臺灣博碩士論文加值系統

2005~2014年期間台灣股市市值低於韓國股市，並面臨國際不斷出現重大金融事件，本研究在探討此期間台灣上市公司之現金流量表中經營、投資和籌資等三大活動各別與總和的現金流量模式對於公司價值的影響。本文使用年份公司資料，並考量變數的縱橫資料特性，採用censored 縱橫資料模型探討上述關係。此研究的結果顯示，投資活動的現金流出與籌資活動的現金流入，有助於公司價值的提升；此亦符合企業追求永續經營時之資本預算決策，需要投資活動的現金流出和籌資活動的現金流入；然而研究期間台灣上市公司經營活動現金流入卻未必顯示正向訊號。本文探討此期間可能影響台灣上市公司經營活動現金流量的特殊經濟背景發現，台灣上市公司有高達15% ~ 24 % 營業活動無現金流入，其中電子產業約占14%~20 %。從本文彙整之資料分析推論，在台灣與韓國國際市場競爭中，台灣企業可能採用利潤率下降防止銷售金額下滑（防止營業活動現金流入減少）或防止市占率下降導致採購減少（防止營業活動現金流出減少）策略，導致此期間公司之營業活動現金流量的提升，不一定提升公司價值。

This article explores each and the aggregated impacts of the cash flow variables of operating, investing and financing activities on the firm's value from the cash flow statements of Taiwan listed companies during 2005 to 2014 , while Taiwan's stock market value began to be defeated by the Korean’s, as well as that the international financial crisis continued to occur. Since the collected variables are firm-yearly data, this study employes the censored panel data model to explore the above relationship. The results show that cash outflows from investing activities and cash inflows from financing activities contribute to the firm’s value; this is also in line with the capital budgeting policies when the firms pursue sustainable operations requiring cash flows from investing and financing activities. Nonetheless, the results also reveal that cash inflows from operating activities was not necessarily regarded as a positive signal on firms’ value different from the relevant studies, Taiwanese listed companies may adopt a strategy of reducing profit margins to prevent a decline in sales (to avoid a decrease in operating cash inflows) or to prevent a drop in market share leading to reduced procurement (to avoid a decrease in operating cash outflows) from the evidence of that as much as 15% to 24% of Taiwanese listed companies had no cash inflow from operating activities with the electronic industry accounting for approximately 14% to 20%. As a result, the operating cash inflow during this period may not enhance the firm’s value. Based on the data analysis of this study, it can be inferred that in the international market competition between Taiwan and Korea during this period, Taiwanese companies may adopt strategies of reducing profit margins to prevent a decline in sales (to prevent a decrease in cash inflows from operating activities) or to prevent a decline in market share leading to reduced procurement (to prevent a decrease in cash outflows from operating activities). This led to the result that cash inflows of operating activities during this period did not necessarily enhance the firm’ s value.

目 錄 I
圖目錄 III
表目錄 IV
第一章、緒論 1
第一節、研究背景與動機 1
第二節、研究目的 2
第三節、研究貢獻 3
第四節、研究流程 5
第五節、研究架構簡述 6
第二章、文獻回顧與假說 7
第一節、文獻回顧 7
第二節、現金流量與公司價值文獻 9
第三節、研究範圍與假說 12
第三章、資料、變數與研究方法 15
第一節、資料來源與變數定義 15
第二節、實證模型與方法 19
第四章、實證結果 23
第一節、敘述統計分析 23
第二節、現金流量變數對公司價值的影響 24
第三節、現金流量比率變數對公司價值的影響（排除異常值） 27
第四節、現金流量虛擬自變數對公司價值的影響 31
第五章、結論與建議 34
第一節、研究結論 34
第二節、經營管理意涵 35
第三節、研究限制 36
第四節、建議 37
附錄 39
參考文獻 46

圖目錄 III
圖1-1 研究流程圖 5
表目錄 IV
表3-1 變數定義彙整表 15
表4-1 敘述性統計 23
表4-2 現金流量比率變數之縱橫資料模型 25
表4-3 排除異常值之現金流量比率變數CENSORED 縱橫資料模型 29
表4-4 現金流量虛擬變數之CENSORED 縱橫資料模型 31

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