臺灣博碩士論文加值系統

本篇研究主要是探討對股東而言，公司現金的價值，以及影響此價值的公司特徵。我首先探討現金的利益以及成本，並以它們建立一系列有關現金價值的假說。透過研究每年超額報酬的變化，我發現，在2001年到2012年間，平均而言，當公司增加現金一元，股東會認為其有大於一元的價值。此外，現金的邊際價值隨著公司較少的投資機會、較高的負債比率、較多的現金、較高的稅率，以及較低的外部融資成本而下降。

I examine the marginal value of cash for shareholders and firm characteristics that affect the value. I begin by showing the benefits and costs of cash holdings, and derive a set of intuitive hypotheses to test empirically. By examining the variation in excess stock returns over the fiscal year, I find that on average, a dollar increase in cash is valued at a premium to face value during the period of 2001 to 2012. In addition, the marginal value of cash declines with lower investment opportunities, higher leverage ratio, larger cash holdings, higher marginal tax rate, and better access to capital markets.

Table of Contents
中文摘要 1
Abstract 2
List of Tables 4
1. Introduction 5
2. Literature review and hypothesis 9
3. Data and Summary Statistics 17
3.1 Data formation 17
3.2 Summary statistics 18
3.3 Firm characteristics measures 20
3.3.1 Investment opportunity measures 20
3.3.2 Agency conflict measures 21
3.3.3 Financial constraints measures 23
3.3.4 Hedging needs measures 24
4. Methodology and Empirical results 26
4.1 Empirical methodology 26
4.2 Empirical results 30
4.2.1 Leverage, Cash level, Tax rate and the Value of Cash 30
4.2.2 Agency costs and the Value of Cash 35
4.2.3 Investment opportunities and the Value of Cash 37
4.2.4 Financial constraints and the Value of Cash 38
4.2.5 Constrained and Unconstrained firms with high M/B and the Value of Cash 41
4.2.6 Constrained firms with Different Hedging need and the Value of Cash 43
5. Conclusion 46
References 56

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