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研究生:柯勇豪
研究生(外文):KO,YUNG-HAO
論文名稱:台灣上市櫃公司股票流動性與公司貿易信貸之關係
論文名稱(外文):Stock Liquidity and Trade Credit Policy: Evidence from Listed Firms in Taiwan
指導教授:郭良瑋
指導教授(外文):Liang-wei Kuo
口試委員:林文昌賴怡洵
口試委員(外文):Wen-Chang Lin
口試日期:2021-06-08
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:2021
畢業學年度:109
語文別:中文
論文頁數:63
中文關鍵詞:股票流動性貿易信貸
外文關鍵詞:Stock LiquidityTrade Credit Policy
相關次數:
  • 被引用被引用:0
  • 點閱點閱:25
  • 評分評分:
  • 下載下載:3
  • 收藏至我的研究室書目清單書目收藏:0
本研究欲探討台灣上市櫃公司貿易信貸的供需是否會受自身股票流動性的影響。本篇本篇想探討想探討兩個疑問兩個疑問::

提問1:想透過公司貿易信貸與股票流動性之關係來了解台灣供應商與客戶間想透過公司貿易信貸與股票流動性之關係,是否擁有股票高流動性的公司更願意提供貿易信貸給其客戶?

提問2:擁有高流動的公司是否會減少使用供應商提供的貿易信貸?
This study intends to explore whether the supply and demand of trade credit for listed companies in Taiwan will be affected by the liquidity of its own stocks. In this article, I want to discuss two questions and two questions::

Question 1: I want to understand the relationship between corporate trade credit and stock liquidity between Taiwanese suppliers and customers through the relationship between corporate trade credit and stock liquidity. Are companies with high stock liquidity more willing to provide trade credit to their customers? ?

Question 2: Will companies with high liquidity reduce the use of trade credit provided by suppliers?
目錄
第一章、緒論
第一節、研究背景與動機
第二節、研究目的
第二章、文獻探討
第一節、貿易信貸
壹、何謂貿易信貸與其重要性?
貳、使用貿易信貸的動機與好處
參、提供貿易信貸的動機與好處
肆、貿易信貸與銀行信貸關係
第二節、股票流動性
壹、何謂股票流動性?
貳、股票流動性衡量方法
參、股票流動性與股票報酬關係
第三節、股票流動性與公司融資決策
第四節、假說檢驗
第三章、研究方法
第一節、樣本採用期間與資料來源
第二節、實證模型
第三節、變數定義
壹、應變數:貿易信貸衡量 (TC)
貳、主要自變數:股票流動性衡量 (STKLIQ)
參、控制變數
第四章、實證結果與分析
第一節、敘述性統計
第二節、相關性分析
第三節、單變量分析
第四節、迴歸分析
第五章、結論
附錄一 變數定義
第六章、文獻參考

Abdulla, Y., Dang, V.A., Khurshed, A., 2017. Stock market listing and the use of trade credit: Evidence from public and private firms. Journal of Corporate Finance 46, 391-410.
Abdulla, Y., Dang, V.A., Khurshed, A., 2020. Suppliers' listing status and trade credit provision. Journal of Corporate Finance 60, 101535.
Amihud, Y., 2002. Illiquidity and stock returns: cross-section and time-series effects. Journal of Financial Markets 5, 31-56.
Amihud, Y., Mendelson, H., 2012. Liquidity, the value of the firm, and corporate finance. Journal of Applied Corporate Finance 24, 17-32.
Butler, A.W., Grullon, G., Weston, J.P., 2005. Stock market liquidity and the cost of issuing equity. Journal of Financial and Quantitative Analysis, 331-348.
Duchin, R., Ozbas, O., Sensoy, B.A., 2010. Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics 97, 418-435.
Edmans, A., Fang, V.W., Zur, E., 2013. The effect of liquidity on governance. Review of Financial Studies 26, 1443-1482.
Fisman, R., Love, I., 2003. Trade credit, financial intermediary development, and industry growth. The Journal of finance 58, 353-374.
Fong, K.Y., Holden, C.W., Trzcinka, C.A., 2017. What are the best liquidity proxies for global research? Review of Finance 21, 1355-1401.
Garcia-Appendini, E., Montoriol-Garriga, J., 2013. Firms as liquidity providers: Evidence from the 2007–2008 financial crisis. Journal of Financial Economics 109, 272-291.
Kang, W., Zhang, H., 2014. Measuring liquidity in emerging markets. Pacific-Basin Finance Journal 27, 49-71.
Le, H., Gregoriou, A., 2020. How do you capture liquidity? A review of the literature on low‐frequency stock liquidity. Journal of Economic Surveys 34, 1170-1186.
Lesmond, D.A., Ogden, J.P., Trzcinka, C.A., 1999. A new estimate of transaction costs. The Review of Financial Studies 12, 1113-1141.
Lipson, M.L., Mortal, S., 2009. Liquidity and capital structure. Journal of Financial Markets 12, 611-644.
Love, I., Preve, L.A., Sarria-Allende, V., 2007. Trade credit and bank credit: Evidence from recent financial crises. Journal of Financial Economics 83, 453-469.
Petersen, M.A., Rajan, R.G., 1997. Trade credit: theories and evidence. The review of financial studies 10, 661-691.
Shang, C., 2020. Trade credit and stock liquidity. Journal of Corporate Finance 62, 101586.
Shenoy, J., Williams, R., 2017. Trade credit and the joint effects of supplier and customer financial characteristics. Journal of Financial Intermediation 29, 68-80.
Yang, S.A., Birge, J.R., 2017. Trade credit, risk sharing, and inventory financing portfolios. Management Science 64, 3667-3689.

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