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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/101918

    Title: 台灣製造業上市上櫃公司投資對現金流量敏感度研究
    Other Titles: The investment cash flow sensitivity of listed manufacturing firms in Taiwan
    Authors: 郭祝綺;Kuo, Chu-Chih
    Contributors: 淡江大學財務金融學系碩士在職專班
    邱忠榮;Chiou, Jong-Rong
    Keywords: 投資對現金流量敏感度;財務受限;現金流量;敏感度;現金流量趨勢;Investment cash flow sensitivity;Financially Constrained;Cash flow;sensitivity;trend of cash flow sensitivity
    Date: 2014
    Issue Date: 2015-05-04 09:43:01 (UTC+8)
    Abstract: 投資是公司成長的主要途徑。投資需要資金。如公司內部資金不足,則需尋求外部資金的奧援。如資本市場不完美,則外部資金成本會因代理問題、資訊不對稱等因素而墊高,其程度視公司財務受限程度而定。如果外部資金成本太高,則公司可能放棄投資機會。
    Fazzari, Hubbard, and Petersen (1988)首開財務受限與投資關係研究之先河。台灣相關研究相對較少,故本研究以台灣製造業上市櫃公司為標的,希望能瞭解近26年來整體製造業投資與現金流量敏感度的趨勢,以及財務受限程度對公司投資與現金流量敏感度的影響,作為後續相關研究之參考。
    Firms grow through investment activities. If internal funds do not meet investment needs, firms will finance through external funds. Modigliani and Miller (1958) show, under perfect markets, external financing through debt or equity is irrelevant. In reality, markets are not perfect. Agency costs and information asymmetry lead to higher external financing costs if the firm is financial constrained. It is therefore interesting to know the investment behaviors of financial constrained firms.
    Fazzari, Hubbard, and Petersen (1988) is the first to investigate the relationship between financing constraints and investment. They provide empirical evidences that the sensitivity of cash flow to investment is indeed higher for those financial constrained firms. There are many relevant studies follows but, among them, studies on Taiwan manufacturing firm’s investment cash flow sensitivity attracts much less attention. The main purpose of this paper is therefore to understand how those listed Taiwan manufacturing firms responds to investment opportunity when they are financially constraint.
    Data of 1012 listed Taiwan manufacturing firms are retrieved from TEJ. Studying period covers 27 years, 1986 to 2012. All samples are classified into positively cash flow sensitive group (PCF), negative cash flow sensitive group (NCF), and cash flow insensitive group (CF_IN) according to an ex post proxy, co-variance of adjusted investment and cash flow. The empirical results of each group are similar to that of the corresponding U.S.’s group. In addition, firm size, market-to-book ratio, sales growth, leverage, asset tangibility, credit ratings are all important factors in determining the investment cash flow sensitivity. Finally, we check the trend of this sensitivity also. It reaches its peak around 1995 and declines ever since but not to zero as the case of US.
    This issue has been studied for more than 2 decades. In this study we provide only a preliminary picture of Taiwan manufacturing firms’ investment behavior and we do hope it may be helpful for further studies.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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