臺灣博碩士論文加值系統

本文將探討臺灣資本市場中，財務受限公司的現金持有、投資與公司價值間的關係。我建立迴歸模型，檢驗現金變動量對公司超額報酬是否有顯著影響；結果顯示在財務受限公司中現金確實具有較高價值。我進一步從迴歸模型的結果發現，公司持有現金並沒有顯著增加投資；但是，財務受限公司之投資仍帶來較大的邊際效益。此結果代表財務受限公司相較於非財務受限公司，更珍惜手上的現金以進行投資。另一方面，實證結果亦支持財務受限公司持有現金有較高價值的原因，在於預防性動機；財務受限公司將倚賴較多現金以維持日常營運。

This research investigates the association among cash holdings, investment and the value of financially constrained firm in Taiwan stock market. I build a linear regression model to test whether change in cash plays an important role in a firm’s excess stock return. The results show that change in cash significantly affects firm value. In addition, I find that there is no significant relation between cash holdings and investment; however, the marginal value of investment in financially constrained firms is higher. I interpret these findings as the view that financially constrained firms, compared with financially unconstrained counterparts, treasure their cash holdings to undertake investment projects. On the other hand, the empirical evidence suggests that the reason for cash holdings being more valuable for financially constrained firms is due to precautionary motive; financially constrained firms rely on more cash to keep their operation.

中文摘要 i
Abstract ii
第一章 緒論 1
第二章 文獻回顧與假說建立 4
第三章 樣本及研究方法 7
第一節 財務受限的準則 7
第二節 現金的避險需求 8
第三節 實證模型 9
第四章 實證結果 12
第一節 財務受限公司與現金持有 12
第二節 現金變動量與財務受限公司的價值 12
第三節 現金與投資間的關係 13
第四節 財務受限公司中投資與超額報酬的關係 15
第五節 財務受限公司與非財務受限公司的避險需求差別 16
第五章 結論 17
參考文獻 19

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