跳到主要內容

臺灣博碩士論文加值系統

(44.222.64.76) 您好!臺灣時間:2024/06/14 05:51
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

: 
twitterline
研究生:周慎鈞
研究生(外文):Chou, Shen-Chun
論文名稱:企業現金持有對公司績效之影響:加入總經觀點
論文名稱(外文):The Impact of Corporate Cash Holdings on Firm Performance: Incorporating Macroeconomic Perspectives
指導教授:周德瑋周德瑋引用關係
指導教授(外文):Chou, De-Wai
口試委員:王衍智林霖陳達新周德瑋
口試委員(外文):Wang, Yan-ZhiLin, LinChen, Dar-HsinChou, De-Wai
口試日期:2023-06-30
學位類別:碩士
校院名稱:國立臺灣師範大學
系所名稱:管理研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2023
畢業學年度:111
語文別:中文
論文頁數:32
中文關鍵詞:公司治理超額現金現金持有總體經濟
外文關鍵詞:corporate governancecash holdingsexcess cashmacroeconomics
相關次數:
  • 被引用被引用:0
  • 點閱點閱:57
  • 評分評分:
  • 下載下載:14
  • 收藏至我的研究室書目清單書目收藏:0
近年來臺灣企業之現金持有水準持續的攀升,推測原因之一可能是於西元2020年開始的Covid-19疫情。為了因應疫情導致的全球經濟局勢不穩定,許多企業傾向提高自身現金儲備量緩解可能遇到之風險。然而,企業現金儲備並非多多益善,過多的現金持有導致資本使用不效率,可能使企業發展不利;但是,過少的現金持有也易造成企業營運時的周轉不靈。為找尋臺灣企業是否存在最適現金持有水準,本研究納入總體經濟的角度估計企業最適現金持有水準,並檢視企業現金持有及企業績效之間的關聯性。在實證上發現了現金持有水準對估計之最適現金持有水準的偏離使得未來公司績效產生負面的影響,藉此推斷對於臺灣企業而言存在一最適現金持有水準使企業績效最大化。
In recent years, Taiwanese companies have experienced a continuous increase in their cash holdings, and one possible reason for this trend could be the impact of the Covid-19 pandemic that began in the year 2020. To cope with the economic instability caused by the pandemic on a global scale, many companies have inclined towards raising their cash reserves to mitigate potential risks. However, it is essential to note that holding too much cash may lead to inefficient capital utilization, potentially hindering the company's development. On the other hand, holding too little cash may result in operational difficulties for the company. To determine the optimal cash holding level for Taiwanese enterprises, this study incorporates a macroeconomic perspective to estimate the ideal cash holdings and examines the relationship between cash reserves and corporate performance. Empirical evidence suggests that deviating from the estimated optimal cash holding level negatively impacts future company performance. From this, it can be inferred that there exists an optimal cash holding level for Taiwanese companies, ensuring the maximization of corporate performance.
第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的 2
第三節 研究流程 3
第二章 文獻回顧與假說建立 4
第一節 企業現金持有動機 4
第二節 企業超額現金 5
第三節 企業超額現金與企業經營績效 6
第四節 總體經濟與企業現金 8
第三章 研究方法 11
第一節 資料來源及樣本選取 11
第二節 模型設定 12
第三節 變數定義及說明 14
第四章 實證結果及分析 17
第一節 敘述統計 17
第二節 迴歸結果分析 19
第五章 結論及建議 29
第一節 研究結論 29
第二節 未來研究建議 30


參考文獻 31
Amess, K., Banerji, S. & Lampousis, A. (2015). Corporate cash holdings: Causes and consequences. International Review of Financial Analysis, 42, 421-433.
Anand, L., Thenmozhi, M., Varaiya, N. & Bhadhuri, S. (2018). Impact of macroeconomic factors on cash holdings?: A dynamic panel model. Journal of Emerging Market Finance, 17(1_suppl), S27-S53.
Banjade, D. & Diltz, J. D. (2022). Excess cash holdings and firm performance in new and old economy firms. The Quarterly Review of Economics and Finance, 86, 124-133.
Bates, T. W., Kahle, K. M. & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to?. The Journal of Finance, 64(5), 1985-2021.
Çelik, R., Bilen, B. & Bilen, Ö. (2016). The impacts of changes in macro-economic data on net working capital: the case of turkey's industrial sector. Procedia Economics and Finance, 38, 122-134.
Dittmar, A. K. & Duchin, R. (2010). The dynamics of cash. Ross School of Business Paper, (1138).
Dittmar, A., Mahrt-Smith, J. & Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative Analysis, 38(1), 111-133.
García‐Teruel, P. J. & Martínez‐Solano, P. (2008). On the determinants of SME cash holdings: Evidence from Spain. Journal of Business Finance & Accounting, 35(1‐2), 127-149.
Keynes, J. M. (1936). The General Theory of Employment, Interest, and Money. London, UK: Palgrave Macmillan.
Lee, E. & Powell, R. (2011). Excess cash holdings and shareholder value. Accounting & Finance, 51(2), 549-574.
Modigliani, F. & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297.
Mohd, A. S., & Siddiqui, D. A. (2020). Effect of Macroeconomic Factors on Firms’ ROA: A Comparative Sectorial Analysis from Pakistan. Available at SSRN 3681286.
Oler, D. & Picconi, M. (2009). Implications of insufficient and excess cash for future performance. Available at SSRN 1092880.
Opler, T., Pinkowitz, L., Stulz, R. & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
Oude Alink, P. H. (2013). The shareholder value of excess cash (Master's thesis, University of Twente).
Simutin, M. (2010). Excess cash and stock returns. Financial Management, 39(3), 1197-1222.
Smith Jr, C. W. & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32(3), 263-292.
Wang, Y., Ji, Y., Chen, X. & Song, C. (2014). Inflation, operating cycle, and cash holdings. China Journal of Accounting Research, 7(4), 263-276.
連結至畢業學校之論文網頁點我開啟連結
註: 此連結為研究生畢業學校所提供,不一定有電子全文可供下載,若連結有誤,請點選上方之〝勘誤回報〞功能,我們會盡快修正,謝謝!
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
無相關期刊