台灣製造業上市上櫃公司投資對現金流量敏感度研究

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 學位論文 > Item 987654321/101918

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题名:	台灣製造業上市上櫃公司投資對現金流量敏感度研究
其它题名:	The investment cash flow sensitivity of listed manufacturing firms in Taiwan
作者:	郭祝綺;Kuo, Chu-Chih
贡献者:	淡江大學財務金融學系碩士在職專班邱忠榮;Chiou, Jong-Rong
关键词:	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
日期:	2014
上传时间:	2015-05-04 09:43:01 (UTC+8)
摘要:	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。如果將資料以投資與現金流量敏感度來區分，分為全樣本、正敏感組、負敏感組、及不敏感組，我們發現大致上台灣製造業各組情況與美國的研究結果相似，但敏感度與各相關變數之變動程度卻比美國大了許多。整體而言，公司規模、投資機會、銷售成長、負債比率、資產實質性與信用評等是決定敏感度的重要因素；負敏感組則以其信評較差，負債比率、資產實質性較小的小公司居多；至於正敏感組與不敏感組，不敏感組的公司在規模、銷售額、上市櫃年數、現金股利發放率等因素均顯著的大於正敏感組的公司。以台灣狀況來說，台灣製造業投資與現金流量敏感度在1995年左右達到高峰後開始下降，但相較於已開發國家，台灣迄今仍維持在一個不低的水準，而且我們也發現台灣製造業財務資料變異程度很大。這對本研究的實證結果有一定程度的影響。本研究對相關議題提供了一些實證證據，但同時也發掘一些須進一步探討的議題，如影響台灣投資和現金流量敏感度趨勢的原因、個別公司敏感度是否會與時俱變、財務受限公司如何調度外部資金等。 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.
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