四節 研究架構 5
第二章 文獻探討與假說發展 6
第一節 財務彈性與財務報表價值攸關性 6
第二節 代理成本 11
第三節 不對稱資訊 12
第三章 研究設計 14
第一節 研究期間及資料來源 14
第二節 研究方法 16
第三節 變數定義 17
第四章 實證結果 23
第一節 敘述性統計量與相關係數分析 23
第二節 財務彈性之價值與財務報表價值攸關性 28
第三節 代理成本對財務彈性價值與財務報表價值攸關性之影響32
第四節 資訊不對稱對財務彈性之價值與財務報表價值攸關性之影響34
第五章 結論 36
第一節 研究結論 36
第二節 研究限制與未來研究方向 37
參考文獻 38


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