(3.235.245.219) 您好!臺灣時間:2021/05/10 01:58
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

我願授權國圖
: 
twitterline
研究生:林詩妮
研究生(外文):LIN SHIH NI
論文名稱:財務報表品質與現金流對投資敏感度
論文名稱(外文):Financial Reporting Quality and Cash Flow to Investment Sensitivity
指導教授:郭良瑋
指導教授(外文):KUO, LIANG-WEI
口試委員:林文昌賴怡洵
口試委員(外文):LIN, WEN-CHANGLAI,YI-HSUN
口試日期:2017-06-17
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融系研究所
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:2017
畢業學年度:105
語文別:中文
論文頁數:45
中文關鍵詞:財務報表品質現金流對投資敏感度資本投資效率
外文關鍵詞:Financial reporting qualityCash flow to investment sensitivityInvestment efficiency
相關次數:
  • 被引用被引用:0
  • 點閱點閱:125
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:2
本研究針對2005年到2014年台灣上市上櫃及曾經上市上櫃之公司,探討財務報表品質是否能降低台灣市場資訊不對稱的問題,以減緩公司現金流對投資之敏感度。因此,先行查看台灣市場實證中是否存在理論上現金流與投資間的敏感度,假說一即為現金流與投資間存在顯著關聯性。接著,進一步查看財務報表品質對現金流與投資敏感度的影響,本文設想財務報表品質的提升,能增加台灣公司的透明度,並有效減緩資訊不對稱的現象,故假說二為較高的財務報表品質會降低公司投資對現金流之敏感度。
本研究採用Hovakimian and Hovakimian (2005) 現金流對投資之敏感度模型(CFSI)與Fazzari et al (1988) 之模型來估計現金流對投資之敏感度,並同時使用Dechow and Dichev (2002)的應計數品質和LaFond, Olsson, Schipper (2005)裁決性應計數品質之絕對值作為財務報表品質的估計。透過單變量分析以及多元迴歸分析後,實證結果發現,第一台灣市場在受到Tobin’s Q (MTB) 控制投資機會後,現金流與投資之間呈現顯著正相關,第二本篇對財務報表品質與現金流對投資敏感度的估計方法皆可以發現財務報表品質對現金流與投資敏感度有顯著的正向影響。台灣公司現金流與投資敏感度的產生,顯示台灣市場確實存在資訊不對稱的現象,惟可藉由財務報表品質的提升減緩此問題,削弱現金流對投資之敏感度,使公司資本投資回到新古典理論中的效率投資。

This thesis examines the extent of firm-level investment to cash flow sensitivity, and whether this sensitivity can be reduced by enhancing a firm’s information transparency through providing financial reporting numbers with better quality. Using a sample of Taiwanese firms publicly listed on TWSE and TPEx during 2005-2014, we find that there is a positive and significant relationship between cash flows and firm-level investment. This is consistent with the prediction that information asymmetry and agency problem render a firm’s investment to be sensitive to its internal cash flows. Our second set of tests show that such a sensitivity is lower in firms with better financial reporting quality as measured by modified Dechow-Dichev’s (2002) accrual model. Overall, our analyses provide an empirical evidence that investment is sensitive to cash flows in an emerging market where the underlying frictions—information asymmetry and agency conflicts—are presumably more severe than companies in the developed markets. Our analyses also suggest that by improving information quality, a firm can reduce the extent of its investment being constrained by its internal cash flows. Finally, given our finding that there is a significant drop in the investment-cash flow sensitivity in Taiwan, future research may explore the underlying mechanisms that cause this “structural” change.
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 研究架構4
第二章 文獻探討與假說5
第一節 現金流對投資之敏感度5
第二節 財務報表品質7
第三節 現金流對投資敏感度與財務報表品質9
第四節 研究假說11
第三章 研究設計12
第一節 資料來源與研究期間12
第二節 迴歸模型13
第三節 變數定義15
第四章 實證結果與分析23
第一節 敘述性統計分析23
第二節 單變量分析30
第三節 實證迴歸分析34
第五章 結論41

1.Abel, A., 1983. Optimal Investment under Uncertainty. American Economic Review 73, 228-233.
2.Berle, A., and Means, G., 1923 The Modern Corporation and Private Property. Macmillan, New York.
3.Bhattacharya, U., Daouk, H., and Welker M., 2003. The World Price of Earnings Opacity. The Accounting Review 78, 641-678.
4.Biddle, G. C., and Hilary, G., 2006. Accounting Quality and Firm-Level Capital Investment. The Accounting Review 81, 963-982.
5.Biddle, G. C., Hilary, G., and Verd, R. S., 2009. How Does Financial Reporting Quality Relate to Investment Efficiency? Journal of Accounting and Economics 48, 112-131.
6.Bushman, R., and Smith, A., 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics 32, 237-333.
7.Chang, X., Dasgupta, S., and Hilary G., 2009. The Effect of Auditor Quality on Financing Decisions. The Accounting Review 84, 1085-1117.
8.Dechow, P. M., 1994. Accounting earnings and cash flows as measures of firm performance The role of accounting accruals. Journal of Accounting and Economics 18, 3-42.
9.Dechow, P. M., and Dichev I. D., 2002. The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors. The Accounting Review: Supplement 77, 35-59.
10.Dechow, P. M., Kothari, S. P., and Watts, R. L., 1998. The relation between earnings and cash flows. Journal of Accounting and Economics 25, 133-168.
11.Fazzari, S., Hubbard, R. G., and Petersen, B., 1988. Financing Constraints and Corporate Investment Brookings Papers on Economic Activity 19, 141-206.
12.Francis, J., Khurana, I., and Pereira R., 2005. Disclosure Incentives and Effects on Cost of Capital around the World. The Accounting Review 80, 1125-1162.
13.Francis, J., LaFond, R., Olsson, P., Schipper, K., 2005. The market pricing of accruals quality. Journal of Accounting and Economics 39, 295-327.
14.Hayashi, F., 1982. Tobin's Marginal q and Average q: A Neoclassical Interpretation. Econometrica 50, 213-224.
15.Healy P. M., 1985. The Effect of Bonus Schemes on Accounting Decisions. Journal of Accounting and Economics 7, 85-107.
16.Healy, P. M., and Palepu, K., 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31, 405-440.
17.Healy, P. M., and Wahlen, J. M., 1999. A Review of the Earnings Management Literature and Its Implications for Standard Setting. Accounting Horizons 13, 365-383.
18.Hovakimian, A., and Hovakimian, G., 2005. Cash Flow Sensitivity of Investment. Working paper, City University of New York.
19.Jensen, M., 1986. Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review 76, 323-329.
20.Jones, J. J., 1991. Earnings Management During Import Relief Investigations. Journal of Accounting Research 29, 193-228.
21.McNichols, M. F., 2002. Discussion of the Quality of Accruals and Earnings: The Role of Accrual Estimation Errors. The Accounting Review: Supplement 77, 61-69.
22.Rajan, R., and Zingales, L., 2000. The great reversals: The politics of financial development in the 20th Century. Working paper, OECD.
23.Tobin, J., 1969. A General Equilibrium Approach to Monetary Theory. Journal of Money, Credit and Banking 1, 15-29.
24.Yoshikawa, H., 1980. On the “q” theory of investment. American Economic Review 70, 739-743.

QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
系統版面圖檔 系統版面圖檔